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China New Energy Adds Two Members to Its Board of Directors

November 12, 2008

TIANJIN, China, Nov. 12 /Xinhua-PRNewswire-FirstCall/ — China New Energy Group Company (BULLETIN BOARD: CNER) (“China New Energy” or the “Company”), a leading energy project developer specializing in the development of natural gas distribution networks, and distribution of natural gas in China, announced it has increased the size of its Board of Directors to five members and appointed John D. Kuhns and James Tie Li as members of the Board, effective October 28, 2008.

Mr. John D. Kuhns has over 30 years of experience in the hydroelectric, power technology and alternative energy industries. In 1981, Mr. Kuhns founded Catalyst Energy, one of the first publicly traded independent power producers in the United States; Mr. Kuhns served as the president and chief executive officer of Catalyst until 1988. Mr. Kuhns served as the chairman and chief executive officer of New World Power Corporation from 1992 to 1996, during which time he worked on the development and financing of hydroelectric projects in China, Argentina, Costa Rica and Mexico, and formed a joint venture with Wuhan Steam Turbine, a state-owned enterprise owned by the City of Wuhan in China to develop hydroelectric projects in Asia. Mr. Kuhns is currently the president, chief executive officer, director and controlling shareholder of Kuhns Brothers, Inc., an investment banking firm founded by Mr. Kuhns in 1986 that specializes in providing financing for power technology ventures and infrastructure companies operating in China. Mr. Kuhns is also a principle of China Hand Fund I, LLC, a hedge fund that focuses on investing in China. Mr. Kuhns obtained Bachelor of Arts degrees in Sociology and Fine Arts from Georgetown University, a Master of Fine Arts degree from the University of Chicago and a Master’s of Business Administration degree from the Harvard Business School.

Mr. James Tie Li has extensive investment banking and entrepreneurial experience in the U.S. and China. Mr. Li was the founder of, and senior executive with, a number of start-up companies in China including China Hydroelectric Corporation. Mr. Li has been a consultant to Kuhns Brothers, Inc., advising on corporate finance, valuation and acquisition matters related to the firm’s China-related equity financing transactions since 2006. In 2002, Mr. Li founded Columbia China Capital Group, a U.S. based boutique investment firm advising Asian firms in mergers and acquisitions, public listing and growth strategy. Mr. Li obtained a Bachelor of Science degree in accounting from City University of New York and a Master of Business Administration degree from the Columbia University Graduate School of Business. Mr. Li is a Chartered Financial Analyst and a Certified Public Accountant licensed in the State of New Jersey.

“We are very excited to have these talented people on our Board of Directors. Their experience will bring us a wealth of knowledge and invaluable guidance in navigating our first few years as a U.S. listed public company, and in helping us to build a leading energy solutions company in China. We look forward to a productive working relationship with all our directors,” said Mr. Jiaji Shang, the Company’s Chief Executive Officer.

About China New Energy Group Company

China New Energy Group Company (“China New Energy” or the “Company”) is engaged in the development of natural gas distribution networks, the distribution of natural gas to residential and industrial customers in small and mid-sized cities in China and the exploration and recovery of natural gas reserves. Currently, the Company, through subsidiaries in China, operates distribution networks to provide natural gas in the cities of North China. The end users consist of industrial and residential customers, which are expected to grow to approximately 160,000 by the year 2010. The Company continues to explore more prospective energy resources to meet the rapidly increasing demand in China.

Safe Harbor Statement

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company’s ability to access natural gas for distribution, and ability to identify and develop operational locations under favorable terms, changes in natural gas pricing mechanism imposed by the Chinese government, changes in the regulatory environment and future national or regional economic and competitive conditions, and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

   For more information, please contact:    CCG Investor Relations    Mr. Crocker Coulson, President    Tel:   +1-646-213-1915 (New York) or    Mr. Gary Chin    Tel:   +1-646-213-1909    Email: crocker.coulson@ccgir.com    Web:   http://www.ccgirasia.com/  

China New Energy Group

CONTACT: CCG Investor Relations – Mr. Crocker Coulson, President, +1-646-213-1915 (New York) or Mr. Gary Chin, +1-646-213-1909, orcrocker.coulson@ccgir.com

Web Site: http://www.ccgirasia.com/




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