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China Bio Energy Holding Group Retains KPMG for the Implementation of Sarbanes-Oxley Act Section 404

Posted on: Wednesday, 5 August 2009, 08:27 CDT

XI'AN, China, Aug. 5 /PRNewswire-Asia-FirstCall/ -- China Bio Energy Holding Group Co. Ltd. (Nasdaq: CBEH) (the "Company"), a leading integrated bio-diesel producer & distributor, wholesale distributor and processor of heavy oil and finished oil products, and operator of retail gas stations in China, today announced that it has engaged KPMG Advisory (China) Limited ("KPMG") to assist the Company in complying with the financial reporting and controls requirements of Sarbanes-Oxley Act Section 404 ("SOX 404").

KPMG's engagement is designed to assist China Bio Energy Holding as it complies with SOX 404, which requires the Company to assess and report on the adequacy of its internal controls over financial reporting after documenting and testing its internal control procedures, and the Company's auditor to provide an attestation report after an audit of such procedures.

"We are pleased to have engaged KPMG as we seek to ensure that China Bio Energy Holding is in full compliance with the requirements of the Sarbanes-Oxley Act," stated Mr. Gao Xincheng, Chief Executive Officer of China Bio Energy Holding Group. "With our recent listing on the Nasdaq Capital Market, we believe this undertaking will also enhance shareholder confidence in the Company's financial reporting standards, transparency, and reasonableness."

About China Bio Energy Holdings Group

CBEH is a distributor of refined oil products including gasoline, diesel, and heavy oil, and a manufacturer and distributor of bio-diesel fuel. CBEH's bio-diesel fuel is made at its 100,000-ton capacity facility in Shaanxi Province. Feedstock consists of naturally growing non-edible seeds and waste oil from restaurants. CBEH's bio-diesel can be used as a complete substitute for petro-diesel or can be blended with petro-diesel. The Company's products are sold via its own distribution network, which includes six retail gas stations in Shaanxi Province that have both road and rail access.

Cautionary Statement Regarding Forward-Looking Information

The upcoming presentations and discussions may contain forward-looking information about the Company. Forward-looking statements are statements that are not facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and statements which may include discussions of strategy, and statements about industry trends future performance, operations and products of each of the entities referred to above. Actual performance results may vary significantly from expectations and projections as a result of various factors, including without limitation and the risks set forth "Risk Factors" contained in the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and the Registration Statement on Form S-1 and the amendments thereto filed with the Securities and Exchange Commission.

SOURCE China Bio Energy Holding Group Co. Ltd.

Source: PR Newswire

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