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China Recycling Energy Corp.'s Subsidiary Xi'an TCH Energy Technology Co. Ltd. Among the First Recognized as Hi-Tech Enterprise under China's New Rules

Posted on: Wednesday, 26 August 2009, 07:00 CDT

XI'AN, China, Aug. 26 /PRNewswire-Asia-FirstCall/ -- China Recycling Energy Corp. (OTC Bulletin Board: CREG) ("CREG" or "the Company"), a fast- growing industrial waste-to-energy solutions provider in China, today announced its subsidiaries, Xi'an TCH Energy Technology Co. Ltd. ("TCH), which is located in Shaanxi Province, China, has been recently recognized as a High- Tech Enterprise by the Science & Technology Department of Shaanxi Province, Treasury Department of Shaanxi Province, State Taxation Bureau of Shaanxi Province, and Local Taxation Bureau of Shaanxi Province, to become one of the first high-tech enterprises that receive such recognition in 2009 after the new recognition campaign nationwide in China.

According to the Measures on Recognition of High-Tech Enterprises and Key High-Tech Areas with the Support of the State, jointly issued by Ministry of Science and Technology, Ministry of Treasury and the State Administration of Taxation (SAT) of China in April 2008, high-tech enterprises need to be reviewed and recognized under these regulations. The new recognition measures and its guideline take the following criteria into consideration: core independent intellectual property of an enterprise, capability of transforming and commercializing scientific achievements, organization and management of research and development department, and total assets and growing capability, etc. The percentage of the revenue spent in research and development comparing to its sales revenue, the revenue received from sales of high-tech products (services) comparing to its total revenue, and number of employees engaging research and development comparing to the entire employee number of the enterprise are strictly examined in order to be recognized as a High-Tech Enterprise. TCH has met all the above requirements under these regulations, and received the High-Tech Enterprise Recognition Certification. This recognition/certification demonstrates the Company's comprehensive competence in high-tech research, transformation and development.

To promote the development of high-tech industry, China has released a series of measures to support high-tech enterprises, providing tax breaks and financial incentives to such enterprises. The Company and its subsidiaries will take full advantages of these policies, exert its technical expertise in recycling energy field and contribute more clean energy solutions to industrial users in a more efficient way.

About China Recycling Energy Corp.

China Recycling Energy Corp. ("CREG" or "the Company") is based in Xi'an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1% of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. The management and engineering teams have over 20 years of experience in industrial energy recovery in China.

For more information about CREG, please visit http://www.creg-cn.com .

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of China Recycling Energy Corp. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

SOURCE China Recycling Energy Corp.

Source: PR Newswire

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