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NF Energy Names Four Additional Independent Board Members Including Compensation Committee Chair

Posted on: Thursday, 17 September 2009, 11:18 CDT

SHENYANG, China, Sept. 17 /PRNewswire-Asia/ -- NF Energy Saving Corporation of America (OTC Bulletin Board: NFES, NFES), a Chinese leader in energy efficient flow control systems, appointed Four Independent Board members: Messrs. John C. MacLean, Zhongmin Wang and Jiuding Yan and Ms. Beijie (Lesley) Jin.

John MacLean is founder and President of Energy Efficiency Finance Corp., a financial advisory firm specializing in finance for energy efficiency and renewable energy projects founded in 1999 and based in Olympia, Washington, USA. Mr. MacLean's background is investment banking in municipal and project finance for energy and environmental projects. He has 26 years commercial finance experience with a wide range of investment structures for senior debt, municipal bond, leasing, factoring, subordinated debt, guarantees, project equity and corporate equity transactions and has worked on financing EE projects and companies throughout his career. His clients have included commercial and development financial institutions, energy services companies, utilities, public agencies and state and local governments on project development, procurement and finance assignments. For the last fourteen years, he has worked internationally as a financial advisor with the International Finance Corp., World Bank, Asian Development Bank, United Nations Environment Program and others to develop, structure and implement energy efficiency and renewable energy investments and finance programs. He graduated from Yale University in 1980 in economics and teaches sustainable economics and political economy at The Evergreen State College.

Mr. Zhongmin Wang has been the director of the ISO Board in the People's Republic of China since 2004, the Vice Minister of Standardization Administration of the People's Republic of China since 2004, and the Minister of China Special Equipment Inspection and Research Center since 2004. From 1978 to 1985 he was the Party Secretary and Factory Manager of Jinzhou Ferroalloy Co., Ltd.; from 1985 to 1992 he was the Director of the Liaoning Metallurgy Bureau; from 1992 to1996, he was the Committeeman and Vice-Mayor of Huludao City; from 1996 to 2000 he was the Party Secretary and Deputy Director of Liaoning Province Economy and Trade Commission; and from 2000 to 2004 he was the Party Secretary and Director of General Administration of quality Supervision, Inspection and quarantine of Liaoning Province. Mr. Wang has degrees from the Management Department of Beijing Technology University, Northeastern University and the Party School of the CPC Central Committee.

Mr. Jiuding Yan has been the Vice President of Zhong Tian Securities Corporation Limited since July 2004. From 1996 to July 2004, Mr. Yan was the Deputy General Manager of Liaoning Orient Securities Company. Mr. Yan also acts as a financial consultant to public and non-public companies operating in the People's Republic of China and in other countries. Mr. Yan has degrees from Shenyang Agricultural University and the California State University, Hayward.

Ms. Beijie (Lesley) Jin has been an Associate at ARC China, Inc., a private equity firm. Ms. Jin was a senior consultant from 2005-2008 at Ernst & Young where she undertook a variety of tax and business development advisories as well as due diligence in the manufacturing and fast-moving consumer goods sectors. Ms. Jin worked at Price Waterhouse Coopers from 2003-2005, where she conducted various auditing projects in the energy, chemical, manufacturing and fast-moving consumer goods sectors. Ms. Jin is a member of Chinese CPA Association.

The Company established and adopted charters for its Audit Committee Nominations Committee and Compensation Committee on September 8, 2009. In connection with the establishment of the committees, the following committee memberships were determined:

Audit Committee: Mr. Mia Kuang Ching (Chairman), Mr. Beijie Jin and Mr. Jiuding Yan.

Nominations Committee: Jianxin Wang (Chairman), and Mr. Jiuding Yan

Compensation Committee: Mr. John C. MacLean (Chairman) and Mr. Zhongmin Wang

About NF Energy Saving Corporation

Website: http://www.nfenergy.com

NF Energy Saving Corporation (OTCBB: NFES) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. Headquartered in Shenyang city of China, the Company currently has 220 employees and several proprietary energy saving technologies and patents.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes, expects, anticipate, optimistic, intend, will" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. 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 and available from the Securities and Exchange Commission. 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 NF Energy Saving Corporation of America

Source: PR Newswire

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