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China Recycling Energy Corp. Names Three Additional Independent Board Members Including Chairs of Audit Committee, Nominating Committee and Compensation Committee

Posted on: Friday, 6 November 2009, 07:30 CST

XI'AN, China, Nov. 6 /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 the Board of Directors has approved the increase in the size of the Board of Directors from three members to six members. At the same time, the Board of Directors has appointed Mr. Sean Shao, Mr. Julian Ha and Mr. Timothy Driscoll as new members of the Board to fill the vacancies on the Board until their successors have been duly elected and qualified.

Mr. Shao is anticipated to chair the Audit Committee of the Board and serve on the Nominating Committee. Mr. Ha is anticipated to chair the Compensation Committee of the Board and serve on the Audit Committee of the Board. Mr. Driscoll is anticipated to chair Nominating Committee of the Board and serve on the Compensation Committee of the Board.

Mr. Sean Shao currently serves as a director of Agria Corporation, a China-based agricultural company listed on the NYSE, and as the Chairman of its Compensation Committee since November 2008, as a director and Chairman of the Audit Committee of Yongye International, Inc., a China-based agricultural company listed on the NASDAQ, since April 2009, and a director and Chairman of the Audit Committee of China Biologic Products, Inc., a plasma-based biopharmaceutical company in China listed on the OTCBB, since July 2008. Mr. Shao previously served as the Chief Financial Officer of Trina Solar Limited ("Trina") from August 2006 to June 2008, and as the chief financial officer of ChinaEdu Corporation, a Chinese educational service provider, from September 2005 to August 2006. Mr. Shao was the chief financial officer of Watchdata Technologies Ltd., a Chinese security software company, from August 2004 to September 2005 and a senior manager at Deloitte Touche Tohmatsu Beijing from October 1998 to July 2004 and Deloitte & Touche Toronto from December 1994 to November 1997. Mr. Shao received his master's degree in health care administration from the University of California at Los Angeles in 1988 and his bachelor's degree in art from East China Normal University in 1982. Mr. Shao is a CPA and holds a license with the American Institute of Certified Public Accountants.

Mr. Julian Ha is a member of the Private Equity, Financial Officers and Legal practice groups of Heidrick & Struggles, a publicly-listed, global retained executive search firm since 2006. Mr. Ha focuses on placing senior- level legal and finance executives into public and private companies. From 2005 through 2006, Mr. Ha was a Director in the Corporate Finance group of Evolution Securities China Limited, an investment bank based in London, UK. From 2001 to 2005, Mr. Ha was a Director of European Business Development for CapitalKey Advisors and Capital IQ, a corporate finance boutique and private equity research firm backed by CSFB, Merrill Lynch, JP Morgan Chase and Dresdner Bank. Mr. Ha was an Executive Vice President with DDL, a London- based venture capital fund from 2000 to 2001, where he was responsible for portfolio management. Mr. Ha trained as a corporate lawyer and has practiced in New York, Washington, D.C., London, Singapore and Shanghai. Mr. Ha received his BA from Cornell University, his Masters degrees from the London School of Economics and Harvard University and his JD from the NYU School of Law.

Mr. Driscoll currently serves as the chief executive officer of Proteus Industries, president of MTD Ventures, and president and chief of executive officer of Driscoll Management Services. Mr. Driscoll also serves as a director of American Oil and Supply International and Proteus Industries. From 1994 through 1999, Mr. Driscoll was the president and chief executive officer of Agrevo Environmental Health and was the president and chief executive officer of Rouossel UCLAF Environmental Health from 1991 to 1994. Mr. Driscoll received his MBA in Finance from Xavier University and B.S. in Economics from Villanova University.

Mr. Ku Guohua, Chairman and CEO of CREG commented, "We sincerely welcome Mr. Shao, Mr. Ha and Mr. Driscoll to the board. Their professional expertise will greatly aid the Company in improving corporate governance and is a great resource for the future growth of the Company. This is also a big positive step forward toward achieving a higher listing."

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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