New Energy Systems Group’s Change in Board of Directors
SHENZHEN, China, March 25, 2011 /PRNewswire-Asia-FirstCall/ — New Energy Systems Group (NYSE Amex: NEWN) (“New Energy” or the “Company”), a vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems, today announced the resignation of a board member, Fushun Li. Mr. Nian Chen, the Company’s CEO will assume the board seat keeping the total number of board members at five, including three independent board members.
As announced in the 8-K filed on March 24, the Company accepted Mr. Li’s resignation from the board of directors. Mr. Li was the previous CEO of New Energy Systems Group’s. After New Energy acquired Shenzhen Anytone Technology Co. Ltd. (“Anytone”) in December of 2009, CEO Mr. Weihe “Jack” Yu assumed the day to day business management and moved into the position of Chairman while Mr. Nian Chen assumed the role of CEO at the Company. As part of this transition process, the Company was prepared for Mr. Li’s eventual departure from the board and ultimate replacement by Mr. Chen.
“We have continually valued Mr. Li’s contributions to the operations of New Energy and certainly to our Board of Directors,” commented Chairman Weihe “Jack” Yu, “Mr. Li successfully transitioned his long-standing customer relationships into the New Energy Systems Group platform and sales channel. Our business has evolved significantly since 2009 as our AnytoneÃ‚® consumer electronic products assume a greater percentage of our revenues. I accept Mr. Nian Chen candidacy for the board seat which is subject to board approval. We look forward to Mr. Chen’s contributions to our board strategies as we work to expand our market share in China’s fast growing consumer electronic market.”
About New Energy Systems Group
New Energy Systems Group is a vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems for leading manufacturers of mobile phones, laptops, digital cameras, MP3s and a variety of other portable electronics. The Company’s end-user consumer products are sold under the AnytoneÃ‚® brand in China while it’s commercial and OEM batteries and battery components are sold under New Power and E’Jenie. The fast pace of new mobile device introductions in China combined with a growing middle class make it fertile ground for New Energy’s end-user consumer products, as well as its high powered, light weight lithium ion batteries. In addition to historically strong organic growth, New Energy is expected to benefit from economies of scale, broader distribution and higher profit margins in 2011. Additional information about the company is available at: www.newenergysystemsgroup.com.
For more information, please contact: COMPANY New Energy Systems Group Ken Lin, VP of Investor Relations Tel: +1-917-573-0302 Email: email@example.com Web: www.newenergysystemsgroup.com INVESTOR RELATIONS HC International, Inc. John Mattio, SVP Tel: US +1-212-301-7130 Email: firstname.lastname@example.org Web: www.hcinternational.net
SOURCE New Energy Systems Group