Senior Management of New Energy Commits to Personally Buying Approximately $1 Million of Stock via Open Market Purchases
SHENZHEN, China, April 1 /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 that the Company’s senior management team (including its Chairman, CEO and CFO) has committed to personally buying approximately $1 million stock via open market purchases.
“On our recent earnings call we promised to personally buy additional shares, and I am pleased to announce we are following through on our promise,” stated Jack Yu, Chairman of New Energy Systems Group. “As the Company’s single largest shareholder, I am highly incentivized to help create shareholder value. I have never sold any of my NEWN shares and I am a firm believer in our Company’s ability to execute on our business plans. Given our Company’s exciting growth prospects and attractive valuation, I can think of no better place to invest than in New Energy Systems Group. Along with our CEO, CFO, I have initiated the process to open trading accounts with a U.S. based brokerage firm. Once these accounts become active, we will begin buying shares. We are also evaluating other alternatives designed to create shareholder value and will update investors as appropriate.”
Form 4s must be filed with the U.S. Securities and Exchange Commission after management purchases shares of the Company. Among other things, the Form 4s will indicate the name of the purchaser, the number of shares purchased, and the per share purchase price. The Company has also committed to update investors with a press release once the shares have been.
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