FUQING CITY, China, Nov. 15 /Xinhua-PRNewswire-FirstCall/ -- China Clean
Energy Inc. (OTC Bulletin Board: CCGY) (“China Clean Energy”), a leading
distributor of biodiesel fuel and specialty chemical products in China, today
announced the appointment of Gary Zhao as its Chief Financial Officer. Mr.
Zhao will be responsible for the overall financial planning and control,
China and U.S. GAAP compliant financial reporting, SEC filings, investor
relations, M&A activities, and corporate finance.
Mr. Zhao brings to China Clean Energy more than fifteen years of
experience in financial and operational management both in China and the U.S.
Recently, he served as Director in charge of Finance Performance Management
and Corporate Strategy at Accenture China where he provided financial
management, Sarbanes-Oxley compliance and corporate strategy consulting
services to top-tier public companies in China. Prior to that, he held the
VP of Finance position at Sohu.com Inc. where he helped execute their
successful initial public offering. At Sohu.com, Mr. Zhao worked extensively
with the company’s auditors, investment bankers, attorneys, board members,
investors, and government regulators in preparing SEC filings and road show
presentations. Other experience includes serving as a financial controller
at Motorola China Network Solutions and various management positions at GE
Capital, AT Kearney, and General Motors Corporation in the U.S.
"We are delighted to have Gary join China Clean Energy as CFO, as we
continue to strengthen our management team to operate effectively as a public
company. His extensive experience and track record of success working with
leading public companies in both the U.S. and China in the areas of financial
management, Sarbanes-Oxley compliance as well as corporate finance, make him
a valuable addition to our team,” said Mr. Tai-ming Ou, China Clean Energy’
s Chairman and Chief Executive Officer.
“As an early mover in the renewable fuels industry, China Clean Energy
is entering a very exciting phase of its development and addressing China’s
urgent need for sustainable and environmentally friendly sources of energy,”
remarked Mr. Zhao. “I look forward to working with this team to help China
Clean Energy develop to its full potential as a U.S.-listed public company
and to create lasting shareholder value.”
The Company also announced that James Shao, who had served as acting CFO,
will continue with China Clean Energy as an advisor in a consultant position.
About China Clean Energy Inc.
China Clean Energy, through its wholly-owned subsidiary, Fujian Zhongde,
is engaged in the development, manufacturing, and distribution of biodiesel
fuel and specialty chemical products made from renewable resources. Since
its inception, the company has been engaged in the manufacture of high-
quality specialty chemical products from renewable resources. Through its
research and development efforts, the company developed a proprietary process
for refining biodiesel fuel from waste grease and certain vegetable oils.
Using this proprietary process, the Company began producing biodiesel in 2005
and commenced selling biodiesel commercially starting in December 2005.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical fact in this
announcement are forward-looking statements, including but not limited to,
the company’s ability to raise additional capital to finance the company’s
activities; the effectiveness, profitability, and the marketability of its
products; legal and regulatory risks associated with the share exchange; the
future trading of the common stock of the company; the ability of the company
to operate as a public company; the period of time for which its current
liquidity will enable the company to fund its operations; the company’s
ability to protect its proprietary information; general economic and business
conditions; the volatility of the company’s operating results and financial
condition; the company’s ability to attract or retain qualified senior
management personnel and research and development staff; and other risks
detailed in the company’s filings with the Securities and Exchange
Commission. These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations, assumptions,
estimates and projections about the companies and the industry. The company
undertakes no obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although the company
believes that the expectations expressed in these forward looking statements
are reasonable, they cannot assure you that their expectations will turn out
to be correct, and investors are cautioned that actual results may differ
materially from the anticipated results.
