DALIAN, China, Aug. 4 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTC Bulletin Board: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced the appointment of Mr. Wen Jiang to the Company's Board of Directors (the "Board") and as Chairman of the Company's Audit Committee.
Mr. Jiang is a licensed CPA and a registered member of the Public Company Accounting Oversight Board. Since 1993, Mr. Jiang has been a Managing Director of the accounting firm of Wen Jiang & Company, PC in Portland, Oregon, which provides services to more than 300 clients in the public and private sectors. Since July 2009, he has also served as a Director of Andatee China Marine Fuel Services Corp. (Nasdaq: AMCF). Mr. Jiang holds a Bachelor of Science degree in Accounting from Eastern Oregon University.
"We are pleased to have Mr. Jiang join our Board of Directors," said Mr. Jason Dong, Chief Executive Officer. "His 18 years of experience in accounting, auditing, tax and international business consulting matters will serve as a great asset to our Company. In addition, Mr. Jiang's appointment as an Independent Director and Chairman of our Audit Committee is an important step in our path toward listing China Industrial Waste Management's shares on a senior stock exchange."
The Company also announced that Ms. Xin Guo, Mr. Long Zhang, and Mr. Henry Wong resigned as members of the Board. Ms. Guo will continue to serve as the Company's Chief Financial Officer. There were no disagreements between the Company and Ms. Guo, Mr. Zhang, or Mr. Wong on any matter relating to the Company's operations, policies or practices that resulted in their resignations as members of the Board. Following these changes, the Company's Board will consist of five members of which three are non-employee or independent directors.
Mr. Dong added, "We thank Ms. Guo, Mr. Zhang, and Mr. Wong for their contributions during their tenure on our Board of Directors and we look forward to continuing to work with Ms. Guo in her role as CFO of China Industrial Waste Management. We have been considering for some time how to maximize the efficiency of our Board of Directors and believe that a smaller Board and the addition of Mr. Jiang would better serve the needs of China Industrial Waste Management's business, shareholders, and other stakeholders."
About China Industrial Waste Management, Inc.
China Industrial Waste Management, Inc. is engaged in the collection, treatment, disposal and recycling of industrial wastes principally in Dalian and surrounding areas in Liaoning Province, People's Republic of China through its 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dongtai") and other indirect subsidiaries. Dongtai treats, disposes of and/or recycles many types of industrial wastes, and recycled waste products used by customers as raw material to produce chemical and metallurgy products. In addition, Dongtai treats or disposes of industrial waste through incineration, burial or water treatment, and provides environmental protection services, technology consultation, pollution treatment services, waste management design processing services, waste disposal solutions, waste transportation services, onsite waste management services, and environmental pollution remediation services. For more information, please visit the Company's website (http://www.chinaciwt.com ).
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the launch and successful operation of the Dongtai Organic Waste Treatment Project, the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
For more information, please contact:
Company Contact:
Mr. Darcy Zhang, Director of Investor Relations
Phone: +86-411-8259-5339
Email: darcy.zhang@chinaciwt.com
Web: http://www.chinaciwt.com
CCG Investor Relations:
Mr. Athan Dounis, Account Manager
Phone: +1-646-213-1916
Email: athan.dounis@ccgir.com
Web: http://www.ccgirasia.com
