FUQING CITY, China, August 23, 2011 /PRNewswire-Asia-FirstCall/ -- China Clean Energy Inc. (OTC QB: CCGY) ("China Clean Energy", the "Company"), a producer of biodiesel fuel and environmentally-friendly specialty-chemical products made from renewable resources, today announced a research and development agreement (the "Agreement") for RMB 3 million with Fuzhou University. The research project will focus on developing new processes for the production of isostearic acid, which is used in a variety of industries, including cosmetics and personal care. This will help the Company to continue to develop products with higher gross margins developed from the same raw materials relative to its competitors.
"We are pleased to work closely with Fuzhou University and Dr. Huidong Zheng, a distinguished and renowned professor who has previously participated in many important national research projects," said Mr. Tai-ming Ou, China Clean Energy's Chairman and CEO. "Working with Fuzhou University adds another dimension to our own product development efforts. This new production process reinforces our focus upon value-added specialty chemicals and should positively impact our product portfolio in the future."
Under the Agreement, China Clean Energy will provide funding to Fuzhou University of RMB 3 million. Future patent rights will be shared equally by the two parties, and the Company has to the option to purchase the percentage of the patent it does not own within two years after the project's completion, which is expected to be completed within 12 months.
About China Clean Energy
China Clean Energy, through its wholly-owned subsidiaries, Fujian Zhongde Technology Co., Ltd. and Fujian Zhongde Energy Co., Ltd, is engaged in the development, manufacturing, and distribution of biodiesel and specialty chemical products made from renewable resources. For additional information please visit: http://www.chinacleanenergyinc.com
Safe Harbor Statement
This announcement contains forward-looking statements. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the effectiveness, profitability, and the marketability of the Company's products; the future trading of the common stock of the Company; the ability of the Company to capitalize on its expanded production capacity; 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 resulting from changes in raw material prices, international oil prices and price controls imposed by the Chinese government; 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 Company 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, it cannot assure you that the Company's expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
Contact: China Clean Energy Inc. William Chen, CFO Email: william.chen@chinacleanenergyinc.com Website: http://www.chinacleanenergyinc.com | CCG Investor Relations Inc. David Rudnick, Account Manager Telephone: +1(646) 626-4172 Email: david.rudnick@ccgir.com | |
