FUQING CITY, China, March 22 /Xinhua-PRNewswire-FirstCall/ -- China Clean Energy Inc. (OTC Bulletin Board: CCGY) ("China Clean Energy", "the Company"), a leading producer of biodiesel fuel and environmentally friendly specialty chemical products made from renewable resources in The People's Republic of China ("PRC"), announced today that it has successfully completed the upgrade of its biodiesel fuel plant and increased capacity to 10,000 tons per year, equivalent to 3 million gallons per year, up from 4,800 tons per year, or 1.4 million gallons per year.
China Clean Energy invested approximately $500,000 in the biodiesel plant upgrade which was completed in just over 4 months. The upgraded 10,000 tons per year facility represents a 108% increase in China Clean Energy's biodiesel capacity, and the Company has been operating at the new, expanded full capacity run rate since March 1, 2007.
"This is an important event for our company as it more than doubles our biodiesel production capacity and positions us well to deliver strong profitable growth during 2007," remarked Mr. Tai-ming Ou, China Clean Energy's Chairman and Chief Executive Officer. "We are pleased with the execution of our business plan and look forward to continuing this momentum to attain our longer-term goal of becoming a global market leader for the development and manufacturing of environmentally friendly biodiesel fuel."
China Clean Energy's ISO 9001-certified plant is located in Fuzhou City's technology and industrial zone in the Fujian Province of China, and in addition to biodiesel fuel, the Company has annualized capacity to produce 18,000 tons of specialty chemicals made from renewable resources.
About China Clean Energy
China Clean Energy, through its wholly-owned subsidiary, Fujian Zhongde Technology Co., Ltd., 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 China Clean Energy 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 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, 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.
For more information, please contact:
China Clean Energy Inc.
Mr. Gary Zhao, CFO
Tel: +86-138-0133-9172 (China)
Email: gary.zhao@chinacleanenergyinc.com
CCG Elite Investor Relations Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com