XI'AN, China, April 29, 2011 /PRNewswire-Asia/ -- China Integrated Energy, Inc. (Nasdaq: CBEH) (the "Company"), a leading non-state-owned integrated energy company in the People's Republic of China, today announced the appointment of Mr. Steven Markscheid to its board as an independent director and as Chairman of the Audit Committee.
Mr. Markscheid, 57, has been an independent director of CNinsure, Inc. (Nasdaq: CISG) since August 2007, of JinkoSolar Holding Co., Ltd (NYSE: JKS) since September 2009, and of China Energy Corporation (OTC BB: CHGY.OB) since June, 2010. He also has been chief executive officer of Synergenz BioScience Inc. since 2007, and a member of Emerald Hill Capital Partners' investment committee since 2006. Mr. Markscheid was previously representative of US China Business Council from 1978 to 1983, vice president of Chase Manhattan Bank from 1984 to 1988, vice president of First Chicago Bank from 1988 to 1993, case leader of Boston Consulting Group from 1994 to 1997, director of business development of GE Capital (Asia Pacific) from 1998 to 2001, director of business development of GE Capital from 2001 to 2002, senior vice president of GE Healthcare Financial Services from 2003 to 2006, chief executive officer of HuaMei Capital Company, Inc. from 2006 to 2007. He received his bachelor's degree in East Asian studies from Princeton University in 1976, his master's degree in international affairs and economics from Johns Hopkins University in 1980 and an MBA degree from Columbia University in 1991.
Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc., commented, "We welcome the valuable addition of Steve to our Board of Directors. We expect that Steve's extensive experience with Chinese public-traded companies and his key financial industry connections will provide us with valuable capital market insights."
As the new Audit Committee Chairman, Mr. Steven Markscheid will lead the independent third party investigation, as announced in the news release on April 5, 2011. Mr. Markscheid was appointed to replace Mr. Larry Goldman, who resigned as director and Audit Committee chairman on April 21, 2011.
"We are very thankful for Larry's valuable contribution to China Integrated Energy during the past two years. We wish him well in his future endeavors." Mr. Gao added.
About China Integrated Energy, Inc.
China Integrated Energy, Inc. is a leading non-state-owned integrated energy company in China engaged in three business segments: the production and sale of biodiesel, the wholesale distribution of finished oil and heavy oil products, and the operation of nine retail gas stations. The Company operates at 200,000-ton biodiesel production capacity with two plants located in Tongchuan City, Shaanxi Province and one plant in Chongqing City, China. The Company utilizes a distribution network covering 16 provinces and municipalities, established over the past 11 years, to distribute both heavy oil and finished oil, including gasoline, petro-diesel and biodiesel. For additional information on the Company please visit http://www.chinaintegratedenergy.com.
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Safe Harbor Statement
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
