XI’AN, China, May 11 /PRNewswire-Asia/ -- China Recycling Energy Corp. (OTC Bulletin Board: CREG) ("CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced the Board of Directors approved the engagement of Deloitte Touche Tohmatsu CPA Ltd. ("Deloitte") as the Company’s new independent auditors, replacing Goldman Parks Kurland Mohidin LLP ("GPKM"). The decision to change auditors was not caused by any disagreement between CREG and GPKM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
"We are very pleased to retain Deloitte as our new auditors," said Mr. Guohua Ku, Chairman and CEO of CREG. "After our Board’s comprehensive review of several leading auditing firms on their ability to serve fast-growing public Chinese companies in the industrial sector, we have concluded Deloitte’s size, reputation, industry expertise, and local accessibility will ultimately provide us with cost-effective, efficient and trustworthy services. This also marks one of the rare instances in which Deloitte has agreed to provide services to a micro-cap Chinese company, demonstrating CREG’s ability and commitment to implement internal financial controls that meet global standards. We look forward to working with our new auditors to serve CREG’s shareholders well at this time in the Company’s evolution."
About China Recycling Energy Corp.
China Recycling Energy Corp. (OTC Bulletin Board: CREG) ("CREG" or "the Company") is based in Xi’an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1% of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. The management and engineering teams have over 20 years of experience in industrial energy recovery in China.
For more information about CREG, please visit http://www.creg-cn.com .
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Recycling Energy Corp. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
In China:
Mr. Leo Wu
Investor Relations
China Recycling Energy Corp.
Email: tch@creg-cn.com
In the U.S.:
Mr. Valentine Ding
Investor Relations
Grayling
Tel: +1-646-284-9412
Email: valentine.ding@us.grayling.com
