XI'AN, China, May 7 /PRNewswire-Asia/ -- Sino Clean Energy Inc. (OTC Bulletin Board: SCLX; "Sino Clean Energy," or the "Company"), which produces and distributes coal-water slurry fuel in the People's Republic of China ("China"), today announced that it has engaged Ernst & Young (China) Advisory Limited ("E&Y") to assist the Company in evaluating its internal controls over financial reporting in accordance with the requirement of Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX 404").
The engagement of E&Y is designed to assist Sino Clean Energy with assessing and reporting to the Company management on the design effectiveness of its internal controls over financial reporting, and with testing the respective internal controls to assess the operating effectiveness of such controls. SOX 404 will also require an attestation report from the Company's external auditors in its Annual Report on Form 10-K.
"We are pleased to have engaged Ernst & Young as we undertake the process to ensure that Sino Clean Energy is in full compliance with the requirements of the Sarbanes-Oxley Act," stated Baowen Ren, Chairman of Sino Clean Energy. "We believe this undertaking will also enhance shareholder confidence in the Company's financial reporting standards, transparency, and reasonableness."
About Sino Clean Energy
Sino Clean Energy is a China-based producer and distributor of coal-water slurry fuel ("CWSF"), which is a fuel substitute for oil, natural gas and coal in the PRC. With locations in Shaanxi Province and Liaoning Province, Sino Clean Energy is the largest CWSF producer in Northwestern China with 850,000 metric tons of total annual capacity. For more information about Sino Clean Energy, please visit http://www.sinocei.net/ .
Safe Harbor Statement
This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors include, but are not limited to uncertainties in product demand, the impact of competitive products and pricing, our ability to obtain regulatory approvals, changing economic conditions around the world, release and sales of new products and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
