SHANGHAI, June 30 /PRNewswire-Asia/ --
-- Majority of the Board Consists of Independent Directors to Further
Strengthen Corporate Governance
-- Prepares the Company for a National Exchange Listing
China Energy Recovery, Inc. (OTC Bulletin Board: CGYV) (ISIN: US16943V2060), a leader in the waste heat energy recovery sector of the industrial energy efficiency industry, today announced that the Company has appointed Mr. Ye Tian to the Board as the fourth independent director. The Company has thus formed a Board with the majority members being independent directors.
"We are very pleased to announce that another distinguished intellectual and experienced business professional has joined our Board of Directors," commented Mr. Qinghuan Wu, Chairman of the Board, CEO and founder of China Energy Recovery. "With his extensive experiences in high growth businesses and investment management in both US and China, Mr. Tian will undoubtedly provide valuable advice and help in guiding China Energy Recovery to further success. Mr. Tian's joining our Board is part of a higher level initiative to further strengthen our corporate governance and prepares us for the possible listing on a national exchange such as NYSE Alternext or Nasdaq."
Mr. Tian will serve as the Chairman of the Company's Governance and Nominating Committee, as well as a member of the Audit Committee and the Compensation Committee.
Biography
Ye Tian - Director and Chairman of the Governance and Nominating Committee
Mr. Tian is currently the CEO of Back In Time Ltd. and its wholly-owned subsidiary JOVI, a retail chain and lifestyle brand in China, the non-executive Chairman of Ying Dong Media, a movie/TV production and distribution company in China, and a General Partner of Media Plus, an investment company located in Beijing and focusing on Asia. Prior to his current work, from 2006 to 2007, Mr. Tian was a Director at Loeb Enterprises, an incubation company in New York, and from 2003 to 2005, he was an Analyst at Appian Corporation, a software company in Virginia. Mr. Tian holds a Bachelor of Arts degree in Applied Mathematics from Harvard University.
What is Waste Heat Energy Recovery?
Industrial facilities release significant amounts of excess heat into the atmosphere in the form of hot exhaust gases or high-pressure steam. Energy recovery is the process of recovering vast amounts of that wasted energy and converting it into usable heat energy or electricity, dramatically lowering total energy costs. Energy recovery systems are also capable of capturing harmful pollutants that would otherwise be released into the environment. It is estimated that if energy currently wasted by all the U.S. industrial facilities could be recovered, it could produce power equivalent to 20% of U.S. electricity generation capacity without burning any additional fossil fuel, and could help many industries to meet stringent environmental regulations.
About China Energy Recovery, Inc.
CER is an international leader in designing, manufacturing and installing waste heat energy recovery systems which provide facilities with greater energy efficiency. The company's primary focus is on the Chinese market. CER's technology captures industrial waste energy to produce low-cost electrical power, enabling industrial manufacturers to reduce their energy costs, shrink their emissions footprint, and generate sellable emissions credits. CER has deployed its systems throughout China and in such international markets as Egypt, Korea, Vietnam and Malaysia. CER focuses on numerous industries in which a rapid payback on invested capital is achieved by its customers, including: chemical, paper manufacturing, refining (including methanol refining), etc. CER continues to invest in R&D and plans to build China's first state-of-the-art energy recovery system research and fabrication facility to allow it to meet the increased demand for its products and services. For more information on CER, please visit: http://www.chinaenergyrecovery.com/s/Home.asp . Information on CER's website does not comprise a part of this press release.
Forward-Looking Statement Disclaimer
This press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that CER believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors that CER believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of CER and may not materialize, including, without limitation, the efficacy and market acceptance of CER's products and services, CER's ability to execute on its business plan and strategies and CER's ability to successfully complete orders and collect revenues therefrom. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors. Furthermore, CER does not intend (and is not obligated) to update publicly any forward-looking statements, except as required by law. The contents of this release should be considered in conjunction with the warnings and cautionary statements contained in CER's filings with the Securities and Exchange Commission, including CER's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2009.
For more information, please contact:
Media
Sean Mahoney
Tel: +1-310-867-0670
Investor Relations
Jim Blackman
Tel: +1-713-256-0369
