China Energy Savings Appoints New Chairman and Chief Executive Officer
17 Janeiro 2006 - 12:00PM
PR Newswire (US)
HONG KONG, Jan. 17 /Xinhua-PRNewswire/ -- China Energy Savings
Technology, Inc. (NASDAQ:CESV), a leading provider of energy saving
products in China, announced today that Sun Li has resigned as
Director to pursue his own business and personal interests and that
the position has been filled by Kwun Luen Siu, effective
immediately. Sun Li remains the largest shareholder of the Company
after leaving the Board. Mr Siu is referred by Sun Li and reviewed
by the Board of Directors of the Company before he was appointed.
Commenting on the change in management, the Board is pleased to
have Mr Siu assume the role as Chairman and Chief Executive
Officer, who has an impressive and successful background in the
financial sector having served as the Responsible Director of
Forex, Futures and Securities under Securities and Futures
Commission of Hong Kong, the Chairman of Supervisory Committee of
the Chinese Gold and Silver Exchange Society of Hong Kong, and
Managing Director of Dashin Group in Hong Kong. The Board further
believes that Mr Siu will bring extensive financial expertise to
the Company, which is key to the future growth of the Company. Mr
Siu also has a higher proficiency of English than Sun Li. Prior to
joining the board, Mr Siu introduced an investment financial group
to the Company to underwrite up to $50 million to fund the
development of their new alternative energy technologies, new
markets and potential acquisitions. For more information of this
transaction, please refer to another piece of company news of
today. The Board thanks Sun Li for his contribution during his
tenure and wishes him every success in his own business. About
China Energy Savings Technology China Energy Savings Technology,
Inc., through its ownership interest in Starway Management Limited
engages in the development, manufacture, sale, and distribution of
energy-saving products for use in commercial and industrial
settings in the People's Republic of China. According to test
reports by various PRC authorities including the National Center of
Supervision & Inspection on Electric Light Source Quality
(Shanghai) issued in September 2002, Shenzhen Academy of Metrology
& Quality Inspection issued in December 2002 and approved by
the State Quality Supervision Inspection Department, the energy
saving products of Starway's subsidiaries may provide energy saving
rates ranging from approximately 25% to 45%. The energy saving
projects conducted by Starway's subsidiaries mostly relate to
public or street lighting systems, government administration units,
shopping malls, supermarkets, restaurants, factories and oil
fields, etc. There are small and large-scaled projects: the
small-scaled projects relate to restaurants, shops, small arcades,
offices and households through the sale of equipment, and the
large- scaled projects relate to large shopping malls,
supermarkets, factories and public bodies through the provision and
installation of equipment over a term usually extended for years.
Safe Harbor Statement As a cautionary note to investors, certain
matters discussed in this press release may be forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such matters involve risks and uncertainties
that may cause actual results to differ materially, including the
following: changes in economic conditions; general competitive
factors; the Company's ability to execute its business model and
strategic plans; and the risks described from time to time in the
Company's SEC filings. DATASOURCE: China Energy Savings Technology,
Inc. CONTACT: China Energy Savings Technology, Inc.,
+852-2588-1228, or
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