SHENZHEN, China, April 1 /PRNewswire-Asia-FirstCall/ -- New Energy
Systems Group (NYSE Amex: NEWN) ("New Energy" or the "Company"), a
vertically integrated original design manufacturer and distributor
of lithium ion batteries and backup power systems, today announced
that the Company's senior management team (including its Chairman,
CEO and CFO) has committed to personally buying approximately
$1 million stock via open market
purchases.
"On our recent earnings call we promised to personally buy
additional shares, and I am pleased to announce we are following
through on our promise," stated Jack
Yu, Chairman of New Energy Systems Group. "As the Company's
single largest shareholder, I am highly incentivized to help create
shareholder value. I have never sold any of my NEWN shares and I am
a firm believer in our Company's ability to execute on our business
plans. Given our Company's exciting growth prospects and attractive
valuation, I can think of no better place to invest than in New
Energy Systems Group. Along with our CEO, CFO, I have
initiated the process to open trading accounts with a U.S. based
brokerage firm. Once these accounts become active, we will begin
buying shares. We are also evaluating other alternatives
designed to create shareholder value and will update investors as
appropriate."
Form 4s must be filed with the U.S. Securities and Exchange
Commission after management purchases shares of the Company. Among
other things, the Form 4s will indicate the name of the purchaser,
the number of shares purchased, and the per share purchase price.
The Company has also committed to update investors with a press
release once the shares have been.
About New Energy Systems Group
New Energy Systems Group is a vertically integrated original
design manufacturer and distributor of lithium ion batteries and
backup power systems for leading manufacturers of mobile phones,
laptops, digital cameras, MP3s and a variety of other portable
electronics. The Company's end-user consumer products are sold
under the Anytone® brand in China
while it's commercial and OEM batteries and battery components are
sold under New Power and E'Jenie. The fast pace of new mobile
device introductions in China
combined with a growing middle class make it fertile ground for New
Energy's end-user consumer products, as well as its high powered,
light weight lithium ion batteries. In addition to historically
strong organic growth, New Energy is expected to benefit from
economies of scale, broader distribution and higher profit margins
in 2011. Additional information about the company is available at:
www.newenergysystemsgroup.com.
For more information, please
contact:
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COMPANY
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New Energy Systems
Group
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Ken Lin, VP of Investor
Relations
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Tel:
+1-917-573-0302
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Email:
ken@newenergysystemsgroup.com
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Web:
www.newenergysystemsgroup.com
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INVESTOR
RELATIONS
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HC International,
Inc.
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John Mattio, SVP
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Tel: US
+1-212-301-7130
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Email:
john.mattio@hcinternational.net
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Web:
www.hcinternational.net
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SOURCE New Energy Systems Group