SHENZHEN, China, March 23, 2011 /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,
announced today that its 2008 filings for each of its subsidiaries;
Shenzhen Anytone Technology Co., Ltd. ("Anytone"), E'Jenie
Technology Development Co. Ltd. ("E'Jenie"), Shenzhen NewPower
Technology Co. Ltd. ("NewPower"), and Kim Fai Solar Energy
Technology Co., Ltd. ("Kim Fai
Solar"), are accurate and current with the State
Administration of Industry and Commerce ("SAIC"). The Company
further confirmed that its 2009 filings have been submitted to the
SAIC and are still being processed for public access at SAIC
offices. New Energy is further providing summary detail below on
its revenue, gross profit, operating income and net profit in RMB
submitted to the SAIC for its 2008 and 2009 filings.
2008 SAIC FILINGS
SUMMARY
(Company-Verified in SAIC
Offices on March 22, 2010)
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E'Jenie
(PUBLIC)*
RMB
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Anytone
(PRIVATE)**
RMB
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NewPower
(PRIVATE)
RMB
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Kim
Fai
(PRIVATE)
RMB
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Revenues
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136,777,026
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70,019,400
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84,938,835
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54,069,866
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Gross
Profit
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39,542,695
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19,132,726
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1,745,443
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(4,098,919)
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Operating
Income
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36,691,780
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14,894,893
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(1,835,634)
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(7,764,638)
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Net
Income
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33,795,094
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12,468,291
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(1,835,634)
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(7,764,638)
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*"PUBLIC" designates New Energy
Systems Group subsidiaries calculated in the Company's SEC
filings.
**"PRIVATE" indicates
subsidiaries currently part of New Energy Systems Group but private
business before
acquired by New Energy in
subsequent years.
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2009 SAIC FILINGS
SUMMARY
(Submitted to SAIC in
2010)
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E'Jenie
(PUBLIC)*
RMB
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Anytone
(PUBLIC)*
RMB
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NewPower
(PRIVATE)**
RMB
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Kim
Fai
(PRIVATE)**
RMB
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Revenues
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156,782,376
|
165,016,460
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137,300,844
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83,615,310
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Gross
Profit
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48,650,466
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44,124,135
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14,582,287
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22,100,737
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Operating
Income
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45,982,681
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38,384,094
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10,787,419
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18,200,466
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Net
Income
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41,361,287
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30,707,275
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10,775,415
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16,113,300
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*"PUBLIC" designates New Energy
Systems Group subsidiaries calculated in the Company's SEC filings.
**"PRIVATE" indicates
subsidiaries currently part of New Energy Systems Group but private
business before
acquired by New Energy in
subsequent years.
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"The Company's CFO and I spent the past few mornings in the
Shenzhen SAIC office verifying the accuracy of our SAIC filings
from 2008. Further, we confirmed with SAIC that the Company has
submitted our 2009 numbers in a timely manner and that SAIC is
still processing our 2009 numbers. Our 2010 SAIC filings are
due by June 30, 2011 and we
anticipate filing these prior to that date," began Chairman Weihe
"Jack" Yu. "We want to ensure all our corporate documents,
especially those available to the public, accurately reflect our
financial performance and operations. We recognize the importance
to have all our Company records, registrations and certifications
up-to-date and consistent with results submitted to our auditors
and the SEC in our regular filings. We also understand that
there are slight discrepancies between our RMB numbers and the US
dollar conversions submitted to the SEC. We have been told by
our PRC accountant, Shenzhen DEDAO CPA, that these slight
discrepancies relate to accounting treatments of invoices and
receipts that differ between Chinese GAAP and US GAAP. The
Company will retain electronic copies of our SAIC data and will
provide them to our investors upon request."
Chairman Yu further stated, "We look forward to discussing our
fourth quarter and full year 2010 results and providing investors
with a full business update, as well as our 2011 guidance, on our
March 29, 2011 conference call.
Separately, we have received several inquiries about the
Company's State Administration of Taxation (www.chinatax.gov.cn)
("SAT") filings. The SAT generates a report of specific tax
numbers, including revenues and net income, for every legal Chinese
entity. These reports are utilized privately by the tax authorities
to calculate taxes due to the State and are not publicly available
under any circumstance. We therefore caution investors who claim to
have acquired copies of our SAT filings that such reports may have
been obtained improperly and therefore the source and integrity of
the data should be carefully scrutinized."
The Company plans to report its fourth quarter and full year
2010 results on March 28, 2011.
Details regarding the earnings release date and conference call was
provided in the Company's press release dated Monday, March 21, 2011. Questions regarding New
Energy Systems Group operations and the information detailed in
this release can be directed to the Company's contacts listed at
the close of this press release or asked directly to management
during the question and answer period on the Company's pending
conference call.
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.
Forward Looking Statements
Except for the historical information, the matters discussed in
this news release may contain forward-looking statements,
including, but not limited to, factors relating to future results.
These forward-looking statements may involve a number of risks and
uncertainties. Actual results may differ materially based on a
number of factors, including, but not limited to, uncertainties in
product demand, risks related to doing business in China, the impact of competitive products and
pricing, changing economic conditions around the world, release and
sales of new products and other risk factors detailed in the
Company's most recent annual report and other filings with the
Securities and Exchange Commission.
For more information, please
contact:
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COMPANY
New Energy Systems
Group
Ken Lin, VP of Investor
Relations
Tel: US +1-917-573-0302
Email:
ken@newenergysystemsgroup.com
Web:
www.newenergysystemsgroup.com
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INVESTOR
RELATIONS
HC International,
Inc.
John Mattio, SVP
Tel: US
+1-212-301-7130
Email:
john.mattio@hcinternational.net
Web:
www.hcinternational.net
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SOURCE New Energy Systems Group