SHENZHEN, China, March 25, 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,
today announced the resignation of a board member, Fushun Li. Mr. Nian
Chen, the Company's CEO will assume the board seat keeping
the total number of board members at five, including three
independent board members.
As announced in the 8-K filed on March
24, the Company accepted Mr. Li's resignation from the board
of directors. Mr. Li was the previous CEO of New Energy Systems
Group's. After New Energy acquired Shenzhen Anytone Technology Co.
Ltd. ("Anytone") in December of 2009, CEO Mr. Weihe "Jack" Yu
assumed the day to day business management and moved into the
position of Chairman while Mr. Nian
Chen assumed the role of CEO at the Company. As part of this
transition process, the Company was prepared for Mr. Li's eventual
departure from the board and ultimate replacement by Mr. Chen.
"We have continually valued Mr. Li's contributions to the
operations of New Energy and certainly to our Board of Directors,"
commented Chairman Weihe "Jack" Yu, "Mr. Li successfully
transitioned his long-standing customer relationships into the New
Energy Systems Group platform and sales channel. Our business has
evolved significantly since 2009 as our Anytone® consumer
electronic products assume a greater percentage of our revenues. I
accept Mr. Nian Chen candidacy for
the board seat which is subject to board approval. We look forward
to Mr. Chen's contributions to our board strategies as we work to
expand our market share in China's
fast growing consumer electronic market."
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
New Energy Systems
Group
Ken Lin, VP of Investor
Relations
Tel: +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