SHENZHEN, China, June 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 consumer branded
backup power systems, appointed Paul
Li as the Company's Chief Financial Officer effective
August 16, 2011. Mr. Li replaces
Junfeng Chen, who will remain the
Company's CFO until the commencement of Mr. Li's appointment. There
were no disagreements between Mr. Chen and the Company or any
officer or director of the Company associated with Mr. Chen's
departure as CFO.
Mr. Li has extensive experience as an officer and director of
several publicly listed and private companies. Prior to joining
New Energy, Mr. Li served as the Chief Financial Officer of
Sen Yu International Inc. (OTCBB: CSWG) from September 2010. Mr. Li was a manager with Kelmar
Associates LLC, a corporate regulatory compliance consulting firm
providing auditing services to the U.S. government from
April 2007 to January 2010. Mr. Li is a Certified Public
Accountant licensed in California
and New Jersey.
New Energy Chairman Weihe Yu
stated, "We thank Junfeng for his hard work and welcome Paul to New
Energy. With 35 years of auditing and financial management
experience, Paul will lead our efforts to further improve our
financial controls and reporting. He will also work with the other
members of the senior management team to expand our margins and
cash flows."
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
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies. These forward looking statements are often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website (www.sec.gov). All
forward-looking statements attributable to the Company or to
persons acting on its behalf are expressly qualified in their
entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
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