CESV China Energy Savings Technology (MM)

China Energy Savings Appoints New Chief Financial Officer Adds New Directors to Board HONG KONG, July 11 /Xinhua-PRNewswire/ -- China Energy Savings Technology, Inc. (NASDAQ:CESV) announced that effective July 1, 2005, Mr. Lawrence Lok Yuen-Ming ("Mr. Lok") was appointed as a member of the board and was also appointed as the Chief Financial Officer of the Company, and Ms. Pang Jing-Wen ('Ms. Pang') was appointed as a member of the board of directors of the Company and was also appointed as a member of the Registrant's audit committee. Mr. Lawrence Lok Yuen-Ming, age 45, is the Chief Financial Officer of China Energy Savings Technology, Inc. Mr. Lok received his Master's Degree in Economics (majoring in Professional Accounting) from Macquarie University, Sydney NSW Australia in 1989. Mr. Lok is an Australian chartered accountant and has over 20 years experience in professional accounting and finance. He has previously served as a director in Australia and Hong Kong publicly listed companies. Since 2000, Mr. Lok has been the Chief Executive Officer and an Executive Director of CSI Investment Management Limited, a Hong Kong Securities and Futures Commission registered investment advisor. Ms. Pang Jing-Wen, age 41, is an Assistant Certified Public Accountant in China. She earned her bachelors degree from the Renmin University of China, majoring in Statistics. She has over 10 years experience in financial management. For the past three years Ms. Pang has been working with Win's Technology Development Limited ('Win's) as its Treasurer in Beijing, China. Prior to joining Win's, Ms. Pang worked with the Beijing office of Asia Trading Ltd. of Japan as an accounting manager from 1999 to 2002. Mr. Sun Li, Chairman and CEO of China Energy Savings Technology said, 'Mr. Lok's 20 years as a chartered accountant in Australia and Hong Kong, as well as a chief executive in the public sector brings a tremendous amount of proficiency and capability to our Chief Financial Officer position. Ms. Pang's expertise and experience in matters of financial management and corporate treasury with foreign companies are an excellent addition to our Board, particularly to that of our Audit Committee. We're pleased to welcome both into the Company.' Also effective July 1, 2005 Mr Dennis Yu Won-Kong, Mr Poon Kam-Wah, Mr Li Shilong and Mr Lee Kam Man are resigning as directors. Mr. Sun continued, 'Both Mr Yu and Mr Poon resigned of their own accord due to their failure to fully devote to the Company. Mr Yu is the director of another Hong Kong-listed company while Mr Poon has been busy with his own accounting business. Mr Li Shilong and Lee Kam Man were advised to resign in order to meet NASDAQ compliance of majority independent directors. We thank Mr Dennis Yu Won-Kong, Mr Poon Kam-Wah, Mr Li Shilong and Mr Lee Kam Man for their contributions to our company and wish them every success in their new ventures.' All the current members are of post-secondary educational background and are fully devoted to the Company in daily operation. The above changes are aimed at strengthening the Company's management and governance in the best interest of the shareholders. About China Energy Savings Technology China Energy Savings Technology, Inc., through its subsidiary, Starway Management Limited which in turn holds 100% interest of its energy savings subsidiary in China, 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. With the world's energy crisis as the backdrop, and global oil prices breaking record highs, China's own crisis is growing not only in size, but in concern as well. Coal prices and energy consumption in China are also at all-time highs. For these reasons, the company's products are widely used and highly recommended in China because of the huge energy market and the excellent prospect of energy savings. 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. For more information, please contact: John Roskelley, President First Global Media +1-480-902-3110 Website: http://www.cesv-inc.com/ Email: DATASOURCE: China Energy Savings Technology, Inc. CONTACT: John Roskelley, of First Global Media, +1-480-902-3110, Web site: http://www.dicjenhitech.com/ http://www.cesv-inc.com/

Copyright