XI'AN, China, April 29,
2011 /PRNewswire-Asia/ -- China Integrated Energy, Inc.
(Nasdaq: CBEH) (the "Company"), a leading non-state-owned
integrated energy company in the People's
Republic of China, today announced the appointment of Mr.
Steven Markscheid to its board as an
independent director and as Chairman of the Audit
Committee.
Mr. Markscheid, 57, has been an independent director of
CNinsure, Inc. (Nasdaq: CISG) since August
2007, of JinkoSolar Holding Co., Ltd (NYSE: JKS) since
September 2009, and of China Energy
Corporation (OTC BB: CHGY.OB) since June, 2010. He also has been
chief executive officer of Synergenz BioScience Inc. since 2007,
and a member of Emerald Hill Capital Partners' investment committee
since 2006. Mr. Markscheid was previously representative of US
China Business Council from 1978 to 1983, vice president of Chase
Manhattan Bank from 1984 to 1988, vice president of First Chicago
Bank from 1988 to 1993, case leader of Boston Consulting Group from
1994 to 1997, director of business development of GE Capital
(Asia Pacific) from 1998 to 2001,
director of business development of GE Capital from 2001 to 2002,
senior vice president of GE Healthcare Financial Services from 2003
to 2006, chief executive officer of HuaMei Capital Company, Inc.
from 2006 to 2007. He received his bachelor's degree in East Asian
studies from Princeton University in
1976, his master's degree in international affairs and economics
from Johns Hopkins University in 1980
and an MBA degree from Columbia
University in 1991.
Mr. Gao Xincheng, Chief Executive Officer of China Integrated
Energy, Inc., commented, "We welcome the valuable addition of Steve
to our Board of Directors. We expect that Steve's extensive
experience with Chinese public-traded companies and his key
financial industry connections will provide us with valuable
capital market insights."
As the new Audit Committee Chairman, Mr. Steven Markscheid will lead the independent
third party investigation, as announced in the news release on
April 5, 2011. Mr. Markscheid
was appointed to replace Mr. Larry
Goldman, who resigned as director and Audit Committee
chairman on April 21, 2011.
"We are very thankful for Larry's valuable contribution to China
Integrated Energy during the past two years. We wish him well
in his future endeavors." Mr. Gao added.
About China Integrated Energy, Inc.
China Integrated Energy, Inc. is a leading non-state-owned
integrated energy company in China
engaged in three business segments: the production and sale of
biodiesel, the wholesale distribution of finished oil and heavy oil
products, and the operation of nine retail gas stations. The
Company operates at 200,000-ton biodiesel production capacity with
two plants located in Tongchuan City, Shaanxi Province and one plant in Chongqing City, China. The Company utilizes a distribution
network covering 16 provinces and municipalities, established over
the past 11 years, to distribute both heavy oil and finished oil,
including gasoline, petro-diesel and biodiesel. For additional
information on the Company please visit
http://www.chinaintegratedenergy.com.
An online investor kit including a company presentation, press
releases, current price quotes, stock charts and other valuable
information for investors is available at
http://www.chinaintegratedenergy.com. To subscribe to future
releases via e-mail alert, visit
http://www.chinaintegratedenergy.com/alerts
Safe Harbor Statement
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. For
example, statements about the future use of the proceeds are
forward looking and subject to risks. China Integrated Energy, Inc.
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission on
forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. A number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, risks outlined in
the Company's filings with the U.S. Securities and Exchange
Commission. The Company does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
SOURCE China Integrated Energy, Inc.