SHENZHEN, China, Aug. 16, 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, backup power consumer
products and solar panels, today announced financial results for
the second quarter ended June 30,
2011.
Second quarter 2011 Financial Highlights
- Total revenues essentially flat year-over-year at $23.1 million
- Kim Fai solar panels generated
$6.2 million in sales
- Gross profit increased 5% to $6.5
million
- Adjusted net income $4.1 million
with $0.28 EPS
Mr. Jack Yu, Chairman of New
Energy stated, "Like many other electronic brands, counterfeiting
of our products has been an unwanted distraction to our operations
and negatively affected sales volumes and margins during the
quarter. We have promptly and aggressively addressed the issue with
the authorities, while pinpointing culprits who have subsequently
been notified by our attorneys and local authorities. Ultimately,
new product development is what stymies counterfeit products and we
are confident our continued emphasis on R&D and our ability to
launch new Anytone® products with enhanced functionality and
designs will reinvigorate consumer and distributor purchases. By
acting quickly to address the commercial needs of our distribution
base, we have built trust and ensured the integrity of our brand.
We were also pleased with Kim Fai's
results, which are on track for to exceed our original forecast for
2011."
|
|
For the 3 Months
Ended June 30
|
|
|
Q2 2011
|
Q2 2010
|
CHANGE
|
|
Net Sales
|
$23.1
million
|
$23.4
million
|
-1%
|
|
Gross Profit
|
$6.5
million
|
$6.1
million
|
+5%
|
|
Net Income
|
$3.1
million
|
$3.6
million
|
-12%
|
|
Adjusted Net
Income*
|
$4.1
million
|
$4.4
million
|
-9%
|
|
GAAP EPS (Diluted)
|
$0.22
|
$0.28
|
-24%
|
|
Adjusted EPS
(Diluted)*
|
$0.28
|
$0.35
|
-21%
|
|
*Adjusted
net income and adjusted EPS exclude $0.2 million of non-cash
stock-based compensation expenses during Q2 2011 and $0.7 million
of amortization expenses. 2011 fully diluted shares on June 30,
2011 were 14.5 million versus 12.6 million in 2010.
|
|
|
|
|
|
Revenues declined 1% year-over-year to $23.1 million for the quarter. Revenue growth was
primarily affected by the Company's battery sales divisions which
include Anytone® battery recharging and remote power consumer
products, NewPower battery packs and E'Jenie battery components. As
reported on the Company's first quarter 2011 conference call,
counterfeiting of certain Anytone® products caused a temporary
slowdown in sales. The Company is pleased to report that a
combination of legal action and sales efforts with distributor
partners to identify counterfeits have gradually restored
distributor confidence. Sales of Anytone® products were down 15% to
670,000 units from 730,000 in the first quarter of 2011. In July,
the Company witnessed an increase in sales as distributors began
placing restocking orders. As of July
31, the Company reported 200,000 units were purchased and
anticipates higher figures for August and September. Anytone®
R&D departments are aggressively repacking certain SKU's with
different designs and introducing new models to distributors to
further differentiate original, Anytone®-branded products to their
distributors and consumers.
Also contributing to the downturn in sales growth in the segment
were product line rationalizations in both NewPower and E'Jenie
product lines, where legacy products were voluntarily delisted due
to margin profiles below the Company's targets. While the Company
will continue to service its long-standing customers with these two
product categories, management anticipates lower sales in future
quarters as it focuses resources on higher margin Anytone®,
MeePower® and Kim Fai solar
products.
The acquisition of Kim Fai,
completed in the fourth quarter of 2010, added approximately
$6.2 million of sales in the three
months ended June 30, 2011, up 13%
from the first quarter of 2011, and 54% compared to the year ago
quarter. Kim Fai sales were most
pronounced to municipalities that purchase panels to power street
lighting, traffic signals and emergency mobile communication
towers.
Gross profit was $6.5 million
compared to $6.1 million, a 5%
increase compared to the same period last year. Consolidated gross
margin expanded 170 basis points to 28% due to product line
rationalizations in NewPower and E'Jenie product segments,
Anytone®-branded consumer goods and high-margin Kim Fai solar panels sold as part of government
tenders to municipalities.
Operating expenses for the three months ended June 30, 2011 were $2.2
million compared to $1.6
million. The increase was primarily a result of higher sales
and marketing expenses and some legal costs to combat
counterfeiters.
The Company incurred $0.2 million
of non-cash stock-based compensation during the second quarter of
2011 and also recorded $0.7 million
of amortization charges in the quarter. GAAP net income for the
quarter was $3.1 million, down 12%
from $3.6 million for the three
months ended June 30, 2010. Non-GAAP
adjusted earnings exclude non-cash stock based compensation and
amortization. Adjusted net income was $4.1
million and $0.28 in earnings
per share based on 14.5 million shares outstanding on June 30, 2011.
|
|
For the 6 Months Ended June
30
|
|
|
1H
2011
|
1H
2010
|
CHANGE
|
|
Net Sales
|
$50.2
million
|
$45.9
million
|
+9%
|
|
Gross Profit
|
$15.9
million
|
$12.6
million
|
+27%
|
|
Net Income
|
$8.6
million
|
$7.4
million
|
+17%
|
|
Adjusted Net Income*
|
$10.4
million
|
$9.1
million
|
+15%
|
|
GAAP EPS (Diluted)
|
$0.59
|
$0.58
|
+2%
|
|
Adjusted EPS
(Diluted)*
|
$0.72
|
$0.72
|
-
|
|
|
|
|
|
|
|
Total net revenue increased 9% in the first six months of 2011
to $50.2 million. Sales were
primarily driven by higher unit sales of Anytone® products and
Kim Fai solar panels. Combined,
Anytone® and Kim Fai solar sales
accounted for 56% of sales in the first half of 2011.
Gross profit increased 27% to $15.9
million, with gross margin of 31.7% compared to 27.4% in the
comparable period.
Selling, general and administrative expenses were $4.4 million compared to $3.1 million a year ago. Operating income
increased 22% to $11.5 million.
Excluding $0.2 million of non-cash
stock compensation expenses and $0.7
million of non-cash amortization expenses, adjusted
operating income was $12.4
million.
GAAP net income and earnings per diluted share were $8.6 million and $0.59, respectively. Adjusted net income,
excluding non-cash expenses, was $10.4
million and adjusted EPS were $0.72 in the first six months of 2011.
Balance Sheet and Cash Flow Summary
As of June 30, 2011, cash and
equivalents of the Company stood at $13.2
million, up slightly from $13.1
million as of December 31,
2010. Working capital was approximately $21.7 million at June 30,
2011; accounts receivable was $10.3
million, compared to $11.2
million as of December 31,
2010. The Company had $0.6
million of debt. New Energy generated $6.6 million of cash flow from operations during
the six months ended June 30, 2011
versus $6.5 million in the same
period a year ago. The Company has approximately $9.2 million of unused credit lines.
Conference Call
Management will host a conference call on Tuesday, August 16th, 2011 at 8:00 am ET to discuss the results for the three
and six months ended June 30, 2011.
To attend the call, please use the information below for either
dial-in access or webcast access. When prompted on dial-in, ask for
"New Energy Systems Group Second Quarter 2011 Conference Call".
Date:
|
Tuesday, August 16,
2011
|
|
Time:
|
8:00 am Eastern Time,
US
|
|
Conference Line Dial-In
(U.S.):
|
+1-877-317-6776
|
|
International
Dial-In:
|
+1-412-317-6776
|
|
Asia Dial-In:
|
Northern China:
10-800-712-2304
|
|
Southern China:
|
10-800-120-2304
|
|
Hong Kong:
|
800-962475
|
|
Conference ID:
|
New Energy Second Quarter 2011
Conference Call
|
|
Webcast link:
|
http://webcast.mz-ir.com/publico.aspx?codplataforma=3094
|
|
|
|
Please dial in at least 10 minutes before the call to ensure
timely participation. A playback will be available through
August 24, 2011. To listen, please
call +1-877-344-7529 within the United
States or +1-412-317-0088 if calling internationally.
Utilize the pass code 10003229 for the replay.
This call is being webcast by MZ Technologies and can be
accessed by clicking on the following link:
http://webcast.mz-ir.com/publico.aspx?codplataforma=3094
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 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, and the company has begun
expanding its international sales efforts. 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 production capacity and higher profit margins.
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.
NEW ENERGY
SYSTEMS GROUP AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2011 (Unaudited)
|
|
|
December 31,
2010 (Restated)
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and equivalents
|
|
$
|
13,245,937
|
|
|
$
|
13,065,008
|
|
|
Accounts receivable
|
|
|
10,251,646
|
|
|
|
11,192,150
|
|
|
Inventory
|
|
|
4,060,895
|
|
|
|
2,420,009
|
|
|
Other receivables
|
|
|
603,825
|
|
|
|
47,249
|
|
|
Due from shareholders
|
|
|
276,838
|
|
|
|
270,522
|
|
|
Deferred compensation
|
|
|
675,000
|
|
|
|
675,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
current assets
|
|
|
29,114,141
|
|
|
|
27,669,938
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent assets
|
|
|
|
|
|
|
|
|
|
Plant, property & equipment,
net
|
|
|
1,090,134
|
|
|
|
1,134,029
|
|
|
Deferred compensation -
noncurrent
|
|
|
760,993
|
|
|
|
1,098,493
|
|
|
Goodwill
|
|
|
60,858,842
|
|
|
|
60,555,607
|
|
|
Intangible assets,
net
|
|
|
18,519,039
|
|
|
|
19,969,021
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
noncurrent assets
|
|
|
81,229,008
|
|
|
|
82,757,150
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
110,343,149
|
|
|
$
|
110,427,088
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
4,289,874
|
|
|
$
|
6,655,592
|
|
|
Accrued expenses and other
payables
|
|
|
903,032
|
|
|
|
1,127,133
|
|
|
Payable for Kimfai
acquisition
|
|
|
-
|
|
|
|
6,325,985
|
|
|
Taxes payable
|
|
|
1,633,462
|
|
|
|
1,553,206
|
|
|
Loan payable to related
party
|
|
|
556,277
|
|
|
|
543,585
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
7,382,645
|
|
|
|
16,205,501
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liability
|
|
|
4,461,382
|
|
|
|
4,798,822
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
11,844,027
|
|
|
|
21,004,323
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
|
Preferred stock, $.001 par
value, 2,553,030
shares
authorized and issued; 0 and 2,553,030
outstanding
as of June 30, 2011 and
December
31, 2010, respectively
|
|
|
-
|
|
|
|
2,553
|
|
|
Common stock, $.001 par value,
140,000,000
shares
authorized, 14,551,731 and 14,278,928
shares
issued and outstanding as of June 30,
2011 and
December 31, 2010, respectively
|
|
|
14,552
|
|
|
|
14,279
|
|
|
Additional paid in
capital
|
|
|
74,150,126
|
|
|
|
74,040,307
|
|
|
Statutory reserves
|
|
|
2,323,603
|
|
|
|
2,323,603
|
|
|
Other comprehensive
income
|
|
|
2,195,732
|
|
|
|
1,834,341
|
|
|
Retained earnings
|
|
|
19,815,109
|
|
|
|
11,207,682
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
|
98,499,122
|
|
|
|
89,422,765
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
110,343,149
|
|
|
$
|
110,427,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW ENERGY
SYSTEMS GROUP AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended June 30,
|
|
|
Three Months
Ended June 30,
|
|
|
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Battery
|
|
$
|
35,721,112
|
|
|
$
|
40,330,653
|
|
|
$
|
15,668,721
|
|
|
$
|
20,931,503
|
|
|
Battery shell and
cover
|
|
|
2,777,263
|
|
|
|
5,527,349
|
|
|
|
1,258,441
|
|
|
|
2,473,836
|
|
|
Solar panel
|
|
|
11,675,972
|
|
|
|
-
|
|
|
|
6,161,054
|
|
|
|
-
|
|
|
Total
revenue
|
|
|
50,174,347
|
|
|
|
45,858,002
|
|
|
|
23,088,216
|
|
|
|
23,405,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Battery
|
|
|
23,666,046
|
|
|
|
29,582,795
|
|
|
|
10,955,318
|
|
|
|
15,508,810
|
|
|
Battery shell and
cover
|
|
|
2,046,038
|
|
|
|
3,700,517
|
|
|
|
992,183
|
|
|
|
1,747,124
|
|
|
Solar panel
|
|
|
8,553,509
|
|
|
|
-
|
|
|
|
4,676,631
|
|
|
|
-
|
|
|
Total cost of
sales
|
|
|
34,265,593
|
|
|
|
33,283,312
|
|
|
|
16,624,132
|
|
|
|
17,255,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
15,908,754
|
|
|
|
12,574,690
|
|
|
|
6,464,084
|
|
|
|
6,149,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
|
751,226
|
|
|
|
245,816
|
|
|
|
387,046
|
|
|
|
119,842
|
|
|
General and
administrative
|
|
|
3,607,760
|
|
|
|
2,834,987
|
|
|
|
1,852,141
|
|
|
|
1,460,832
|
|
|
Total operating
expenses
|
|
|
4,358,986
|
|
|
|
3,080,803
|
|
|
|
2,239,187
|
|
|
|
1,580,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
11,549,768
|
|
|
|
9,493,887
|
|
|
|
4,224,897
|
|
|
|
4,568,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
7,874
|
|
|
|
7,541
|
|
|
|
2,495
|
|
|
|
(746)
|
|
|
Interest income
|
|
|
20,453
|
|
|
|
45,164
|
|
|
|
12,420
|
|
|
|
23,875
|
|
|
Total other income,
net
|
|
|
28,327
|
|
|
|
52,705
|
|
|
|
14,915
|
|
|
|
23,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
|
11,578,095
|
|
|
|
9,546,592
|
|
|
|
4,239,812
|
|
|
|
4,591,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
(2,970,668)
|
|
|
|
(2,195,752)
|
|
|
|
(1,092,940)
|
|
|
|
(1,022,886)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
8,607,427
|
|
|
|
7,350,840
|
|
|
|
3,146,872
|
|
|
|
3,568,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation
|
|
|
361,391
|
|
|
|
94,578
|
|
|
|
246,540
|
|
|
|
88,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
$
|
8,968,818
|
|
|
$
|
7,445,418
|
|
|
$
|
3,393,412
|
|
|
$
|
3,657,113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.60
|
|
|
$
|
0.62
|
|
|
$
|
0.22
|
|
|
$
|
0.30
|
|
|
Diluted
|
|
$
|
0.59
|
|
|
$
|
0.58
|
|
|
$
|
0.22
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
14,294,318
|
|
|
|
11,863,390
|
|
|
|
14,302,039
|
|
|
|
11,863,390
|
|
|
Diluted
|
|
|
14,564,800
|
|
|
|
12,623,880
|
|
|
|
14,551,731
|
|
|
|
12,623,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW ENERGY
SYSTEMS GROUP AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
Six Months
Ended June 30,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
|
Net Income
|
$
|
8,607,427
|
|
$
|
7,350,840
|
|
Adjustments to reconcile net
income to net cash
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
1,544,712
|
|
|
1,520,631
|
|
Deferred
taxes
|
|
(337,440)
|
|
|
(269,495)
|
|
Deferred stock
compensation
|
|
337,500
|
|
|
337,500
|
|
Loss on
disposal of fixed asset
|
|
-
|
|
|
672
|
|
Warrants
expense
|
|
20,038
|
|
|
-
|
|
(Increase) / decrease in current
assets:
|
|
|
|
|
|
|
Accounts
receivable
|
|
1,189,052
|
|
|
(4,139,758)
|
|
Inventory
|
|
(1,567,548)
|
|
|
(1,182,208)
|
|
Prepaid
expenses, deposits and other receivables
|
|
(549,571)
|
|
|
433,995
|
|
Increase/(Decrease) in current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
(2,494,328)
|
|
|
1,765,729
|
|
Accrued
expenses and other payables
|
|
(233,546)
|
|
|
52,663
|
|
Taxes
payable
|
|
45,187
|
|
|
613,118
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities
|
|
6,561,483
|
|
|
6,483,687
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES
|
|
|
|
|
|
|
Cash acquired
in acquisition
|
|
-
|
|
|
24,550
|
|
Proceeds from
sale of property and equipment
|
|
-
|
|
|
623
|
|
Acquisition of
property and equipment
|
|
(12,964)
|
|
|
(34,609)
|
|
|
|
|
|
|
|
|
Net cash used in investing
activities
|
|
(12,964)
|
|
|
(9,436)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES
|
|
|
|
|
|
|
Repayment of
acquisition liability for Subsidiaries
|
|
(6,757,273)
|
|
|
(5,000,000)
|
|
Cash proceeds
from warrant exercise
|
|
87,500
|
|
|
-
|
|
Repayment to
related party
|
|
-
|
|
|
(1,362,597)
|
|
|
|
|
|
|
|
|
Net cash used in financing
activities
|
|
(6,669,773)
|
|
|
(6,362,597)
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash and equivalents
|
|
302,183
|
|
|
17,521
|
|
|
|
|
|
|
|
|
Net increase in cash and
equivalents
|
|
180,929
|
|
|
129,175
|
|
|
|
|
|
|
|
|
Cash and equivalents, beginning
of the period
|
|
13,065,008
|
|
|
3,651,990
|
|
|
|
|
|
|
|
|
Cash and equivalents, ending of
the period
|
$
|
13,245,937
|
|
$
|
3,781,165
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the period
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
$
|
3,464,408
|
|
$
|
1,864,696
|
|
|
|
|
|
|
|
|
Interest
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information, please
contact:
|
|
|
|
COMPANY
|
|
|
|
New Energy Systems
Group
|
|
Ken Lin, VP of Investor
Relations
|
|
Tel:
+1-917-573-0302
|
|
Email:
klin1330@hotmail.com
|
|
|
|
INVESTOR
RELATIONS
|
|
|
|
John Mattio, SVP
|
|
HC International,
Inc.
|
|
Tel: US
+1-212-301-7130
|
|
Email:
john.mattio@hcinternational.net
|
|
Web:
http://www.hcinternational.net
|
|
|
SOURCE New Energy Systems Group