SHENZHEN, China, Aug. 19, 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, announced that Mr. Paul Li, who was scheduled to become the new
Chief Financial Officer on August
16th, will not join the Company due to personal reasons. Mr.
Junfeng Chen, who was slated to step
down from the Chief Financial Officer position on the same day Mr.
Li started, will continue to serve as the Company's interim CFO
until a permanent CFO is secured.
Separately, the Company's Chief Executive Officer, Mr.
Nian Chen, announced his resignation
effective August 19, 2011 due to poor
performance by the Company. The Board of Directors ("the Board")
has accepted Mr. Chen resignation and appointed Mr. Weihe Yu, New Energy's Chairman, to the CEO
position. The Board will evaluate Mr. Yu's performance at the end
of 2011 and determine whether any changes are warranted.
According to the employment agreement signed by Mr. Li and the
Company on June 20, 2011, Mr. Li
would become New Energy's permanent Chief Financial Officer
effective August 16, 2011. However,
due to personal reasons that arose subsequent to June 20, 2011, Mr. Li has decided not to join the
Company. There were no disagreements between Mr. Li and the Company
or any officer or director of the Company which led to Mr. Li's
resignation.
New Energy Chairman, Mr. Weihe Yu
said, "We regretfully accept Mr. Li's and Mr. Chen's resignations
and wish them the best. The board will start the search for a new
permanent CFO shortly. In the interim, we have the utmost
confidence that Mr. Chen will continue to help us maintain sound
financial and operating controls."
Chairman, Mr. Yu continued, "My primary focus as Chairman and
CEO will be to reinvigorate profitable growth in our Anytone®
batteries business. While we have already taken aggressive measures
to reverse the negative impact from counterfeit products, we will
redouble our efforts in product development, sales and marketing
and quality controls to ensure this is a healthy and growing
business."
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
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New Energy Systems
Group
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Ken Lin, VP of Investor
Relations
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Tel: +1-917-573-0302
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Email:
ken@newenergysystemsgroup.com
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Web:
www.newenergysystemsgroup.com
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INVESTOR
RELATIONS
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MZ-HCI
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John Mattio, SVP
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Tel: US
+1-212-301-7130
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Email:
john.mattio@hcinternational.net
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Web: www.mz-hci.com
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SOURCE New Energy Systems Group