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China Recycling Energy Corporation Appoints Chief Financial Officer

XI'AN, China, Dec. 19, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation (Nasdaq: CREG) ("CREG" or "the Company"), an industrial waste-to-energy solution provider in China, today announced that Mr. Jackie Shi has been appointed to the position of Chief Financial Officer.

“We are delighted to have Jackie rejoin the CREG executive team,” said Mr. Guohua Ku, CEO and Chairman of the Board of CREG. “Jackie brings financial, strategic, management and executive leadership skills that will be a tremendous asset to CREG as we drive our next phase of growth and profitability.  At this time, we would also like to thank Adeline Gu for her tenacious efforts to CREG in its finance operations and look forward to her contributions as Secretary to the Board of Directors and Assistant to the CFO. ”
               
Mr. Shi has nearly 18 years of executive finance experience at leading energy and technology companies. He recently served as advisor to the Board of Directors of the Company since September 28, 2016 and served as the CFO of the CREG from May 16, 2015 to September 27, 2016.  Prior to this role, Mr. Shi had joined Xi’an TCH Energy Technology Company, Ltd., a wholly owned subsidiary of the Company in 2014 as a VP of Finance and he previously worked as the Director of Investor Relations for Xiaan Natural Gas Group from 2005 to 2014. He studied professional accounting at the University of New South Wales, Australia from 2001 to 2003, and was awarded his master’s degree of finance in 2003. He studied public administration in Northwest University of China from 1994 to 1998 and obtained his bachelor’s degree of law in 1998.

"I can’t imagine a more exciting time to be the CFO of CREG,” said Mr. Shi. “Smart power storage solutions are revolutionizing the global energy landscape.  With CREG’s recent strategic transition, the Company is well poised to lead this industry transformation in China and abroad.  I believe the potential for growth and value creation is tremendous, given the smart and passionate people that I have already known in the Company supported by a strong technology portfolio that when executed, will generate returns for our clients and shareholders.”

About China Recycling Energy Corp.

China Recycling Energy Corporation (Nasdaq: CREG) ("CREG" or "the Company") is based in Xi'an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1 percent of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. The management and engineering teams have over 20 years of experience in industrial energy recovery in China.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of CREG and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. 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, but not limited to, the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions relating to the registered direct offering and those discussed in the Company's annual and periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or 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.

Contact

Cathy Loos
Impact IR
Email:  cathyloos@irimpact.com
Phone:  +1-347-334-4135