EXHIBIT 99.1
CHINA ENERGY SAVINGS TECHNOLOGY ADDS BOARD MEMBERS
Thursday September 16, 8:31 am ET
HONG KONG, Sept. 16 /Xinhua-PRNewswire/ -- China Energy Savings Technology,
Inc., (OTC Bulletin Board: CESV - NEWS) is pleased to announce that it has
appointed Mr. Sun Li, Mr. Dennis Yu Won Kong, and Ms. Sim Lai Fun to be
Executive Directors and Mr. Paul Risberg as a non-executive director to its
Board of Directors in addition to the two existing Executive Directors, Messrs.
Lee Kam Man and Li Shilong.
Mr. Sun Li who is the largest shareholder of the Company has recently been
elected Chairman of the Board. He has 10 years of experience in marketing in
China and financial investment in the stock markets of Hong Kong and China. Mr.
Sun is also the largest investing shareholder of Shenzhen Dicken Energy Savings
Group. Being the Chairman of the Board, Mr. Sun plays the role of the navigator
of the Company.
Mr. Dennis Yu Won Kong is an Executive Director and the Chief Operation Officer
of the Company. Mr. Yu has over 10 years of experience in management and
international financial investment field, and was an Executive Director of an
Australian, NASDAQ, and Frankfurt-listed company, as well as an Executive
Director of a company listed on the Stock Exchange of Hong Kong.
Ms. Sim Lai Fun is an Executive Director and Secretary of the Company. Ms. Sim
has many years of experience in administrative and company secretarial matters.
She has worked for a company listed on the NASDAQ, the Australian Stock
Exchange, and Frankfurt Stock Exchange, and its subsidiary listed on the Stock
Exchange of Hong Kong as Secretary to Chairman for 5 years.
Mr. Paul Risberg has been appointed Non-Executive Independent Director of the
Company. Mr. Risberg brings more than 10 years of investment banking and
securities market expertise. Since 1995, Mr. Risberg has also conducted
extensive research on alternative energy processes including energy audit,
photovoltaic array design and construction, and wind and hydro energy services.
Mr. Lee Kam Man, has recently resigned as CEO but remains as an Executive
Director of the Company.
Mr. Sun, said, "With these four new directors added to our Board, the company
will further succeed in the energy savings solutions sector. We are led by an
excellent management team."
About China Energy Savings Technology
The company is engaged in the manufacturing and sales of advanced technology
energy-saving products in the PRC. According to the test reports by various PRC
authorities including National Center of Supervision & Inspection on Electric
Light Source Quality (Shanghai) issued in September 2002 and Shenzhen Academy of
Metrology & Quality Inspection issued in December 2002, the energy saving
products of Shenzhen Dicken Group have the energy saving rates ranging from
approximately 25% to 45%. The energy saving projects conducted by Starway Group
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 and small arcades 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.
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
Tel: +1-480-902-3110
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