NEW YORK, Nov. 28, 2011
/PRNewswire/ -- Gushan Environmental Energy Limited ("Gushan" or
the "Company"; NYSE: GU), a leading producer of biodiesel and
manufacturer of recycled copper products in China, today announced the results of its
Annual General Meeting (AGM) held on November 25, 2011.
At this year's AGM, shareholders approved all of the resolutions
proposed in the AGM notice, including the adoption of the 2010
annual report, the audited financial statements for the year ended
December 31, 2010, and re-elections
of directors Mr. Deyu Chen and Mr.
Dongming Zhang. The total number of
members of the board of directors remains five. KPMG was
reappointed as the Independent Auditor for the fiscal year
2011.
"We are pleased that shareholders approved all of management's
proposed resolutions at this year's Annual General Meeting," stated
Jianqiu Yu, Chairman and Principal
Executive Officer. "We would like to thank all our shareholders and
our board of directors for their continued support of Gushan."
About Gushan Environmental Energy Limited
Gushan is a leader in the China
biodiesel industry, in terms of annual production capacity, and one
of the leading biodiesel producers in Asia, in terms of nominal capacity. Gushan
produces biodiesel, a renewable, clean-burning and biodegradable
fuel and a raw material used to produce chemical products,
primarily from used cooking oil, and by-products from biodiesel
production, including glycerine and plant asphalt. Gushan sells
biodiesel directly to users, such as marine vessel operators and
chemical factories, as well as to petroleum wholesalers and
individual retail gas stations. The Company has seven production
facilities, located in the Sichuan, Hebei, Fujian
and Hunan provinces and in
Beijing, Shanghai and Chongqing, with a combined annual production
capacity of 490,000 tons. Gushan's Sichuan production facility is currently in
operation. Gushan also operates a recycled copper business through
Engen Investments Limited ("Engen"), a 75%-owned subsidiary, that
manufactures copper rods, copper wires and copper granules from
recycled copper. Currently, Engen has two plants, with a daily
production capacity of approximately 210 tons of recycled copper
products.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by words such as "will," "may," "expect,"
"anticipate," "aim," "target," "intend," "plan," "believe,"
"estimate," "potential," "continue," and other similar statements.
Statements other than statements of historical facts in this press
release are forward-looking statements, including but not limited
to, the Company's expectations regarding the expansion of its
production capacities, its future business development, and its
beliefs regarding its production output. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations, assumptions, estimates and
projections about the Company and the industry. Important risks and
uncertainties that could cause the Company's actual results to be
materially different from expectations include but are not limited
to the effect of any applicable government policy, law or
regulation, of natural disasters, and of intensifying competition
in the biodiesel and alternative energy industries, the
availability of suitable raw materials to the Company, and the
risks set forth in the Company's filings with the U.S. Securities
and Exchange Commission, including on Form 20-F. The Company
undertakes no obligation to update forward-looking statements,
except as may be required by law. Although the Company believes
that the expectations expressed in these forward-looking statements
are reasonable, it cannot assure you that its expectations will
turn out to be correct, and investors are cautioned that actual
results may differ materially from the anticipated results.
US
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Asia
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Elizabeth Cheek
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Rico Ngai
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Hill & Knowlton (New
York)
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Hill & Knowlton (Hong
Kong)
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Tel: (1) 212 885 0682
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Tel: (852) 2894 6204
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Email:
elizabeth.cheek@hillandknowlton.com
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Email:
rico.ngai@hillandknowlton.com.hk
|
SOURCE Gushan Environmental Energy Limited