NANJING, China, May 16 /Xinhua-PRNewswire/ -- China Sunergy Co., Ltd.
(Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing,
China, announced today the appointment of three new independent directors.
Steve Morgan, 57, Wang Wenze, 66, and Jian Li, 55, have been appointed
as independent directors for China Sunergy's Board of Directors. Each
brings with them approximately 25 years of experience and unique strengths
in advisory roles.
Mr. Morgan graduated from Fordham College, New York, with a BA in
Political Science and received his Juris Doctorate from Northwestern
University School of Law. He currently acts as Senior Partner and Foreign
Legal Advisor for Zhonglun W&D Law Firm in Beijing. Prior to coming to
China, Mr, Morgan was a Senior Executive Vice President of Hyundai Motor
Company in Seoul responsible for international business development and has
served as a special advisor for companies such as The Carlyle Group,
Mitsubishi Corporation and Finmeccanica SpA.
Mr. Wang started his career at the Electric Power Bureau in Shandong
province before moving on to hold senior management roles at the China
Energy Investment Company and the China Development and Investment Company.
Mr. Wang was the Commissioner of the Finance and Economics Committee of the
National People's Congress (NPC) and only recently resigned from this role
in March 2008.
Ms. Li holds a Doctorate degree in Economics from Xi'an Communication
University and has worked in education for approximately 25 years, holding
senior teaching positions at the Central University of Finance and
Economics. Ms. Li has been involved in the publishing of a number of
academic papers both in China and overseas during the past ten years,
mainly writing on finance and the capital markets. She has received
distinguished awards honoring her excellent service in the education
sector.
Mr. Tingxiu Lu, Chairman of China Sunergy, commented on the new
appointments: "I am honored to have individuals of such high esteem join
our board of directors and I look forward to working closely with them. We
are a company which has seen tremendous growth over the past year and along
with this rapid growth is the need for strong internal governance. Ms. Li,
Mr. Morgan and Mr. Wang are all experienced advisors and I know they will
use their expertise and experience to effectively represent our
shareholders."
All three independent directors assumed their roles on May 13th, 2008.
Mr. Alan Smith, currently an independent director for China Sunergy,
will be stepping down from his role on June 30th, 2008.
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a leading
manufacturer of solar cell products in China as measured by production
capacity. China Sunergy manufactures solar cells from silicon wafers
utilizing crystalline silicon solar cell technology to convert sunlight
directly into electricity through a process known as the photovoltaic
effect. China Sunergy sells solar cell products to Chinese and overseas
module manufacturers and system integrators, who assemble solar cells into
solar modules and solar power systems for use in various markets. For more
information please visit http://www.chinasunergy.com .
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. All statements other than statements of historical fact
in this announcement are forward-looking statements, including but not
limited to, the company's ability to raise additional capital to finance
the company's activities; the effectiveness, profitability, and the
marketability of its products; the future trading of the common stock of
the company; the ability of the company to operate as a public company; the
period of time for which its current liquidity will enable the company to
fund its operations; the company's ability to protect its proprietary
information; general economic and business conditions; the volatility of
the company's operating results and financial condition; the company's
ability to attract or retain qualified senior management personnel and
research and development staff; future shortage or availability of the
supply of raw materials and other risks detailed in the company's filings
with the Securities and Exchange Commission. These forward-looking
statements involve known and unknown risks and uncertainties and are based
on current expectations, assumptions, estimates and projections about the
companies and the industry. The company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events or
circumstances, or to changes in its expectations, except as may be required
by law. Although the company believes that the expectations expressed in
these forward looking statements are reasonable, they cannot assure you
that their expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the anticipated
results.
For further information contact:
Financial Dynamics
Julian Wilson
Tel: +86-10-8591-1951
Email: julian.wilson@fd.com
Peter Schmidt
Tel: +1-212-850-5654
Email: peter.schmidt@fd.com
SOURCE China Sunergy Co., Ltd.
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Related links:
http://www.chinasunergy.com
CONTACT:
Julian Wilson, +86-10-8591-1951,
julian.wilson@fd.com, or Peter Schmidt, +1-212-850-5654, or
peter.schmidt@fd.com, both of Financial Dynamics for CSUN
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