FUQING CITY, China,
May 16, 2011
/PRNewswire-Asia-FirstCall/ -- China Clean Energy Inc. (OTC QB:
CCGY) ("China Clean Energy" or the "Company"), a producer of
biodiesel fuel and environmentally-friendly specialty-chemical
products made from renewable resources, announced that its Board of
Directors has authorized the repurchase of up to $1 million of its outstanding common shares
between now and May 16, 2012, subject
to market and other conditions. Under this plan, the Company
can repurchase shares from time to time for cash in open market
purchases in accordance with applicable federal securities
laws.
"We have strong confidence in the long-term growth prospects of
our company and believe that current market conditions and our
strong financial position makes this repurchase program an
attractive use of available funds at this time," said Mr. Tai-ming
Ou, China Clean Energy's Chairman and CEO.
The timing and the number of shares repurchased will depend upon
a variety of factors, such as the price, corporate and regulatory
requirements, alternative investment opportunities and other market
and economic conditions. China Clean Energy will fund the
purchases from its available cash balances. This share
repurchase program may be modified, suspended, terminated or
extended by the Company at any time without notice.
About China Clean Energy
China Clean Energy, through its wholly-owned subsidiaries,
Fujian Zhongde Technology Co., Ltd. and Fujian Zhongde Energy Co.,
Ltd, is engaged in the development, manufacturing, and distribution
of biodiesel and specialty chemical products made from renewable
resources. For additional information please visit:
http://www.chinacleanenergyinc.com
Safe Harbor Statement
This announcement contains forward-looking statements. All
statements other than statements of historical fact in this
announcement are forward-looking statements, including but not
limited to, the effectiveness, profitability, and the marketability
of the Company's products; the future trading of the common stock
of the Company; the ability of the Company to capitalize on its
expanded production capacity; 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; 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 Company 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, it cannot assure you that the Company's expectations
will turn out to be correct, and investors are cautioned that
actual results may differ materially from the anticipated
results.
Contact:
China Clean Energy Inc.
William Chen, CFO
Email: william.chen@chinacleanenergyinc.com
Website: http://www.chinacleanenergyinc.com
CCG Investor Relations Inc.
David Rudnick, Account Manager
Telephone: +1(646) 626-4172
Email: david.rudnick@ccgir.com
SOURCE China Clean Energy Inc.
