• image description
  • image description
  • image description
  • image description
  • image description
  • image description
  • image description
  • image description

Company News

China Integrated Energy Completes SOX 404 Compliance Program

Download PDF

XI'AN, China, Jan. 10, 2011 /PRNewswire-Asia-FirstCall/ -- China Integrated Energy, Inc. (Nasdaq: CBEH) (the "Company"), a leading non-state-owned integrated energy company in the People's Republic of China ("PRC"), today announced that the Company has completed the implementation of its internal controls over financial reporting for fiscal year 2010 with the requirements of Article 404 of the Sarbanes-Oxley Act ("SOX 404").  

As previously announced, on August 5, 2009, the Company engaged KPMG to review its internal controls and to provide the corresponding recommendations for gaps/issues noted for fiscal year 2010. The Company has completed the implementation of SOX 404 based on KPMG's recommendations.

Mr. Albert Pu, CFO of China Integrated Energy said, "We are committed to sound corporate governance, and our SOX 404 compliance program is an important element in strengthening our internal controls. For our upcoming fourth quarter and full year 2010 financial results, we look forward to working with KPMG as our new auditor, as well as our other financial and legal advisors, as we continuously strive to maintain our financial integrity."

Mr. Gao Xincheng, CEO of China Integrated Energy said, "The completion of the Sarbanes Oxley Section 404 implementation is a major achievement for our company. As a healthy and growing public company, we will continue to invest in new employees and systems to make sure we have the best internal and financial reporting infrastructure."

Under Section 404 of the Sarbanes-Oxley Act, U.S.-listed companies are required to file in their Annual Report on Form 10-K, a report that includes management's assessment of internal controls over financial reporting as of the end of the company's most recent fiscal year, which includes a statement as to whether or not such controls are effective. China Integrated Energy's Annual Report for the fiscal year ended December 31, 2010, must also include an attestation report from KPMG, the Company's new auditor, on its internal control over financial reporting.

About China Integrated Energy, Inc.

China Integrated Energy, Inc. is a leading non-state-owned integrated energy company in China engaged in three business segments: the production and sale of biodiesel, the wholesale distribution of finished oil and heavy oil products, and the operation of thirteen retail gas stations. The Company operates a 100,000-ton biodiesel production plant located in Tongchuan City, Shaanxi Province and a 50,000-ton plant in Chongqing City, China. The Company expects to increase the total biodiesel production capacity to 200,000 tons upon completion of a new 50,000-ton production facility adjacent to the 100,000-ton plant in Tongchuan City in January 2011. The Company utilizes a distribution network covering 16 provinces and municipalities, established over the past 11 years, to distribute both heavy oil and finished oil including gasoline, petro-diesel and biodiesel. For additional information on the Company please visit http://www.chinaintegratedenergy.com.

An online investor kit including a company presentation, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.chinaintegratedenergy.com. To subscribe to future releases via e-mail alert, visit http://www.chinaintegratedenergy.com/alerts.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

China Integrated Energy, Inc.

Susan Zhou

Vice President, Investor Relations

Tel:   +1-305-393-5536

Email: susan.zhou@cbeh.net.cn

Web:   http://www.chinaintegratedenergy.com

HC International, Inc.

Ted Haberfield, Executive VP

Tel:   +1-760-755-2716

Email: thaberfield@hcinternational.net

Web:   http://www.hcinternational.net

SOURCE China Integrated Energy, Inc.