China New Energy Appoints New Chief Financial Officer

TIANJIN, China, Oct. 13 /PRNewswire-Asia-FirstCall/ -- China New Energy Group Company (OTC Bulletin Board: CNER) ("China New Energy" or the "Company"), a leading energy project developer specializing in the discovery, development, and distribution of natural gas in China, announced the appointment of Mr. Eric Yu as Chief Financial Officer, effective on September 28, 2009. Mr. Yu replaces Mr. Peng Mun Foo, who left the Company for personal reasons.

"We are extremely pleased to add an individual of Eric's caliber to our management team," said Mr. Yangkan Chong, the Company's Chief Executive Officer. "Eric brings great depth and experience to China New Energy. He most recently served as the CFO of an OTC Bulletin Board U.S.-listed Chinese company and has worked as a CFO or Financial Controller for almost ten years of which almost four were in the gas business. I look forward to working closely with Eric as we continue to grow our business and execute on our expansion strategy."

Mr. Yu, age 41, is a Certified Public Accountant and has 16 years of experience in corporate accounting and finance. He joins China New Energy from Benda Pharmaceutical, Inc., where he served as the CFO since February 2007. Previously, Mr. Yu served in Financial Controller positions at Beijing Teletron Telecom Engineering Co. Ltd. and PayEase Inc., and for the portfolio companies of AsiaVest Investment Advisory Ltd. He began his career with Deloitte, a leading public accounting firm. Mr. Yu received his Bachelor of Commerce degree in Accountancy and Legal Studies from the University of Wollongong in New South Wales, Australia.

About China New Energy Group Company

China New Energy Group Company ("China New Energy" or the "Company") is engaged in the development of natural gas distribution networks, the distribution of natural gas to residential and industrial customers in small and mid-sized cities in China, and the exploration and recovery of natural gas reserves. Currently, the Company, through subsidiaries in China, operates distribution networks to provide natural gas in the cities of north China. The Company continues to explore more prospective energy resources to meet the rapidly increasing demand in China. For more information, please visit http://www.cnegc.com .

Safe Harbor Statement

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company's ability to access natural gas for distribution, and ability to identify and develop operational locations under favorable terms, changes in natural gas pricing mechanism imposed by the Chinese government, changes in the regulatory environment and future national or regional economic and competitive conditions, and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For more information, please contact:

    CCG Investor Relations
     Mr. Crocker Coulson, President
     Phone: +1-646-213-1915 (New York)
     Email: crocker.coulson@ccgir.com
     Webs:  http://www.ccgirasia.com

SOURCE China New Energy Group Company