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.
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SOURCE Gushan Environmental Energy Limited