SHENZHEN, China, Dec. 5, 2011 /PRNewswire-Asia-FirstCall/ -- New
Energy Systems Group (NYSE Amex: NEWN) ("New Energy" or the
"Company"), an original design manufacturer and distributor of
consumer branded backup power systems and solar panels, today
announced the results of its 2011 Annual General Meeting held in
Shenzhen, China on November 28, 2011.
Shareholders approved the following proposals:
- Election of Weihe Yu,
Li Liu, Elan Yaish, and Shuxian Cui to the Company's Board of Directors
effective immediately.
- Approval of its 2011 Equity Incentive Compensation Plan
("Plan") and reservation of 2,000,000 shares of the Company's
common stock under the Plan.
- Ratification of Goldman Kurland Mohidin, LLP as the Company's
independent auditor for the fiscal year ending December 31, 2011.
"I would be remiss in not acknowledging the dissent of our
shareholders, including major shareholders of our stock incentive
plan considering our performance in 2011," began Weihe "Jack" Yu.
"It is, nor was, our intention to reward any member of the sales
and marketing team or management team shares not directly tied to
the performance goals of the Company. As we work through our budget
for 2012 and execute an aggressive sales strategy for the year,
retaining our design, sales and marketing teams for Anytone® and
KimFai solar are critical for our success and thus incentivizing
our employees with stock compensation, we feel, is aligned with the
goals of our organization and shareholders alike. Our Board of
Directors and management team will formalize the targets and
associated share-based compensation for approval by our Board and
Compensation Committee before any shares are issued," concluded
Chairman and CEO Jack Yu.
About New Energy Systems Group
New Energy Systems Group is a vertically integrated original
design manufacturer and distributor of lithium ion batteries and
backup power systems for leading manufacturers of mobile phones,
laptops, digital cameras, MP3s and a variety of other portable
electronics. The Company's end-user consumer products are sold
under the Anytone® brand in China
while it's commercial and OEM batteries and battery components are
sold under New Power and E'Jenie. The fast pace of new mobile
device introductions in China
combined with a growing middle class make it fertile ground for New
Energy's end-user consumer products, as well as its high powered,
light weight lithium ion batteries. In addition to historically
strong organic growth, New Energy is expected to benefit from
economies of scale, broader distribution and higher profit margins
in 2011. Additional information about the company is available at:
www.newenergysystemsgroup.com.
Forward Looking Statements
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies. These forward looking statements are often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website (www.sec.gov). All
forward-looking statements attributable to the Company or to
persons acting on its behalf are expressly qualified in their
entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
For more information, please contact:
COMPANY
New Energy Systems Group
Ken Lin, VP of Investor
Relations
Tel: +1-917-573-0302
Email: ken@newenergysystemsgroup.com
www.newenergysystemsgroup.com
INVESTOR RELATIONS
MZ
John Mattio, SVP
Tel: US +1-212-301-7130
Email: john.mattio@hcinternational.net
www.mz-ir.com
SOURCE New Energy Systems Group