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June 18, 2012 /PRNewswire-Asia-FirstCall/ -- New Energy Systems Group (NYSE Amex: NEWN) ("New Energy" or the "Company"), a vertically-integrated original design manufacturer and distributor of Anytone® and MeePower® branded consumer backup power systems for mobile devices and
Kim Fai solar panels and solar related application products to service municipal power applications, today announced that Chairman and CEO Weihe "Jack" Yu has purchased approximately
$360,000 of the Company's common stock with his personal funds.
"My decision to purchase our stock with my personal funds reflects my confidence in the Company's outlook," stated Mr. Yu, Chairman and CEO of New Energy Systems Group. "While we have faced several challenges recently, I remain steadfast in my commitment to improve our results."
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 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, and the company has begun expanding its international sales efforts. 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 consumer products sold for back-up power needs, New Energy Systems Group also manufactures and sells
Kim Fai solar panels for a wide variety of applications for the municipality markets in
China and for export. Additional information about the company is available at:
www.newenergysystemsgroup.comForward Looking StatementsThis 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.
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