XI'AN, China, May 3, 2013 /PRNewswire/ -- China Integrated Energy, Inc. (OTC Pink: CBEH, "China Integrated Energy" or the "Company"), a leading non-state-owned integrated energy company in the People's Republic of China, today announced that the Company has engaged RBSM LLP as its independent auditor. China Integrated Energy, Inc. was informed by its independent registered public accounting firm, Sherb & Co., LLP, ("Sherb"), that it has combined certain of its practice with RBSM LLP effective January 1, 2013. As a result, Sherb effectively resigned as the Company's independent registered public accounting firm and RBSM LLP became the Company's independent registered public accounting firm. The engagement of RBSM LLP as the Company's independent registered public accounting firm was approved by the Audit Committee of the Company on March 4, 2013. Ms. Gaihong Li (Lisa), Chief Financial Officer of China Integrated Energy, said, "The change of the auditor is solely a result of the merger. Given the continuity of service, we believe and expect that the merger will have no negative effect on the auditing work for us, and we look forward to working with RBSM LLP." 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 nine retail gas stations. The Company operates biodiesel production capacity within two plants located in Tongchuan, Shaanxi province, and one plant in Chongqing, China. 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, news releases, 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 news 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. 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, filings on the OTC Disclosure & News Service, in news 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, the 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 by law.
Shares of China Integrated Energy (Nasdaq:CBEH) have taken a tremendous swing upward. The stock is trading at $1.05 as of 10:44 a.m. ET, 20.7% above Tuesday's closing price of 87 cents. Volume is at 200,796, 0.2 times the daily average of one million.
Shares of China Integrated Energy (Nasdaq:CBEH) have taken a tremendous swing upward. The stock is trading at 83 cents as of 12:46 p.m. ET, 20.3% above Friday's closing price of 69 cents. Volume is at 237,024, 0.2 times the daily average of one million.
Shares of China Integrated Energy (Nasdaq:CBEH) were gapping down Tuesday morning with an open price 10.7% lower than Monday's closing price. The stock closed at 75 cents yesterday and opened today's trading at 67 cents.