|By Marketwired .||
|July 11, 2014 07:53 AM EDT||
FUQING CITY, CHINA -- (Marketwired) -- 07/11/14 -- Guanwei Recycling Corp. (the "Company" of "Guanwei") (NASDAQ: GPRC), China's leading clean tech manufacturer of recycled low density polyethylene (LDPE), today announced that Mr. Howard S. Barth, CPA CA, has stepped down from the Guanwei Board of Directors (the "board").
Mr. Barth, who served on the Company's board since 2009, was chairman of the audit committee and one of four independent Guanwei Recycling directors on a board composed of a total of seven directors. He said his departure was for personal reasons and not in connection with any known material disagreement with the board or the Company.
Mr. Chen Min, Guanwei's Chairman and CEO, said the Company has begun a search for a new board member to head the audit committee. He added, "On behalf of the board, I want to thank Mr. Barth for his many years of service to the Company and wish him well going forward."
Description of Guanwei Recycling Corp.
Adhering to the highest "green" standards, Guanwei Recycling Corp. (the "Company") has generated rapid growth producing recycled low density polyethylene (LDPE) from plastic waste procured mostly in Europe. The Company sells the recycled LDPE to more than 300 customers (including over 150 active recurring customers) in more than ten different industries in China. The Company is licensed by Chinese authorities and also has been issued a Compliance Certificate by TÜV Rheinland, which issues certificates of approval for certain plastics manufacturers that meet Germany's strict environmental standards. This enables the Company to procure high quality plastic waste directly from Germany and other European countries with no middlemen, and permits highly economic production of the highest grades of LDPE. Additional information regarding Guanwei Recycling Corp. is available at www.guanweirecycling.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.