Andatee China Marine Announces Executive Management Changes
DALIAN, China, Jan. 7, 2014 (GLOBE NEWSWIRE) -- Andatee China Marine Fuel
Services Corporation (Nasdaq:AMCF), a leading independent operator engaged in
the production, storage, distribution, trading of blended marine fuel oil for
cargo and fishing vessels in China, today announced the following changes to
the Company's executive management team, which took effect as of December 27,
*An Fengbin, the Company's Chief Executive Officer, determined to step down
as the Company's CEO. Mr. An will continue his service as the Chairman of
the Company's Board of Directors.
*Wang Hao was promoted and appointed as the Company's CEO. Prior to this
appointment, he served as the Company's Chief Financial Officer.
*Quan Zhang was appointed as the Company's Interim CFO following Wang Hao's
departure as the Company's CFO to lead the Company's as its new CEO. Prior
to this appointment, Mr. Zhang served in the capacity of the Company's
deputy CFO since January 2013.
"On behalf of the Board and management of the Company, I would like to thank
Mr. An for his tireless efforts as the founder and CEO of the Company and all
of his contributions during his tenure with Andatee, including, among many
others, growing our customer base and revenue and increasing the stability of
the platform," commented Mr. Wang Hao. "Mr. Wang has substantial experience
and expertise in the areas of business management and operations. During his
tenure as the Company's CFO he evidenced leadership, expertise and
resourcefulness that were exemplary. I am very confident in his leadership and
management abilities to achieve the Company's strategic objectives, under the
guidance and with the assistance of our Board," commented Mr. An. "I will
continue my duties as the Company's Chairman and intend to develop my time to
formulate and articulate the Company's corporate development and strategic
objectives to maximize the shareholder value going forward," he concluded.
Andatee China Marine Fuel Services Corporation is a leading independent
operator engaged in the production, storage, distribution, wholesale purchase
and sale of blended marine fuel oil for cargo and fishing vessels in northern
China. Andatee provides customers with value-added benefits, including
single-supplier convenience, competitive pricing, logistical support and fuel
quality control. Its products are substitutes for diesel used throughout east
China fishing industry. Backed by core facilities, such as storage tanks,
marine fuel pumps, blending facilities and berths (the space allotted to a
vessel at the wharf) and small- to medium-sized cargo vessels, its sales
network covers major depots along the towns of the east coast of China.
Safe Harbor Relating to the Forward Looking Statements
Statements contained in this press release not relating to historical facts
are forward-looking statements that are intended to fall within the safe
harbor rule under the Private Securities Litigation Reform Act of 1995. All
forward-looking statements included herein are based upon information
available to the Company as of the date hereof and, except as is expressly
required by the federal securities laws, the Company undertakes no obligation
to update or revise any forward-looking statements, whether as a result of new
information, changed circumstances or future events or for any other reason.
As a result, investors should not place undue reliance on these forward-
looking statements. To the extent that any statements made here are not
historical, these statements are essentially forward-looking. Forward-looking
statements can be identified by the use of words such as "expects," "plans,"
"will," "may," "anticipates," "believes," "should," "intends," "estimates" and
other words of similar meaning. The Company may also make written or oral
forward-looking statements in its periodic reports filed with the U.S.
Securities and Exchange Commission and other written materials and in oral
statements made by its officers, directors or employees to third parties.
These statements are subject to risks and uncertainties that cannot be
predicted or quantified and, consequently, actual results may differ
materially from those expressed or implied by these forward-looking
statements. Such risk factors include, without limitation, our ability to
properly execute our business model, to address price and demand volatility,
to counter weather and seasonal fluctuations, to attract and retain management
and operational personnel, potential volatility in future earnings,
fluctuations in the Company's operating results, our ability to expand
geographically into new markets and successfully integrate future
acquisitions, our ability to integrate and capitalize on the acquisitions in
various markets, PRC governmental decisions and regulation, and existing and
future competition that the Company is facing. These forward-looking
statements are subject to known and unknown risks and uncertainties that could
cause actual events to differ from the forward-looking statements. More
information about some of these risks and uncertainties may be found in the
Company's filings with the Securities and Exchange Commission under the
caption "Risk Factors" in such filings.
CONTACT: For more information, please contact:
Mr. Hao Wang
Chief Executive Officer
Andatee China Marine Fuel Services Corporation
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