The stock moved on news that Thornhill Capital LLC had completed its Asset and Cash Verification Reports for the Audit Committee of the Company.
Baowen Ren, Chairman and CEO of Sino Clean Energy, commented, "We welcome the internal investigation being conducted by the Audit Committee generally and, specifically, the completion of Thornhill's verifications. These positive reports should adequately address any reasonable concerns raised about the Company's credibility and profitability in the pertinent areas and help put the short sellers' claims in proper perspective. We look forward to providing other updates at the Company's next earnings call."
Sino Clean Energy is the third largest producer of coal-water slurry fuel ("CWSF") by sales in China, according to data provided in Frost & Sullivan's 2010 Chinese CWSF market report. A leader in developing CWSF as a cleaner alternative to burning coal aggregate in heating, industrial and power generation for residential and industrial applications, the Company has seven production lines located in Shaanxi, Liaoning, and Guangdong provinces. For more information about Sino Clean Energy, please visit http://www.sinocei.netAbout Investorideas.com - a leader in cleantech investor research
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