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"Green" Technology Company SmartHeat
Inc. Appoints Seasoned Wall Street Executives and Industry
Professionals as Directors
June 25, 2008
SmartHeat Inc. (Website: www.smartheatinc.com) (OTCBB: SMHT), a
market leader in China's "green" technology heat energy saving
industry, announced that Mr. Arnold Staloff, current board member of
Lehman Brothers Derivative Products, AgFeed Industries, Inc.
(NASDAQ: FEED) and Shiner International Inc. (NASDAQ: BEST), and Mr.
Fredric Rittereiser, former President of Wall Street firm Troster,
Singer & Co and the former President of various electronic
securities trading companies including Instinet Corporation, and a
board member of AgFeed Industries, have joined SmartHeat as members
of its board of directors.
SmartHeat also welcomes Weiguo Wang, Ph.D., currently the Assistant
Secretary General of the China Standardization Committee on Boilers
and Pressure Vessels, and Mr. Wenbin Lin, a founder of the Company,
to its Board of Directors. Messrs. Staloff, Rittereiser and Dr. Wang
will serve as members of SmartHeat's Audit Committee, Compensation
Committee and Corporate Governance and Nominating Committee.
SmartHeat intends to file a listing application to list its common
stock on the NASDAQ Stock Market.
James Jun Wang, SmartHeat's Chief Executive Officer, commented:
"SmartHeat is a highly profitable and high growth market leader in
China's 'green' technology heat energy saving industry. Our products
significantly improve heat emission efficiency and benefit the
environment as inefficient coal burning emissions is a major
contributor to air pollution in Chinese cities. Our new board
represents in-depth knowledge and broad contacts in our industry and
the US capital markets, as well as a high level of understanding of
global finance that will be instrumental for our continued growth.
We look forward to working with them to enhance the value for
SmartHeat shareholders."
About Mr. Arnold Staloff
Arnold Staloff began his career with the U.S. Securities and
Exchange Commission, Trading and Markets Division in 1968. He is
currently a member of the Board of Directors for Lehman Brothers
Derivative Products Inc. and Exchange Lab Inc. He was the former
President of the Philadelphia Board of Trade in 1985. He served as
an officer of the Philadelphia Stock Exchange from 1971 to 1989. Mr.
Staloff also served as a member of the Board of Governors, Executive
Committee and Chairman of the Foreign Currency Options Committee of
the Philadelphia Stock Exchange and served on its Finance,
Marketing, Steering and New Products Committees. He has been
featured as the inventor of currency options in The Vandals' Crown
(Millman, Free Press, 1995). He was the former Chairman of SFB
Market Systems, Inc., a firm that manages all options symbols within
the United States. Prior to that, he served as President and CEO of
Bloom Staloff Corporation, an equity and options market making firm
and foreign currency options floor broker. He also served as
President and CEO of The Commodity Exchange, a leading futures
exchange. In addition, he has served as a board member of several
other organizations including the Options Clearing Corporation, the
Composite Tape Association, the Options Price Reporting Authority,
the National Futures Association, the Swiss Commodities, Futures,
and Options Association, and the Variety Club for Handicapped
Children. Mr. Staloff also currently serves as an independent board
member and Chairman of Audit Committees for NASDAQ listed Shiner
International, Inc. and AgFeed Industries, Inc.
About Mr. Fredric Rittereiser
Frederic Rittereiser has over 40 years of capital markets experience
as senior executives at numerous Wall Street firms. He is currently
an independent consultant advising global companies with market
entry and strategic development issues specializing in China-related
projects. He is the former President of Instinet Corporation, the
world's leading electronic securities trading firm. After seven
years of service at the NYPD Intelligence Division as a detective,
he started his Wall Street career in 1964 as an institutional
equities trader with Merrill Lynch & Co. Subsequently, he became one
of the leading block traders on Wall Street. In 1973, Mr.
Rittereiser became President of Wall Street trading firm Troster,
Singer & Co. Under his guidance, the company was transformed into a
leading institutional block trading house on the NASDAQ.
Concurrently, since 1973 until 1980, he served as the NASD
representative on the National Market System Committee responsible
for negotiating rates, developing market linkages in the US,
promoting price competition and endorsing NASDAQ as the electronic
market for growth companies and new issues. In 1983, he joined
Instinet Corporation as President and COO. Under his leadership, the
company evolved into a highly efficient continuous electronic
trading system that allowed institutions and dealers to negotiate
securities trades anonymously. Mr. Rittereiser successfully
negotiated the sale of Instinet to the Reuters Group in 1987.
Between 1983 and 2002, Mr. Rittereiser was CEO and COO of three
electronic trading companies -- Instinet, Sherwood Group and Ashton
Technology Group. Between 1991 and 1993, he became a special
consultant to Booz Allen and Hamilton, a global strategy and
technology consulting group. He also served as a board member of the
International Heritage Mutual Fund. Mr. Rittereiser is the founder
of Ashton Technology Group and Gomez Advisors, Inc. He currently
serves as an independent board member for NASDAQ listed AgFeed
Industries, Inc.
About Weiguo Wang, Ph.D.
Dr. Weiguo Wang currently serves as Assistant Secretary General of
the China Standardization Committee on Boilers and Pressure Vessels.
Additionally, Dr. Wang serves as a Director of the China Special
Equipment Inspection and Research Agency and Deputy General Manager
of Boilers Standard (Beijing) Technology Services Center Co., Ltd.
since March 2004. Previously, Dr. Wang was a teacher at Tianjin
University, China. Dr. Wang holds a Bachelor's degree in Mechanics,
a Master's degree in Fluid Mechanics and a Ph.D. in Fluid Mechanics,
all from Beijing University.
About Mr. Wenbin Lin
Wenbin Lin is one of the original founders of SmartHeat Inc. in
2002. Mr. Lin served as Chairman of Shenyang Thermoelectric Corp.
and throughout his career has held a variety of positions within the
government of Shenyang City in the People's Republic of China,
including Director of the Economic Development & Reform Commission,
Director of Shenyang City's Economics & Trade Commission and Deputy
Director for the Economic Planning Commission. Mr. Lin holds a
Bachelor's degree in Press Machinery from China's Anshan Steel
Technical College.
About SmartHeat Inc.
SmartHeat Inc. is a US company with its primary operations in China.
SmartHeat is a market leader in China's "green" technology heat
energy saving industry. SmartHeat manufactures plate heat exchangers
and compact plate heat exchanger units -- the technology that helps
to capture and recycle waste heat thus reduces fossil fuel related
costs and pollution. SmartHeat's products and technology have broad
residential and industrial applications. China's heat transfer
market is currently estimated at approximately $2.4 billion with
double digit annual growth according to China Heating Association.
Additional information about SmartHeat is available at its corporate
website: www.smartheatinc.com
Safe Harbor Statement
All statements in this press release that are not historical are
forward-looking statements made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
There can be no assurance that actual results will not differ from
the company's expectations. SmartHeat's actual results may differ
from its projections. Further, preliminary results are subject to
normal year-end adjustments. You are cautioned not to place undue
reliance on any forward-looking statements in this press release as
they reflect SmartHeat's current expectations with respect to future
events and are subject to risks and uncertainties that may cause
actual results to differ materially from those contemplated.
Potential risks and uncertainties include, but are not limited to,
the risks described in SmartHeat's filings with the Securities and
Exchange Commission.
Contact Information:
James Wang
CEO
SmartHeat Inc.
Tel: 011-86-13701368262
Email: Email Contact
www.smartheatinc.com
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