New Energy Systems Group To Be CFO Will Not Join Company

New Energy Systems Group NEWN, announced that Mr. Paul Li, who was scheduled to become the new Chief Financial Officer on August 16th, will not join the Company due to personal reasons. Mr. Junfeng Chen, who was slated to step down from the Chief Financial Officer position on the same day Mr. Li started, will continue to serve as the Company's interim CFO until a permanent CFO is secured. Separately, the Company's Chief Executive Officer, Mr. Nian Chen, announced his resignation effective August 19, 2011 due to poor performance by the Company. The Board of Directors has accepted Mr. Chen resignation and appointed Mr. Weihe Yu, New Energy's Chairman, to the CEO position. The Board will evaluate Mr. Yu's performance at the end of 2011 and determine whether any changes are warranted.