Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On June 3, 2008, the Board of Directors of China Recycling Energy Corporation
(the "Company") appointed Nicholas Shao as a director of the Board of Directors.
Mr. Shao was elected as a director in accordance with the terms of the
Shareholders Agreement between the Company, Carlyle Asia Growth Partners III,
L.P. ("CAGP"), CAGP III Co-Investment, ("CAGP III"), Hanqiao Zheng and Ping Sun
in connection with a sale and purchase of certain convertible notes under a
Stock and Notes Purchase Agreement entered into on November 16, 2007 and later
amended on April 29, 2008. Under the Shareholders Agreement, CAGP and CAGP III,
collectively, have the right to designate up to two directors on the Company's
Board of Directors. Mr. Shao's term as a director will expire on June 2, 2010.
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