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China Clean Energy : Announces Final Settlement of Lawsuit

01/09/2018 | 10:08am EST
Chicago, Illinois--(Newsfile Corp. - January 9, 2018) - China Clean Energy Inc. (OTC Pink: CCGY) ("China Clean Energy", the "Company" or "CCGY"), today announced that the Company and its wholly-owned operating subsidiaries, Fujian Zhongde Science & Technologies Co., Ltd. ("FZT") and Fujian Zhongde Energy Co., Ltd. ("FZE") have mutually agreed to settle all claims and counterclaims brought in the lawsuit in Intermediate People's Courtof Fuzhou City, Fujian Province, China.

The suit was initially filed by CCGY on June 24th, 2015 in order to regain control of its two domestic operating subsidiaries, FZT and FZE. The parties reached an amicable resolution and a Settlement Agreement was signed that settles all claims between the two parties.

Under the Settlement Agreement, ownership of the two Chinese subsidiaries were transferred in exchange for consideration negotiated between the parties and approved by the court. Proceeds of the sale, net of receivership expenses, will be distributed to CCGY shareholders of record as of January 1, 2018.

For More Information:

Stephen Markscheid
Court Appointed Receiver of China Clean Energy, Inc.
[e-mail]