China Growth Stocks

[tbirdman]

Sino Clean Energy, Inc. Announces Appointment of Independent Director 04/21 02:10 PM

On April 15, 2011, the board of directors (the “Board”) of Sino Clean Energy, Inc. (the “Company”) received notification from Mr. Albert Ching-Hwa Pu that effective immediately, he resigned as a member of the Board of the Company. At the time of his resignation, Mr. Pu also served as Chairman of the Audit Committee and a member of the Compensation Committee and Nominating and Corporate Governance Committee. Mr. Pu resigned for personal reasons and there were no disagreements between him and the Company on any matter relating to the Company’s operations, policies or practices, which resulted in his resignation. A copy of his resignation letter, dated April 15, 2011, is included with this 8-K as Exhibit 99.1.

On April 15, 2011, the Board appointed Mr. Brock Silvers as a director and a member of the Audit Committee. The Board determined that Mr. Silvers is an “independent director” as that term is defined in accordance with Rule 5605(a)(2) of the Marketplace Rules of The NASDAQ Stock Market, LLC and Section 10A(m)(3) of the Securities Exchange Act of 1934, as amended.

Mr. Silvers, aged 46, has more than two decades of senior investment and operating experience in China and Asia, with a specific emphasis on the energy industry. He currently serves as Managing Director of Kaiyuan Capital, a China-focused PE fund, and is a board director with China Energy Corporation (OTC:CHGY), a leading Chinese coal mining company. Mr. Silvers previously served as CEO of Laris Group, a China-based hospitality portfolio, and as CEO of Envirofit International, an environmental technology firm operating in the Asia Pacific region. Mr. Silvers was also a co-founding Partner of Power Pacific Company, a private equity firm focused exclusively on Chinese energy industry investments, and served as Director of International Development for Eagle In dustries, a multi-billion dollar industrial holding company controlled by renowned U.S. investor Sam Zell. He received his MBA in Finance from the Wharton School of University of Pennsylvania, his M.A. in International Studies (Chinese Language & Culture) from the Lauder Institute of University of Pennsylvania, and his B.A. in Chinese Studies from Columbia University. Mr. Silvers is fluent in Chinese.

On April 15, 2011, the Company and Mr. Silvers executed a director offer letter (the “Offer Letter”) in connection with Mr. Silvers’ appointment, pursuant to which Mr. Silvers will be entitled to receive an annual compensation of $24,000 for his services rendered. In addition, the Company granted Mr. Silvers an option to purchase up to 10,000 shares of the Company’s common stock at an exercise price equal to the closing price of the Company’s common stock on the date of the Offer Letter for a period of six years. The option will be exercisable one year after the date of the Offer Letter. The Company will reimburse Mr. Silvers for reasonable expenses incurred in connection with his performance of duties as a director of the Company, including travel expenses. The Company also agrees to include Mr. Silvers as an insured under its directors and officers insurance policy and indemnify Mr. Silvers for any expenses incurred in connection with his performance of duties as a director of the Company.