HARBIN, China, June 21, 2010 (GLOBE NEWSWIRE) -- Eastern Environment Solutions, Corp. (OTCBB:EESC), a leading provider of municipal solid waste (MSW) processing and disposal services in northeast China, today announced the appointment of Mr. Kenneth Leung and Mr. Gene Hsiao as new independent members of the company's board of directors. Mr. Leung will also serve as the chairman of the Audit Committee. These appointments increase the board of directors to four members. As a result, Eastern Environment now satisfies the independent board member requirement to apply for listing on a U.S. stock exchange.
Ms. Feng Yan, Chairman and Chief Executive Officer of Eastern Environment Solutions Corp., commented, "We welcome Ken Leung and Gene Hsiao's participation as new independent members of the Eastern Environment board and I am pleased to have Ken as chairman of the Audit Committee. Ken has a strong finance and investment banking background, as well as a successful track record providing advisory services to companies in the waste management industry. Ken's extensive knowledge of the waste industry will be particularly beneficial as we seek to add new landfills, expand our treatment capabilities and explore acquisition opportunities. In addition, we look forward to leveraging his strong industry contacts as we identify international partners and implement new technologies from abroad."
Ms. Feng continued, "We are also very pleased to have Gene join our board. Gene brings very strong finance and accounting experience. His broad range of experience includes a number of key positions at leading PRC-based companies, including his current role as CFO of a U.S. listed Chinese pharmaceutical company and prior role as CFO of a NASDAQ-listed Chinese concrete manufacturing company. This experience, as well as his strong accounting background at major U.S. corporations, will be an enormous asset to Eastern Environment Solutions as we further enhance our internal infrastructure to support our anticipated growth."
Kenneth C. Leung is a Managing Director at Madison Williams and Company's Investment Banking Division and heads the firm's Environmental Services Group, providing advisory and financing services to private and public middle-market companies in the solid waste, hazardous waste, recycling, and air and water pollution remediation industries in the United States and Canada. During his career, Mr. Leung was named an "All-Star Analyst" more than twenty times by Institutional Investor. Mr. Leung served as editor of Environmental Review and Pollution Control Monthly, and has been a sought-after writer for environmental publications, a speaker at environmental and financial conferences, and a frequent media commentator. At Sanders Morris Harris Group, the predecessor to Madison Williams and Company, Mr. Leung served as the chief investment officer for Environmental Opportunities Funds I and II, which represented $113 million of private equity funds. Before joining SMH in 1995, he was a Managing Director at Smith Barney focusing on environmental investment research and investment banking. Currently, he serves on the board of SystemOne Technologies, a solvent recycling company, and Caprius, a medical waste device manufacturer. Mr. Leung holds a Bachelor of Arts from Fordham College and a Master of Business Administration from Columbia University.
Gene Hsiao has over 15 years of experience in corporate finance and management. He currently serves as Chief Financial Officer of Bohai Pharmaceuticals Group, Inc., where he is responsible for all aspects of financial planning, reporting, internal controls and investor relations. Previously, Mr. Hsiao served as Chief Financial Officer for China Advanced Construction Materials Group Inc., from 2008 to 2010, where he was responsible for all U.S. affairs as well as corporate finance functions in China. From 2000 to 2008, he served as Controller of Milligan and Company, LLC, where he managed the overall accounting and financial reporting functions as well as the company's internal control processes. From 1997 to 1999, he served as Finance Manager for J&J Snack Foods Corporation, where he was responsible for financial reporting and SEC schedule preparation. From 1995 to 1997, he served as Accounting Supervisor of RCN Corporation and as the Senior Operation Analyst at ARAMARK Corporation from 1992 to 1995. Mr. Hsiao received his B.S. degree from Drexel University in Philadelphia.
About Eastern Environment Solutions Corp.
Eastern Environment Solutions Corp. is the first regional environmental engineering company to operate under a Build-Operate-Transfer ("BOT") contract in China. The Harbin Municipal Urban Administrative Bureau, authorized by the Harbin Municipal Government, signed a franchise contract for 17 years with the company. The landfill can be used to dispose of 1,500 tons of MSW per day, or approximately 42% of the total municipal solid waste produced by the population of Harbin. Additional information about the Company is available at www.useesc.com/">www.useesc.com.
In addition to historical information, this press releases contains forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "estimates," "projects," or similar expressions. These forward-looking statements represent Management's belief as to the future of Eastern Environment Solutions, Corp. Whether those beliefs become reality will depend on many factors that are not under Management's control. Many risks and uncertainties exist that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2009. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.