Sino Clean Energy (GREY:SCEI)

LAS VEGAS and XI'AN, China, Aug. 26, 2015 /PRNewswire/ -- Sino Clean Energy Inc. (Nasdaq "SCEI")  Robert W. Seiden, Esq., Court-Appointed Receiver ("Receiver") of Sino Clean Energy, Inc. ("SCEI") has successfully beaten back Baowen Ren, the former chairman of SCEI, in the Nevada bankruptcy court where the Honorable Judge Bruce T. Beesley ruled today that Ren's unauthorized bankruptcy filing of SCEI had to be dismissed.

Ren and his Nevada lawyers filed a bankruptcy petition on July 7, 2015, seeking U.S. Bankruptcy Code protection for SCEI and availing the company of the automatic stay after SCEI was placed into receivership by the Nevada state court last year for failing to report to the SEC and going dark.  Ren's timing of the bankruptcy petition was especially suspect as it came on the heels of the Receiver's filing of a motion in the Nevada state court asking that Mr. Ren be held in civil and criminal contempt.

The Receiver's lawyers at Foley & Lardner successfully persuaded the Bankruptcy Judge that the bankruptcy filing was not only impermissible but in violation of the receivership order and was filed based in part on false statements. Katherine Catanese, the lead bankruptcy lawyer for the Receiver, who successfully argued the case before the Bankruptcy Court, cited powerful facts and law that led to today's victory for US shareholders. Ms. Catanese was assisted by Ryan Works of McDonald Carano in Nevada, Douglas Spelfogel of Foley & Lardner and several staff members of the Receiver including Nathaniel Francis and Heike Vogel, Esq.

In the wake of today's ruling, Ren must now face the contempt of court proceeding pending in Nevada state court for his actions in violation of the Nevada state court order and in defiance of the Receiver's demands. Ren is also subject to an active criminal investigation in Hong Kong by the Commercial Crimes Bureau for his actions in falsifying documents in Hong Kong that was uncovered by the Receiver's auditors there.

XI'AN, China, Jan. 12, 2015 /PRNewswire/ -- Alain Peracca and the Group of shareholders who filed with the SEC a Schedule 13D for Sino Clean Energy (OTC: SCEI) are disappointed to learn that the previous Chairman and CEO of Sino Clean Energy, Mr. Baowen Ren, has refused to cooperate with the Court-appointed Receiver, Mr. Robert W. Seiden, Esq. and to uphold his fiduciary duty to protect the interests of all shareholders. It is very disappointing and disturbing that Mr. Ren, who previously had stated repeatedly to U.S. and Chinese shareholders that he had their best interests in mind, has refused to work with the Receiver to ensure such interests are protected.

We therefore fully support the decision by the Company's Boards of Directors and the Receiver Mr. Seiden to remove Mr. Baowen Renfrom his duties as Chairman and CEO of Sino Clean Energy and to appoint an interim management to take control of the day-to-day operations.

We also support the decision by the Company's Boards of Directors and the Receiver Mr. Seiden to ask the Chinese and U.S. authorities to have Mr. Ren's actions while Chairman and CEO examined for any potential wrongdoing given his lack of cooperation with the Receiver. 

Finally, we look forward to the rapid public disclosure of the 2012, 2013, and 2014 financials of the Company once the new independent Board audit committee will have completed its review. Such financials had been promised by Mr. Baowen Ren in his press release issued August 21, 2014 to be disclosed publicly by October 31, 2014 but never were delivered.

NEW YORK and XI'AN, China, Jan. 11, 2015 /PRNewswire/ -- After exhausting nearly all avenues of cooperation with Chairman Baowen Ren, Robert W. Seiden, Esq., Court-Appointed Receiver ("Receiver") of Sino Clean Energy, Inc. ("SCEI") has taken decisive steps to taking complete control over SCEI and its China operations.  SCEI is a leading producer of coal-water slurry fuel in China.

Mr. Seiden already has control over Wiscon Holdings Limited ("Wiscon"), SCEI's subsidiary in Hong Kong and has formally removed the board of the operating company Tongchuan Suoke Clean Energy Co. Ltd. ("Tongchuan") and appointed a new board of directors, thereby changing control of the operating company in China.

The Receiver had no other choice but to take this measure after SCEI and Mr. Ren did not release "before the end of October 31, 2014" the company's financials to the public as they stated they would in their August 21, 2014 press release. See:  http://finance.yahoo.com/news/sino-clean-energy-announces-intent-130000862.html

The Receiver was previously appointed and granted broad powers by the Nevada state court in the U.S. on May 13, 2014, pursuant to certain court orders. See:http://finance.yahoo.com/news/nevada-judge-peck-appoints-seiden-063800190.html;_ylt=A0LEV7mwF6tURVsA5_kPxQt.

The Receivership was secured by a group of U.S. investors after SCEI stopped filing required reports with the U.S. SEC in 2012 and was de-listed from the public stock exchange.  

See: http://ir.nasdaqomx.com/releasedetail.cfm?releaseid=708869

To date, the Receiver (who has agreed to defer his and his professional's fees as per the court order) has fulfilled the following tasks:

• Removed the current board of directors of SCEI's operating company inside China.
• Formally appointed a new board of directors and chairman of Tongchuan. The new board chairman is American business man and SCEI shareholder James Sutter. 
• Appointing interim management to take control of the day-to-day operations.
• Communicated with U.S-based and Chinese government authorities to have Mr. Ren's actions examined.
• Sent formal communique to SCEI and its affiliate's Chinese banks requesting that Sino's accounts be seized and the signatories be changed and control be transferred to the Receiver's agents.
• Communicating with suppliers, customers and other business partners of SCEI in China and globally.
• Selecting an independent board audit committee to report on the financials of SCEI and its subsidiaries.
• Pursuing other legal action with the law firms JunHe and Katten Munchin.

The Receiver is providing this press release for informational purposes only. Parties should consult their advisors for specific advice regarding this matter. Any acts of the Receiver remain subject to change. For media inquiries, please contact the office of the Receiver at (212) 768-9808 or email Heike Vogel athvogel@csilegal.com.

NEW YORK, N.Y., Aug. 19, 2014 (GLOBE NEWSWIRE) -- via PRWEB - SCEI: OTC MARKETS

Court Appointed Receiver Reports Early Progress for Publicly-Listed Chinese Reverse Merger Company Sino Clean Energy Inc.

Robert W. Seiden, Esq., Court-appointed receiver (the "Receiver") over Sino Clean Energy, Inc. ("SCEI"), has taken control over SCEI's wholly-owned subsidiary in Hong Kong which controls the operating entities in mainland China.

The Receiver, a former prosecutor and President of global asset recovery firm Confidential Security & Investigations in New York, was appointed and granted broad powers by the Second Judicial District Court of the State of Nevada, Washoe County, on May 13, 2014 (case number CV14-00484) to act on behalf of all shareholders of SCEI after the company "went dark" and stopped filing its required regular financial reports with the SEC in May 2012. Seiden and a global team of lawyers, investigators and forensic accountants have been investigating SCEI and pushing to get transparent financial information.

SCEI, one of the largest producers of Coal Water Slurry Fuel in China, entered the U.S. equity market via a reverse merger and its stock reached a high of $9.40 per share in April 2010. SCEI was the subject of a series of negative reports that the Company misled investors about its operations and financials by disclosed short-sellers, among them Jon Carnes (operating under the pseudonym "Alfred Little") who is the defendant in a current legal action by the British Columbia Securities regulator (citation: 2013 BCSECCOM 559). In response, SCEI stopped filing its required periodic financial reports with the SEC in the summer of 2012.

In many of these types of cases involving foreign companies it is very difficult if not impossible to enforce the judgment obtained from the court. However, in this case, because of the creative thinking of a group of SCEI shareholders, including Alain Peracca, James Sutter, and Lismore Partners LLC Managing Partner Adam Waldo, the Nevada court appointed the Receiver giving him broad powers to realize the claims against SCEI. In addition to the investigation and potential recovery actions, the Receiver has sought to work collaboratively with management and the Board of Directors of SCEI to resume regular required financial and operational reporting and produce value for all SCEI shareholders.

In the first three months of appointment, the Receiver has made important strides in taking over control of SCEI and identifying assets of SCEI, including, among other things:

• The Receiver, through his agent CSI, has discovered from extensive research and investigation in China that remains ongoing that SCEI is in fact a viable entity with many employees, and significant sales, cash, and assets. This has been corroborated based on Company filings with the Chinese government, interviews, audit reports, official records checks and other reliable sources.
• The Receiver retained a global team which includes Foley & Lardner LLP as lead counsel; McDonald Carano Wilson LLP as local counsel in Nevada; and Zolfo Cooper in the British Virgin Islands and KLC Kennic Lui & Co. in Hong Kong, as forensic accountants. The Receiver has also hired Carl Marks & Co. to assist with interim management and financial issues.
• The Receiver was granted the right to exercise his authority over SCEI's indirect wholly-owned subsidiaries (including exercising the subsidiaries' voting rights) and the power to replace members of the board of directors of the subsidiaries. In that regard, on June 26, 2014, the Receiver passed a resolution on behalf of SCEI, the sole member of Wiscon Holdings Limited ("Wiscon"), a Hong Kong wholly-owned subsidiary of SCEI, removing the existing directors of Wiscon and appointing Madison Director Services, located in the British Virgin Islands, and KLC Corporate Advisory and Recovery Ltd., located in Hong Kong, as directors.
• On July 21, 2014, the Receiver held a meeting of the directors of Wiscon. At the meeting of directors, Ren Baowen, the former director of Wiscon, was removed as the director, effective immediately. Additionally, the secretary for Wiscon, Able Secretarial Services Limited, was removed and KLC Corporate Advisory and Recovery Limited was appointed as the secretary for Wiscon, effective immediately. On August 25, 2014, the newly-appointed directors will hold a shareholders meeting to vote on a further resolution, which, if approved, officially will remove Ren Baowen as director of Wiscon and put the Receiver's appointed directors in place with legal control over Wiscon.
• The Receiver has issued several subpoenas to third parties which have yielded critical financial, operational and asset information of SCEI and its subsidiaries, including cooperation from Weinberg & Co., SCEI's U.S. auditors. The Receiver also has had independent financial analysts review the veracity and reliability of a forensic audit performed by Thornhill Capital LLC on SCEI in late 2011 and early 2012.
• The Receiver has been in communication with under-staff of SCEI Chairman Ren to obtain cooperation and has commenced early dialogue.
• The Receiver expects to file his first official report with the Nevada court on or before September 15, 2014. The Receiver will continue to provide public reports to the court and any other parties to the extent required.

XI'AN, China, Aug. 22, 2013 /PRNewswire/ -- On August 4^th, 2013, Alain Peracca and seven other shareholders in Sino Clean Energy (OTC: SCEI) entered into a Voting Agreement.  The Voting Agreement gives Mr. Peracca voting rights for the Group's aggregate holdings of 1,276,540 shares.  As required by SEC rules, the group of shareholders filed a Schedule 13D (5+% acquisition) on August 6^th, 2013.  Sino Clean Energy last filed financials with the SEC via a Form 10-Q for the first quarter of 2012 on May 15^th, 2012. The company's last Annual Shareholder Meeting and Vote on Directors was on November 11^th, 2011.  On July 9^th, 2013 the Company reached a final settlement of $2,000,000 in a class action suit filed on May 6^th, 2011. The Company's last press release to the public and Form 8-K filing with the SEC was on September 28^th, 2012 to announce the delisting of trading of their stock on the NASDAQ Global Market and the commencement of trading of the shares on the NASDAQ OTC Bulletin Board.

Extract of the 13D filing:

The Reporting Persons reserve the right to, and may in the future, further discuss, meet with, and/or send correspondence to (a) the Issuer's management and/or Board of Directors, (b) other holders of securities of the Issuer, and/or (c) other third parties to discuss and/or formulate any plans or proposals regarding the Issuer or its securities. As part of such activities, the Reporting Persons may take positions or make proposals with respect to potential changes in the operations, management, Board of Directors composition, ownership, capital structure, strategy and future plans of the Issuer as a means of enhancing shareholder value. Such suggestions or positions may inclu

XI'AN, China, August 24, 2012 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy Inc. (NASDAQ: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in China, today announced that the Company received a second letter from NASDAQ Stock Market LLC ("NASDAQ") on August 21, 2012. The letter alleged violation by the Company of Listing Rule 5250(c)(1) as a result of delayed filing with the Securities and Exchange Commission (the "SEC") of the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2012. The letter claimed the violation as an additional basis for delisting Sino Clean Energy's securities from the NASDAQ Global Market and stated that a NASDAQ Hearings Panel (the "Panel") would consider this matter in rendering a determination regarding the Company's continued listing on the NASDAQ market.

Pursuant to Listing Rule 5810(d), the Company intends to present its views with respect to this additional deficiency at its Panel hearing on September 13, 2012. At the same time, pursuant to Listing Rule 5815(a)(1)(B), Sino Clean Energy also intends to submit a written request for a further stay, to be delivered to the NASDAQ Staff no later than August 28, 2012.

As previously announced, the Company strongly disagrees with NASDAQ's rationale for delisting Sino Clean Energy's securities as described in NASDAQ's determination letter dated August 7, 2012, and has requested to appeal NASDAQ's delisting determination at the Panel hearing to be held on September 13, 2012. The Company will keep the market informed of any material developments regarding the Panel hearing and the filing with the SEC of the Company's Second Quarter Report.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

On August 10, 2012, Ms. Wen (Wendy) Fu provided notice that she was resigning from her position as Chief Financial Officer of Sino Clean Energy Inc. (the “Company”), effective immediately. There were no disagreements between Ms. Fu and the Company on any matter relating to the Company’s operations, policies or practices, that resulted in her resignation.

Mr. Hon Wan Chan, who is currently Vice President of Finance for the Company, will serve as Interim Chief Financial Officer. The Company has already had discussions with Mr. Chan regarding his appointment as full-time Chief Financial Officer. Mr. Chan has agreed to accept this appointment, subject to the approval of the Company’s Board of Directors, which is imminent.

Mr. Chan has served as the Company’s Vice President of Finance since February 2010. Prior to that, he served as the Company’s Chief Financial Officer from December 2008 to February 2010. Mr. Chan was a principal of CC Alliance CPA & Co from March 2008 to December 2008. He served as the Business Director for Texwood Group, from November 2006 to February 2008, overseeing the company's business administration, finance and accounting. Mr. Chan was the Chief Financial Officer of South China Media Group from July 2005 to October 2006. In 1985, Mr. Chan graduated from Macquarie University in Australia and received a B.A. degree in Accounting, and he graduated from Hong Kong Polytechnic University and received a Master’s degree in Accounting. He is an associate member of both The Institute of Chartered Accountants in Australia and The Hong Kong Institute of Certified Public Accountants.

Effective January 1, 2012, the Company entered into an employment agreement with Mr. Chan, pursuant to which he serves as Vice President of Finance with initial monthly compensation of RMB20,000 (approximately US$3,136). Mr. Chan is entitled to reimbursement of reasonable business expenses incurred in connection with his employment and a per diem of RMB3,000 (US$470) to cover related expenses that he may incur in connection with his employment. The agreement is terminable by either party upon two months’ written notice.

Upon the approval and appointment of Mr. Chan as Chief Financial Officer by the Company’s Board of Directors, Mr. Chan will be entitled to receive monthly compensation of RMB50,000 (approximately US$7,850). The other terms of Mr. Chan’s current agreement will remain the same, except that the new agreement will be terminable by either party upon one month’s prior written notice.

XI'AN, China, August 15, 2012 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy Inc. (NASDAQ: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in China, today announced that the Company received a letter from the NASDAQ Stock Market LLC ("NASDAQ") on August 7, 2012, which stated that the NASDAQ Staff has determined to delist the Company's securities pursuant to its discretionary authority under Listing Rule 5101. The Staff in its letter also alleges violations by the Company of Listing Rule 5250(b)(1) and IM-5250-1, which sets forth a listed company's obligation to make public disclosures, and Listing Rule 5250(a), which sets forth a listed company's obligation to provide information to NASDAQ.

The Company strongly disagrees with NASDAQ's findings and intends to appeal the delisting determination by requesting an oral hearing in front of a NASDAQ panel for ruling on the fairness of a delisting decision.

Because of uncertainties surrounding the Company's status as a NASDAQ-listed enterprise, it is evaluating its options in regards to the filing of second quarter 2012 financial results with the Securities and Exchange Commission and intends to update the market when matters are more definitively resolved.

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On August 7, 2012, Sino Clean Energy, Inc. (the “Company”), received a letter from The NASDAQ Stock Market LLC (“Nasdaq”), which stated that the Nasdaq Staff has determined to delist the Company’s securities pursuant to its discretionary authority under Listing Rule 5101. The Staff in its letter also alleges violations by the Company of Listing Rule 5250(b)(1) and IM-5250-1, which sets forth a listed company’s obligation to make public disclosures, and Listing Rule 5250(a), which sets forth a listed company’s obligation to provide information to Nasdaq.

The Company intends to appeal the delisting determination by requesting an oral hearing in front of the Panel.

XI'AN, China, May 23, 2012 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy Inc. (NASDAQ: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in China, today announced adjusted full year 2012 revenue guidance.

As disclosed in the Company's 8-K filing with the SEC on May 18, Sino Clean Energy was notified by local court authorities that its Dongguan facility was forced to suspend operations pending the outcome of a lawsuit filed against Yongchang Paper Industry Co. Ltd. ("Yongchang"). Yongchang is the entity from which the Company had purchased the Dongguan facility's land and factory building but from which the Company has yet to receive the land use right certificate per a previously agreed schedule. The Company is in the process of appealing the court order and intends to defend its contractual rights. In the meantime, Sino Clean Energy is actively seeking alternative production options and may lease additional facilities to serve its customers in the region.

Trading in Sino Clean Energy's shares on the Nasdaq Global Market ("NASDAQ") was halted on May 21, 2012 pending NASDAQ's request for additional information from the Company about the Dongguan facility. Company management and its legal counsel have been in close contact with NASDAQ and have been cooperating with NASDAQ's requests. The Company is diligently working to fully satisfy NASDAQ's requests with the expectation that upon satisfying such requests, trading can commence.

After assessing the probable impact of this interruption and the possibility of other means of production and sales in Dongguan and in other facility locations, Company management now expects fiscal year 2012 revenue of between $125 million and $142 million, down from previous guidance of between $150 million and $168 million. This new guidance assumes total sales volume of 1.1 million to 1.2 million metric tons of CWSF in 2012.

Item 8.01 Other Events.

On May 18, 2012, Sino Clean Energy Inc. (the “Company”) was notified by local court authorities that its Dongguan production facility was to be closed pending the outcome of an ongoing lawsuit filed against Yongchang Paper Industry Co. Ltd. (“Yongchang”), a neighboring business.

The Company’s Dongguan facility, located in Liu Yong Wei Industrial Park, Wan Jiang District, Dongguan City, Guangdong Province, is situated on the same grounds as Yongchang’s manufacturing facilities. In August 2010, the Company entered into an agreement with Yongchang to purchase approximately 30 acres of land and a production factory for a total purchase price of approximately $5,550,000 (RMB 37,200,000). The Dongguan factory was completed and commenced production in January 2011. As of the date of this report, however, Yongchang was still in the process of transferring the land use right certificate for the land on which the Dongguan facility is located, which entitles the holder to use the land and gain the title to the buildings located upon such land.

Yongchang, a start-up paper products company, had planned to launch initial production in 2011. However, due to the nationwide tightening of credit in 2010 through 2011, a policy that the PRC government had instituted in an effort to curb credit-driven inflation, Yongchang was unable to obtain sufficient capital to launch production according to schedule. In late December 2011, Yongchang’s facilities were sealed by local authorities in connection with a complaint that was filed in local court by Yongchang creditors.

The Company’s Dongguan facility continue to operate until May 18, 2012, when, as a result of Yongchang’s failure to timely transfer the land use right certificate for the Dongguan facility to the Company, the local court issued an order to seal the Dongguan facility, despite the Company’s full and separate contractual right to the land and facility thereon.

The Company is in the process of appealing the court order and intends to defend its contractual rights vigorously and to the fullest extent under PRC law. Pursuant to the terms of the agreement with Yongchang, if Yongchang fails to transfer the land and property certificates to the Company on schedule, or leaves the land and property to a third party as pledge, the agreement becomes invalid and Yongchang must refund the full amount of the purchase price to the Company and pay a default penalty equal to 10% of the total transaction price.

However, as a result of the court order, since the afternoon of May 18, 2012, Company has been forced to suspend production at its Dongguan facility. The Company is aggressively seeking to identify alternative production options and may lease additional facilities to service its Guangdong customers pending resolution of the Dongguang facility. Until production is resumed, the Company may incur substantial losses on outstanding purchase orders and may lose business opportunites with current and future customers in the area. The Company is revisiting its 2012 earnings guidance and will revise its guidance to account for any effect that the Dongguan plant closure may have on the Company’s results of operations.

First Quarter 2012 Results

• Revenues in the first quarter of 2012 were $27.8 million, a decrease of 17.6% from $33.8 million in the same quarter of 2011.
• Net income in the first quarter of 2012 was $2.8 million, a decrease of 77.0% from $12.1 million in the same quarter of 2011. Non-GAAP adjusted earnings, which excludes change in fair value of derivative liabilities of $1.7 million, was $4.5 million, a decrease of 44.8% from $8.1 million in the same quarter of 2011.
• Earnings per share were $0.12. Adjusted earnings per share were $0.16 vs $0.32 in prior year
• Net cash provided by operations was $22.4 million in the first quarter of 2012, compared to $5.1 million in the same period of 2011.

Mr. Baowen Ren, chairman and chief executive officer of Sino Clean Energy, commented, "The past quarter was a challenging period for Sino Clean Energy but also one marked by encouraging developments. Although we had expected a slowdown in order volume from our largest customer, which is based in Shenyang, our Shenyang facility sales were more sluggish than anticipated. We are encouraged, however, that order volume at Dongguan continued to expand and partly offset the revenue reductions from our other two facilities.

"Our ongoing progress at Dongguan serves as a benchmark for other facilities," continued Mr. Ren. "Our management team and I are carefully reviewing both the successes and shortcomings of the year's first quarter to find ways to recapture the growth that our experience has shown this company is fully capable of achieving."

Recent Development and Updates

Acquisition of Foshan Nan Hai

The Company has engaged Shaanxi Rongde Law Firm to conduct comprehensive due diligence and evaluation of Foshan Nan Hai's assets, ownership structure, liabilities, and credit worthiness. This due diligence and evaluation was still progressing as of March 31, 2012. Management expects the evaluation and negotiation process to be completed by the third quarter of 2012.

Cooperation with Nathalin Welstar Energy Co Ltd

Management undertook a site visit in Thailand in December 2011 for feasibility study and inspections and to begin the process of technical and financial analysis of the project. In mid February 2012, the company sent a project quotation list to Nathalin. As of the end of the first quarter of 2012, Nathalin had submitted a quotation to the Company's board of directors for discussion. These discussions are still in progress.

Legal Proceedings

On May 6, 2011, a complaint was filed in the Federal District Court for the Central District of California against the Company and certain of its current and former officers and directors. As the Company previously announced, recent developments include the Plaintiff filing a Second Amended Complaint on or about March 5, 2012. On April 20, 2012, the Company moved to dismiss the Second Amended Complaint. The Company continues to deny the allegations and intends to defend the litigation vigorously. No prediction can be made, however, as to the final outcome of the matter.

On May 9, 2011, the Company filed a complaint in the Supreme Court of the State of New York against Geoinvesting LLC, an individual calling himself "Alfred Little", and unidentified persons acting with, for, or through them. The suit seeks, among other relief, $55 million in compensatory damages and $10 million in punitive damages resulting from the defendants' fraud, defamation, and tortuous interference with the Company's business relationships. The Court dismissed the complaint against Geoinvesting LLC, primarily on jurisdictional grounds, and reserved judgment with regard to "Alfred Little".

Financial Outlook

Management reiterates full year 2012 guidance and expects revenue of between $150 million and $168 million. The Company expects full year 2012 non-GAAP adjusted earnings to be in the range of $35 million to $40 million and adjusted earnings per share of between $1.35 and $1.54. This guidance assumes total sales volume of 1.3 million to 1.4 million metric tons of CWSF in 2012.

Third Quarter 2011 Results

On September 5, 2011, Sino Clean Energy Inc. (the “Company”) received notification from Mr. Brock Silvers that effective immediately, he resigned as a member of the Board of Directors (the “Board”) of the Company. At the time of his resignation, Mr. Silvers also served as a member of the Board’s Audit Committee.

A copy of Mr. Silvers' resignation letter was included as Exhibit 17.1 to the Original 8-K.  Mr. Silvers' resignation letter states, among other things, that at a meeting of the Board of Directors held on August 19, 2011, his motion regarding the formation of a special committee and the commencement on September 7, 2011 of an independent investigation into the allegations made against the Company in two reports published in April 2011, did not receive Board support.  Mr. Silvers cites the failure to pass this motion as a reason for his resignation.
 
The Company believes that there was a general consensus among board members at the August Board meeting in support of an investigation. At the August Board meeting, the Board approved a motion to reconsider the issue of an investigation at a Board meeting to take place on September 7, 2011, so that Board members could have additional time to consider and determine the appropriate timing, format and continued advisability of an investigation.  On September 9, 2011, the Board agreed by unanimous written consent to immediately commence an internal investigation into the allegations, which would be performed by the Company’s counsel, Loeb & Loeb LLP.

As previously noted, the Company filed a lawsuit against Alfred Little in the New York State Supreme Court on May 9, 2011. It has 120 days from that date to serve a copy on the defendants, which is the first step in pursuing the suit. Usually, serving a defendant is not difficult, but because Alfred Little hides behind a pseudonym, he, or it, is difficult to find and serve. The Company's lawyers are making efforts to break through the pseudonym. When it does so, the Company will serve the other defendants as well, since it is more efficient to pursue all of the defendants at the same time rather than pursue the case piecemeal. If the pseudonym has not been broken within 120 days, the company can and will request more time to serve Little.

Second Quarter 2011 Results

On July 11, 2011, Sino Clean Energy, Inc. (the “Company”) entered into an Equity Acquisition Agreement (the “Agreement”) to purchase 100% of the outstanding equity interest in Crown Energy Limited (“Crown Energy”) from Mr. Zhongrui Deng, the sole stockholder. Crown Energy owns 60% of the equity interest in Nanhai Clean Energy Fuel Co., Ltd., a company primarily engaged in the production and sale of clean energy coal-water slurry fuel.

Pursuant to the terms of the Agreement, the Company will engage a valuation expert chosen by the parties to appraise the value of Crown Energy’s assets. The parties will then determine the purchase price of the equity interest and determine the payment terms, with all such terms to be memorialized in a supplemental agreement. The Agreement also provides that the current management of Crown Energyand its board of directors will be reappointed after the consummation of the acquisition.

Additional Details

A. Crown Energy Limited (hereinafter, “Crown Energy”) is a legal and existing company incorporated in Hong Kong in accordance with the laws of Hong Kong. The Transferor holds 100% of the equity in Crown Energy.

B. Foshan Nanhai Clean Energy Fuel Co., Ltd. (hereinafter, “Nanhai Clean Energy”) is a legal and existing joint venture enterprise incorporated in Foshan City, Guangdong Province, China in accordance with the laws of China. Nanhai Clean Energy is mainly engaged in the production and sales of clean energy CWSF and is currently the largest CWSF production enterprise in China.

C. Crown Energy holds 60% of the equity in Nanhai Clean Energy and is the controlling shareholder of Nanhai Clean Energy.

XI'AN, China, June 8, 2011 /PRNewswire-Asia/ -- Sino Clean Energy Inc. (Nasdaq: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), provided additional information regarding the declared special dividend in the form of a contingent value right ("CVR").

On May 24, 2011, Sino Clean Energy announced a special dividend to shareholders of record as of June 13, 2011. Shareholders will receive one (1) CVR for each share of common stock outstanding as of such record date.

Sino Clean Energy announces that a physical certificate representing the CVRs will only be mailed to, and issued in the name of each record holder and beneficial owner of the shares of the Company's common stock on the record date.  If you are a broker holding shares of the Company's common stock for a stockholder, you must submit a list of your record date beneficial owners to the Company's transfer agent within five (5) business days after the record date. Brokers will not receive CVRs in their name for the accounts of their clients. If you are a stockholder on the record date and you do not receive a certificate representing your CVRs in the mail, you should contact the Company's transfer agent.

XI'AN, China, May 31, 2011 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy Inc., a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), today announced that it has repurchased an additional 150,000 shares of common stock under the terms of its previously announced share repurchase program, bringing the total common shares repurchased to 250,000. Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

On Wednesday, May 18^th, 2011 Representatives from GeoInvesting attended the SCEI 2011 first quarter investor conference call. We hoped to get answers to questions we planned to ask management regarding the Company's operations.

It came as little surprise to us that no questions were permitted during the call. Instead, conference call participants were instructed by Ted Haberfield of HC International IR to submit questions via email by 10:00PM on Thursday, May 19^th. He stated that the questions would be formally addressed in a Form 8-K to be filed on Friday, May 20th. The 8-K was not filed until after the market closed on Monday, May 23^rd, giving the company ample time to respond to questions. Mr. Haberfield released a statement that morning, stating the reason for the delay was due to the heavy volume of questions from investors.

We ask; heavy volume of questions?! For the most part, SCEI management only addressed questions that had already been discussed publicly many times prior to the QI conference call. So despite SCEI management's commitment to answer investors' questions, they were very selective in which questions they answered (see Unanswered Questions below). In our view, the most important questions we posed were not addressed, including those concerning the two 3^rd party transportation companies that Chairman Ren claims transports SCEI's CWFS product to its customers.

Recall that GeoInvesting's investigator in China determined that one of the two companies didn't exist and the other did not operate the tanker trucks necessary to move CWSF. We would like to know why the chairman choose not addressed this issue.

Following, for the record, are the questions we sent Ted Haberfield within the prescribed time. In addition to our unanswered questions we have more questions after reading the Form 8-K filed on May 23rd. (see Additional Questions below)

1. Xi'an Kai Feng Transportation Company Ltd does not appear to exist, yet the seal of this company appears on the shipping records you uploaded with your Chairman's letter to shareholders. Can you please explain this?
   
   
2. Can you please explain how Shenyang Xin Yu ships your CWSF since they claim they are not in that business and they also claim that they are not capable of transporting liquids?
   
   
3. Why are your CWSF shipping costs the same in Tongchuan and Shenyang, two entirely different markets?
   
   
4. What is your average cost per ton for shipping CWSF and where does this cost compare to what your competition pays?
   
   
5. Who is the audit partner at Weinberg overseeing your audits? Is it true that Weinberg's partner Jim Tokryman denied via email that he had any role in your audit?

1. Who were your primary residential and industrial customers in 2009?
   
   
   1. How many of each did you add in each quarter over the past 6 quarters?
   2. How many of these customers use CWSF in summer and for what?
      
      
2. Can you please explain for what and how do your residential customers use CWFS during the summer months?
   
   
3. In what banks is SCEI's $70 million cash deposited?
   
   
4. What is the CWSF boiler capacity of each boiler in operation over the last 15 months at Shenyang Haizhong Heating?
   
   
5. What is the last day of the lock-up period before insiders can sell their shares?

XI'AN, China, May 25, 2011 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy Inc. (Nasdaq: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), today announced that the Board of Directors of Sino Clean Energy declared June 13, 2011 as the record date for holders of shares of common stock of the Company to receive a special dividend in the form of a contingent value right ("CVR"). This CVR entitles each holder of CVRs to receive a portion of the proceeds, if any, the Company may receive from a favorable judgment or settlement relating to the complaint filed by the Company on May 9, 2011 in the Supreme Court of the State of New York against Geoinvesting LLC, Alfred Little, the owner of Seeking Alpha and other unidentified persons acting with, for or through them.

Shareholders of common stock of the Company as of June 13, 2011, will receive one (1) CVR for each share of common stock outstanding as of such record date. Each holder will be entitled to receive such holder's pro rata share of 90% of the proceeds of the lawsuit, if any, that may be received by the Company, less certain legal and other expenses that will be deducted from such proceeds.  Each holder entitled to receive CVRs will receive a certificate evidencing the CVRs, and such holder will be evidenced in a register to be maintained by the Company's transfer agent.  The certificate evidencing the CVRs is expected to be distributed on or prior to June 20, 2011.  The actual distribution date of the proceeds is unknown at this time, and will be based upon whether the Company is successful in obtaining a judgment in its favor, or a settlement, in connection with the lawsuit.  If such judgment or settlement is achieved, then a distribution date will be declared at such time.  The CVRs will expire upon the entry of a final, non-appealable judgment or settlement in the underlying lawsuit.

"After a thorough discussion with the Board, I am delighted to announce the decision to pay a portion of the proceeds we receive from this lawsuit to our common stockholders," stated Baowen Ren, Chairman of Sino Clean Energy. "This decision signifies our commitment to returning capital back to our stockholders. We believe we are well positioned to significantly increase our profits and cash flows in 2011 and are confident in Sino Clean Energy's future growth prospects."

GeoTeam® Note: 2011 vs. 2010 First Quater Adjusted EPS: $0.30 vs. $0.45.

The significant increase in revenue is primarily attributable to the increased production from the new 300,000 metric ton production line added in January 2011 in Guangdong which led to an increase in sales to customers. We sold 290,934 metric tons as of March 31, 2011 as compared to 225,031 metric tons as at March 31 2010. At March 31, 2011 we had 47 customers under CWSF supply agreements totaling approximately 1,200,000 metric tons per year, as compared to 30 customers totaling approximately 600,000 tons of CWSF per year as at March 31 , 2010. Our sales and number of customers in the 2011 as compared to 2010 are indicative of the growing market acceptance of CWSF.

Financial Outlook for 2011

Management is reaffirming fiscal 2011 guidance and expects revenues of at least $170 million and net income of at least $38 million, representing an increase of approximately 60.0% and 35.7% compared to 2010 revenues and adjusted net income, respectively. The Company also reaffirmed full year EPS guidance of $1.43 to $1.57 based on 26.6 million fully diluted shares. This guidance assumes total sales volume of 1.4 million metric tons of CWSF in 2011.

"I am happy with our solid first quarter results, which reflect successful execution of our growth strategy," began Baowen Ren, Chairman of Sino Clean Energy. "The early successes we have experienced in our first four months of production in our new 300,000 ton facility in Dongguan, signing nine customers to deliver approximately 404,000 tons(3) tons of CWSF over the next year, reaffirm our confidence in the long term growth opportunities we have in this market."

XI'AN, China, May 11, 2011 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy Inc. (Nasdaq: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), today announced that the Company has made available on its investor relations website certain documents, including transcripts of telephone conversations, describing the weather conditions in Tongchuan from April 20 through May 1, 2011. These documents support the weather conditions captured in the videos provided by the Company from its surveillance cameras for the above-referenced dates.　

The three documents include: 1) a Weather Data Certification from the Tongchuan City Meteorological Technical Service Center, 2) an interview transcript with Ms. Guo, an employee at the Meteorology Observing Station of Yaozhou District Branch of the Tongchuan Municipal Meteorological Administration (located approximately one kilometer from Sino Clean Energy's Tongchuan production facility), and 3) an interview transcript with Mr. Li, the Head of the Science and Technology Service Center of the Tongchuan Municipal Meteorological Administration . The transcripts and certificate are accessible in "Exhibit III – Tongchuan Meteorology" located at the following link: http://ir.stockpr.com/sinocei/data-room.    

XI'AN, China, May 10, 2011 /PRNewswire-Asia/ -- Sino Clean Energy Inc. (Nasdaq: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), today announced that it has commenced legal action against Geinvesting LLC, an individual calling himself "Alfred Little", the owners of the web site called Seeking Alpha, and unidentified persons acting with, for or through them. The suit seeks $55 million in compensatory damages and $10 million in punitive damages resulting from the defendants' fraud, defamation, and tortious interference with Sino Clean Energy's business relationships.

Baowen Ren, Chairman of Sino Clean Energy stated, "The malicious and fraudulent attacks on the Company by short sellers seeking only to enrich themselves at the expense of our Company and its stockholders must stop. Trying to correct their false and defamatory statements one by one apparently serves no purpose since these short sellers clearly do not care about the truth. We warned the short sellers that we would not tolerate their continued fraudulent attacks and if they do not stop we would pursue civil remedies and make appropriate complaints to law enforcement. We intend to do both."

XI'AN, China, May 9, 2011 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy Inc., today announced that its Board of Directors has approved the repurchase by the Company of up to $20 million of its common shares over the next 12 months.

Baowen Ren, Chairman of Sino Clean Energy stated, "Based on current market prices, the repurchase program to buy shares at what we believe are compelling valuations is in the best interests of our shareholders. Our Board of Directors believes that the repurchase program is an effective use of cash to enhance value for our shareholders and demonstrate our confidence in the long-term health and future financial performance of our business. Additionally, share repurchases at Sino Clean Energy's current market value are highly accretive to the Company's EPS growth."

Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

Sino Clean Energy reserves the right to approve the allocation of a greater portion of cash resources for additional share repurchases in the future  if the public markets continue to offer an opportunity  to purchase shares at what the Company believes are attractive valuations.

Xl'AN, China, May 5, 2011 /PRNewswire-Asia/ -- Sino Clean Energy Inc. (Nasdaq: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), announced today its intention to take action against those responsible for the malicious and fraudulent attacks on Sino Clean Energy, which were orchestrated and conducted by or on behalf of certain short sellers.

NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against Sino-Clean Energy, Inc. (NASDAQ: SCEI) resulting from allegations that the Company may have issued materially inaccurate financial statements to the investing public between March 9, 2010 and April 28, 2011.

On April 25, rumors began circulating that a report produced after extensive due diligence including unannounced on-site visits to Sino-Clean Energy showed that the Company had vastly overstated its revenues, net income, and operations. On April 27, a version of the report was disseminated to subscribers of analyst firm Geoinvesting. On April 28, analyst Alfred Little published a second version of the report which included more detailed factual allegations and Chinese tax filings allegedly showing that the Company had no or nearly no operations. Between April 25 and April 28, Sino-Clean Energy’s stock price fell from $4.20 per share to $2.47 per share, damaging investors

XI'AN, China, April 28, 2011 /PRNewswire-Asia/ -- Sino Clean Energy Inc. (Nasdaq: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), today announced that the Company has been made aware that a report containing certain allegations regarding the Company and its operations was published on a subscriber-only website on April 26, 2011. The Company plans to issue a shareholder letter, which will be made available on the Company's website, addressing and responding to each of the allegations made in such report.

"We are in the process of finalizing our formal response and will be issuing a shareholder letter with supporting documents," stated Baowen Ren, Chairman of Sino Clean Energy. "I would like to state that the report contains false and misleading statements about our Company. The Company believes that this letter will provide further transparency to its shareholders and other interested investors along with a better understanding of its operations."

We recently completed on-the-ground due diligence on Sino Clean Energy (NASDAQ: SCEI) regarding its Tongchuan facility and uncovered what we consider to be substantial misrepresentations by the company about its operations. As originally indicated in an earlier alert, we currently have a short position in SCEI.

GeoTeam's Findings

What follows are some highlights of our findings:

1. Facility and Production Lines: Why Aren't They Operating?

Our investigators visited SCEI's Tongchuan facility at Wangjiabian Village, Dongjiahe Town, Yaozhou District, Tongchuan Shaanxi Province. SCEI claims to have three production lines in this facility that provide a total capacity of 550,000 tons. See page 19 of the 2010 10-K:

http://www.sec.gov/Archives/edgar/data/1120096/000114420411020077/v216628_10k.htm

However, our investigators relayed that there is likely only one production line in operation.

To read full report, please go here.

XI'AN, China, April 4, 2011 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy Inc. today provided an update on its capital expenditures for 2010 and 2011.

The Company plans to fund all capital expenditures currently planned with cash on hand and internally generated cash flows.  

Year End Results:

• FY2010 revenues increased 131% to $106.3 million; adjusted net income increased 154.7% to $27.9 million, with adjusted EPS of $1.46
• FY2010 gross margins increased 230 bps year-over-year to 39.4%
• Company generated $26.2 million in operating cash flow for full year 2010
• Company provides full year 2011 guidance and expects revenues of at least $170 million and adjusted net income of at least $38 million

"I am pleased with our accomplishments in 2010, which included a 30.7% increase in capacity and a 131% increase in sales," stated Baowen Ren, Chairman of Sino Clean Energy. "We are convinced that the CWSF market is at the early stages of a long term growth cycle in China, driven by rapid adoption of clean and efficient sources of energy. With our experience, increasing scale and prime capital position, Sino Clean Energy will strive to extend its lead in this burgeoning market."

XI'AN, China, March, 31, 2011 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy Inc. announced that it will file with the United States Securities and Exchange Commission, Form 12b-25 Notification of Late Filing for its Annual Report on Form 10-K for the year ended December 31, 2010. The Form 12b-25 will allow the Company an additional 15 calendar days to file the Form 10-K which was otherwise due on March 31, 2011.

The Company fully expects to be able to file within the additional time allowed by the Form 12b-25

XI'AN, China, March 24, 2011 /PRNewswire-Asia/ -- Sino Clean Energy Inc. today announced that it has commenced construction on an additional 750,000 metric tons (MT) of annual production capacity to its existing 300,000 MT capacity plant in Dongguan, Guangdong Province. The Company expects to complete construction in August 2011.  

In order to meet the anticipated increase in demand from recently announced mandates and subsidies from the Dongguan government, Sino Clean Energy is building a new 750,000 MT CWSF production line at its existing production facility in Dongguan, bringing total capacity at the Dongguan facility to 1,050,000 metric tons, and a Company aggregate total of 1,900,000 metric tons. Total construction and equipment costs are expected to be approximately $13.6 million. Once construction is complete in August, the Company anticipates additional testing before ramping production in the fourth quarter of 2011. Management expects a payback period of approximately 2 years from this investment.

Except as disclosed in condensed consolidated financial statements, we had no capital expenditure commitments outstanding as of September 30, 2010 in relation to the purchase of machinery.

We believe that we have sufficient cash flow to meet our obligations on a timely basis in the foreseeable future.

Second Quarter 2010 Financial Results:

• Revenue -- Revenue for the second quarter ended June 30, 2010 increased 190.4% to $24.1 million from $8.3 million in the second quarter of 2009, and was driven by increased production capacity from the addition of two new production lines in 2009.
  
• Net Income -- For the second quarter of 2010, the Company reported GAAP net income of $8.9 million compared to net income of $0.5 million for the second quarter of 2009, with a corresponding net income per share of $0.47 compared to net income per share of $0.05 based on 19.2 million and 9.9 million diluted shares, respectively.
  
• Excluding non-cash items, adjusted net income for the second quarter of 2010 and 2009 was $6.1 million and $1.45 million, respectively, with corresponding adjusted net income per share of $0.32 and $0.15 based on 19.2 million and 9.9 million diluted shares, respectively.

"We are pleased with our strong growth and operating results for the second quarter of 2010, and expect robust growth to continue during the balance of 2010 due to our increased production capacity, growing demand for coal water slurry fuel in China, and improved market pricing," stated Baowen Ren, Chairman of Sino Clean Energy. "The CWSF market has continued to expand due to growing customer demand for clean and efficient sources of energy and the government's mandate for reduced emissions through improved utilization of coal. CWSF increases burning efficiency and reduces air pollution, coal consumption and coal material costs for end users while generating attractive gross profit margins for energy producers. As a result, we believe we are well-positioned to further drive incremental revenue and earnings growth and will continue to build upon being a leading producer of CWSF in China."

Financial Outlook for 2010

For the year ending December 31, 2010, management reaffirmed guidance and expects revenues of at least $105 million and adjusted net income of at least $25 million, representing an increase of approximately 128.3% and 127.3% compared to 2009 revenues and adjusted net income, respectively.

This guidance assumes total sales volume of 850,000 metric tons of CWSF in 2010. The Company expects to end 2010 with 1,150,000 metric tons of total CWSF production capacity.

Business Outlook for 2010

Having commenced operations in 2006, Sino Clean Energy has established a first mover advantage as one of the first commercial CWSF producers in China. As of September 30, 2009, Sino Clean Energy is the third largest CWSF producer in China as measured by sales volume with current production capacity of 850,000 metric tons.

"We plan to increase our CWSF production capacity through the construction of new facilities and the acquisition of existing CWSF production facilities in new geographic regions," stated Baowen Ren, Chairman of Sino Clean Energy. "Our geographic expansion plans will initially focus on Guangdong Province, and Nanning, Guangxi Province. In addition, we plan to expand the production capacity at our current locations in Shenyang, Liaoning Province and Tongchuan, Shaanxi Province and. We expect that such growth initiatives will increase our aggregate annual CWSF production capacity to 1,850,000 metric tons by the first half of 2011, which will drive revenues and earnings growth into the coming year."

Our response to Sino Clean Energy decisions to raise capital:

1.  Will the proposed offering be immediately accretive to EPS?
2.  How much money will be devoted to capacity expansion?
3.  How much will be capacity be expanded

Why use shareholder money? (a little leverage would also not hurt):

1.  Your quote: "We believe that we have sufficient cash flow to meet our obligations on a timely basis in the foreseeable future."
2.  You have an operating cash flow run rate of  $44 million which should translate into a decent free cash flow figure.
3. You have $25 million in cash.
4. Take out your non-cash derivative liability and you have solid working capital number

The proper plan:

1. Be patient. You have issued guidance which makes your stock extremely undervalued. You should let EPS growth play out and expand capacity later by raising money at better prices.
2. Better yet, use some of your operating funds to methodically increase capacity.
3. For acquisitions, do a raise when you have a deal in your sights.

How many capital raises have you completed as a public company?

As one of the biggest fans of the U.S. listed China Space it is my opinion the sector is becoming tainted long-term; largely due to decisions like this.

"We are pleased with our strong revenue growth and operating results during the first quarter of 2010, and expect robust growth to continue during 2010 due to our increased production capacity and growing demand for coal water slurry fuel in China," stated Baowen Ren, Chairman of Sino Clean Energy. "Our total production capacity today is 850,000 metric tons and we plan to expand our production capacity to 1,050,000 metric tons by the end of 2010. Currently, we have 35 customers under CWSF supply agreements totaling approximately 800,000 metric tons per year. The CWSF market continues to expand due to growing customer demand for clean and efficient sources of energy and the government's mandate for reduced emissions through improved utilization of coal. CWSF increases burning efficiency and reduces air pollution, coal consumption and coal material costs for end users while generating attractive gross profit margins for energy producers. As a result, we believe we are well-positioned to further drive incremental revenue and earnings growth and will continue to build upon being a leading producer of CWSF in China."

For the year ending December 31, 2010, management reaffirmed guidance and expects revenues of at least $105 million in revenues and adjusted net income of at least $25 million, representing an increase of approximately 128.3% and 127.3% compared to 2009 revenues and adjusted net income, respectively. This guidance assumes total sales volume of 850,000 metric tons of CWSF in 2010. The Company expects to end 2010 with 1,050,000 metric tons of total CWSF production capacity.