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China Integrated Energy Inc. Completes Independent Investigation
Date:5/24/2012

Tongchuan biodiesel facility, and while the investigation revealed the need to strengthen internal controls and take similar measures, the primary substance of all other allegations has been proven groundless. Sales of biodiesel accounted for approximately 17% of the Company's revenue in FY2010. The Committee applauded the Company for its full cooperation given throughout the investigation.

Speaking on behalf of the Company, its Chairman, Xincheng Gao, stated: "We are heartened, but not surprised, to hear the Audit Committee's conclusions. From the day the short sellers issued their attacks, we have consistently and vehemently denied them. Unfortunately, in this climate, people like the short sellers can say anything and then it is up to the Company to prove its innocence. While we are happy that we have been able to do so, the effort has cost the Company, and therefore its shareholders, a great deal. We are of course struck by the fact that the short sellers accused us of making false statements to benefit ourselves financially, when, in fact, that is precisely what the short sellers did. We will continue to defend ourselves and also continue to work with the Audit Committee to resolve any remaining issues regarding biodiesel production. We also appreciate that this thorough evaluative process inevitably and productively leads to useful recommendations, which will make our Company stronger and even more responsive to the interests of its shareholders."

About China Integrated Energy, Inc.

China Integrated Energy, Inc. is a leading non-state-owned integrated energy company in China engaged in three business segments: the production and sale of biodiesel, the wholesale distribution of finished oil and heavy oil products, and the operation of nine retail gas stations. The Company operates biodiesel production capacity within two plants located in Tongchuan, Shaanxi province, and one plant in Chongqing, China. The Company ut
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SOURCE China Integrated Energy, Inc.
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