|
NEW YORK, Sept. 2 /PRNewswire-FirstCall/ -- Gushan Environmental Energy
Limited (the "Company"; NYSE: GU), China's largest producer of biodiesel as
measured by annual production capacity, announces that the Board of Directors
has granted share options to 27 individuals, including officers, employees and
one director of the Company totaling 1,276,000 ordinary shares (638,000
American Depositary Shares) at an exercise price of USD5.30 per ordinary share
(as adjusted to USD10.60 per ADS) of the Company on September 1, 2008. The
options will vest one third 12 months from the date of grant, one third 24
months from the date of grant and the remaining one third 36 months from the
date of grant. The options will expire ten years from the date of grant. The
options have been granted pursuant to the Company's share option scheme. The
purpose of the option grants is to encourage the retention of personnel in a
competitive market place. Together with those share options previously
granted, there are 6,293,183 ordinary shares (3,146,592 ADSs) issuable upon
exercise of outstanding share options and there are 8,484,667 ordinary shares
(4,242,334 ADSs) available for future issuance upon the exercise of future
grants under the share option scheme.
About Gushan Environmental Energy Limited
Gushan Environmental Energy is China's largest producer of biodiesel, as
measured by annual production capacity. The company produces biodiesel, a
renewable, clean-burning and biodegradable fuel, primarily from vegetable oil
offal and used cooking oil, and by-products from biodiesel production,
including glycerine, plant asphalt, erucic acid and erucic amide. Gushan sells
biodiesel directly to users, such as marine vessel operators, as well as to
petroleum wholesalers and individual retail gas stations. The company
currently operates five production facilities in the Sichuan, Hebei, Fujian
provinces and Beijing and Shanghai with a combined annual production capacity
of 290,000 tons. The company targets to increase its annual production
capacity to 400,000 tons by the end of 2008 with the expansion or addition of
new production facilities in Beijing, Hunan and Chongqing.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by words such as
"will," "may," "expect," "anticipate," "aim," "target," "intend," "plan,"
"believe," "estimate," "potential," "continue," and other similar statements.
Statements other than statements of historical facts in this announcement are
forward-looking statements, including but not limited to, our expectations
regarding the expansion of our production capacities, our future business
development, and our beliefs regarding our production output. These
forward-looking statements involve known and unknown risks and uncertainties
and are based on current expectations, assumptions, estimates and projections
about the Company and the industry. Important risks and uncertainties that
could cause the Company's actual results to be materially different from
expectations include but are not limited to the effect of any applicable
government policy, law or regulation, of natural disasters, and of
intensifying competition in the biodiesel and alternative energy industries,
the availability of suitable raw materials to the Company, and the risks set
forth in the Company's filings with the U.S. Securities and Exchange
Commission, including on Form F-1, as amended. The Company undertakes no
obligation to update forward-looking statements, except as may be required by
law. Although the Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are cautioned that
actual results may differ materially from the anticipated results.
SOURCE Gushan Environmental Energy Limited
|
