UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 10, 2007
CHINA RECYCLING ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Nevada 000-12536 90-0093373
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
Services-Business Services,
0000721693 NEC [7389] 06628887
(Central Index Key) (Standard Industrial Classification) (Film Number.)
429 Guangdong Road
Shanghai 200001
People's Republic of China
(Address of principal executive offices, including zip code)
(86-21) 6336-8686
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On May 10, 2007, the Board of Directors ("Board") of China Recycling Energy
Corporation ("registrant" or "we") decides in a board resolution that the
registrant officially changes its main business operations to energy saving and
recycling systems and services. The registrant's new business operations include
developing and constructing recovered energy power systems such as
TRT(Blast-Furnace Top Pressure Recovery Turbine Unit), CHPG (Power generation by
recovering cement residual heat without additional fuel), GTPG(Gas turbine power
generation) and CGGE(Comprehensive utilization of coal gangue generating
electricity);selling the electricity generated by the recovered energy power
systems to steel plants and other customers; constructing power plants on a
turnkey - EPC (Engineering, Procurement and Construction) basis for developers,
industrial users and public facilities; developing flexible, custom-tailored
ECO-Energy solutions that enable customers to quickly and easily improve energy
efficiency and educe fossil fuel consumption and Green House Gases emission.
Since January 2007, we have established a technical team that is composed of
recognized experts and technicians specialized in the development and
construction of energy saving and recycling systems. The key members of our
technical team are:
Guohua Ku, the president and chief technology officer of the registrant, aged
45, earned a Master of Business Administration degree from Northwestern
University (China) and a Bachelor's degree from China Central Radio and TV
University. He had served as the senior technology and marketing officer for
several large Chinese state-owned companies. He was the senior engineer of
Shaanxi Blower Group from 1979 to 2005. He gained tremendous experiences and
developed exceptional expertise on the development and operation of TRT programs
and energy recycling systems. The major projects he participated in include
Jiuquan Steel Group No.1 BF 1513M3 TRT project (January 1987), Wuhan Steel Group
No.2 BF 1620M3 TRT project (December 1997), Wuhan Steel Group No.4 BF 2200M3 TRT
project (April 2000), Changzhi Steel Group 1080M3 TRT project (November 2005);
Lianyuan Steel Group 2x450M3 TRT project (December 2005), and Xingtai Steel
Group 2x450M3 TRT project (September 2006).
Tianliang Peng, aged 44, an expert in power plant construction and energy
recycling system development. He earned his Bachelor's degree from Xi'an
Jiaotong University. He was Director of Power Department of Shaanxi Machine Tool
Company from 1985 to 1990, Vice Director of Xinjiang Baicheng Power Plant from
1990 to 2000, Chief Engineer of Xinjiang Kashi Power Generation Plant from 2000
to 2003, Chief Engineer of Xinjiang Changji Thermal Power Pty. Ltd. from 2003 to
2006, Chief Engineer of Shanxi Zinc Group from 2006 to January 2007. He joined
our technical team in January 2007. The major projects he participated in
include BaiCheng Power Plant 2# and 3# Project (1990), Kashi 2iA135MW Thermal
Power Plant (2004), and Shanxi Zinc Group 2iA50MW Gangue Power Plant (2006).
Hanqiao Zheng, aged 49, graduated from Northwestern University of Agricultural
and Forestry Technologies. He worked in the Weinan Municipal Government from
1982 to 1996 and afterwards served at a management position in Shaanxi Province
Machinery Import/Export Co., Ltd. He is also specialized in the management of
TRT systems. The major projects he participated in include Changzhi Steel Group
1080M3 TRT project (November 2005) and Xingtai Steel Group 2x450M3 TRT project
(September 2006).
Prior to the official change of main business operations reported on this
current report, the registrant and its sub-subsidiary, Shanghai TCH Data
Technology Co., Ltd. ("TCH"), have engaged in several preliminary transactions
and activities in connection to the energy saving and recycling systems and
services. On April 08, 2007, the Board of the Registrant approves and makes
effective a TRT Project Joint-Operation Agreement between Xi'an Yingfeng Science
and Technology Co., Ltd. and TCH. In the first quarter (January, February and
March) of 2007, the registrant and TCH have taken several preliminary actions in
preparation for the full pursuit of the new business operations. We selected and
purchased a number of necessary components and software for TRT and other
recovered energy system. We also organized and trained the technician team.
Starting from May 10, 2007, the registrant and TCH cease all the operations and
transactions in connection to the business of mobile phone distribution, value
added information services, advertising services and entertainment-related
services that were previously engaged by the registrant under the name "China
Digital Wireless, Inc.".
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
China Recycling Energy Corporation
Date: May 10, 2007
/s/Guohua Ku
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Guohua Ku
President and Chairman