 XIAN, China, Aug. 14, 2020 GLOBE NEWSWIRE -- China Recycling Energy Corporation NASDAQ: CREG CREG or the Company, an industrial waste-to-energy solution provider in China, today reported certain highlights of its operating results for the quarter ended June 30, 2020. As of June 30, 2020, we maintained a healthy cash and cash equivalents balance of approximately 62.7 million, stated Mr. Guohua Ku, Chairman and CEO of the Company. In addition, our company successfully collected approximately 2.8 million from overdue accounts receivable in the quarterly period ended June 30, 2020. Coupled with our continuing cost cutting efforts throughout our entire organization, our company has recognized net income of 993,940 in this quarter, or 0.43 per basic and diluted share. We are executing what we believe is a clear plan to manage our business efficiently and effectively through the coronavirus pandemic, prioritizing the health and safety of our customers and teams. We believe our financial position and contingency plans will allow us to retain the financial flexibility to pursue the fast-growing smart power sector. We feel we are back on track to continue evaluating several exciting strategic opportunities to reinvest in innovative growth initiatives. We expect to reposition our energy sustainability business in direct relation to smart power integrated solutions to vastly improve climate change efficiency in China in order to better serve our clients, employees and shareholders. As such, we will maintain our focus on expense and working capital discipline, so that we can move forward with a strengthened platform to attempt to capitalize on the significant opportunities we see for growth. Financial Summary for the Quarter Ended June 30, 2020 Cash and cash equivalents were approximately 62.7 million as of June 30, 2020, an increase of approximately 46.5 million as compared to approximately 16.2 million as of December 31, 2019. Net sales were nil as compared to 80,924 for the same period of 2019, due to the shutdown of our business during the COVID-19 pandemic. Income from operations was approximately 1.4 million, due to the reversal of bad debts allowance compared to approximately loss from operations of approximately 3.3 million. Net income for three months ended June 30, 2020 was 993,940 or 0.43 per fully diluted share compared to a net loss of approximately 5.3 million or 0.33 per fully diluted share for the three months ended June 30, 2019, a decrease of net loss of approximately 6.5 million. This decrease in net loss was mainly due to the decrease in operating expenses resulting from a reversal of bad debts expense as described above.About China Recycling Energy Corp.China Recycling Energy Corporation Nasdaq: CREG CREG or the Company is based in Xian, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1 of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. The Companys management and engineering teams have over 20 years of experience in industrial energy recovery in China. For more information about CREG, please visit Harbor StatementThis press release may contain certain forward-looking statements relating to the business of CREG and its subsidiary companies. All statements, other than statements of historical fact included herein are forward-looking statements. These forward-looking statements are often identified by the use of forward-looking terminology such as believes, expects or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Companys actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including, but not limited to, the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions relating to the registered direct offering and those discussed in the Companys annual and periodic reports that are filed with the Securities and Exchange Commission and available on its website at All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. CHINA RECYCLING ENERGY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS JUNE 30, 2020 UNAUDITED DECEMBER 31, 2019 ASSETS CURRENT ASSETS Cash 62,666,385 16,221,297 Accounts receivable, net 31,793,218 42,068,760 Interest receivable on sales type leases - 5,245,244 Prepaid expenses 51,078 52,760 Other receivables 44,653 1,031,143 Total current assets 94,555,334 64,619,204 NON-CURRENT ASSETS Investment in sales-type leases, net - 8,287,560 Long term deposit - 15,712 Operating lease right-of-use assets, net 21,655 54,078 Property and equipment, net 26,649,769 27,044,385 Construction in progress - 23,824,202 Total non-current assets 26,671,424 59,225,937 TOTAL ASSETS 121,226,758 123,845,141 LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILITIES Accounts payable 2,168,116 2,200,220 Taxes payable 2,483,681 4,087,642 Accrued interest on notes 3,935 - Notes payable, net of unamortized OID 913,410 - Accrued liabilities and other payables 1,165,256 1,184,751 Operating lease liability 25,611 56,755 Due to related parties 28,720 41,174 Interest payable on entrusted loans 8,711,500 8,200,044 Entrusted loan payable 20,181,378 20,480,214 Total current liabilities 35,681,607 36,250,800 NONCURRENT LIABILITIES Accrued interest on notes - 368,362 Income tax payable 5,782,625 5,782,625 Notes payable, net of unamortized OID - 1,552,376 Long term payable 423,759 430,034 Entrusted loan payable 282,506 286,689 Refundable deposit from customers for systems leasing - 544,709 Total noncurrent liabilities 6,488,890 8,964,795 Total liabilities 42,170,497 45,215,595 CONTINGENCIES AND COMMITMENTS NOTE 17 18 STOCKHOLDERS EQUITY Common stock, 0. 