 Newater Technology, Inc. NASDAQ: NEWA NEWA, or the Company, a developer, service provider and manufacturer of membrane filtration products and related hardware and engineered systems that are used in the treatment, recycling and discharge of wastewater, today announced that the special committee of its board of the directors the Independent Committee, which consists of independent directors and was formed to consider, among other things, the May 12, 2020 non-binding proposal letter from the Companys Chairman and Chief Executive Officer, Mr. Yuebiao Li Mr. Li, and its Chief Financial Officer, Ms. Zhuo Zhang Ms. Zhang, together with Mr. Li, the Buyer Group, to acquire all of the outstanding shares of the Company not currently owned by the Buyer Group and their respective affiliates and certain other shareholders of the Company who may choose to join the Buyer Group in a going private transaction the Proposed Transaction, has retained Duff Phelps, LLC as its financial advisor and MagStone Law, LLP as its legal counsel to assist the Independent Committee in its work. 