The board of directors of AAG Energy Holdings Limited announced that the Board has recently established the New Business Committee. The purpose of the establishment of the New Business Committee is to assist the Board in assessing and reviewing the opportunities and risks with regards to the company’s significant investment projects so as to provide accurate basis for decision-making by the company and to maximize the return on the Company’s cash reserves and shareholder equity. The New Business Committee shall comprise a minimum of three members and the Chairman of the New Business Committee shall be appointed by the Board and be either an independent non-executive director of the Company or the Chairman of the Board. The Board has appointed Mr. Fredrick J. Barrett, Dr. Bo Bai, Mr. Robert Ralph Parks and Mr. Yaowen Wu as members of the New Business Committee. Mr. Fredrick J. Barrett has also been appointed as the Chairman of the New Business Committee.