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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001144204-09-056859.txt : 20091105
<SEC-HEADER>0001144204-09-056859.hdr.sgml : 20091105
<ACCEPTANCE-DATETIME>20091105165549
ACCESSION NUMBER:		0001144204-09-056859
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20091105
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20091105
DATE AS OF CHANGE:		20091105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA RECYCLING ENERGY CORP
		CENTRAL INDEX KEY:			0000721693
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				900093373
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		091161818

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 909, TOWER B, CHANG AN INTL BLDG
		STREET 2:		NO. 88 NAN GUAN ZHENG XIE
		CITY:			XI AN CITY, SHAN XI PROVINCE
		STATE:			F4
		ZIP:			710068
		BUSINESS PHONE:		86-29-8765-1096

	MAIL ADDRESS:	
		STREET 1:		SUITE 909, TOWER B, CHANG AN INTL BLDG
		STREET 2:		NO. 88 NAN GUAN ZHENG XIE
		CITY:			XI AN CITY, SHAN XI PROVINCE
		STATE:			F4
		ZIP:			710068

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA DIGITAL WIRELESS INC
		DATE OF NAME CHANGE:	20040810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOULDER ACQUISITIONS  INC
		DATE OF NAME CHANGE:	20020430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOULDER BREWING CO
		DATE OF NAME CHANGE:	19920703
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      pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
5.02.&#160;&#160;Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
October 30, 2009, the Board of Directors approved the increase in the size of
the Board of Directors from three members to six members. At the same time, the
Board of Directors appointed Mr. Sean Shao, Mr. Julian Ha and Mr. Timothy
Driscoll as new members of the Board to fill the vacancies on the Board until
their successors have been duly elected and qualified.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr. Shao
is anticipated to chair the Audit Committee of the Board and serve as a member
of the Nominating Committee.&#160;&#160;Mr. Ha is anticipated to chair the
Compensation Committee of the Board and serve as a member of the Audit Committee
of the Board.&#160;&#160;Mr. Driscoll is anticipated to chair Nominating
Committee of the Board and serve as a member of the Compensation Committee of
the Board.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr. Sean
Shao currently serves as a director of Agria Corporation, a China-based
agricultural company listed on the NYSE, and as the Chairman of its Compensation
Committee since November 2008, as a director and Chairman of the Audit Committee
of Yongye International, Inc., a China-based agricultural company listed on the
NASDAQ, since April 2009, and a director and Chairman of the Audit Committee of
China Biologic Products, Inc., a plasma-based biopharmaceutical company in China
listed on the OTCBB, since July 2008. Mr. Shao previously served as the Chief
Financial Officer of Trina Solar Limited (&#8220;Trina&#8221;) from August 2006 to June
2008, and as the chief financial officer of ChinaEdu Corporation, a Chinese
educational service provider, from September 2005 to August 2006.&#160;&#160;Mr.
Shao was the chief financial officer of Watchdata Technologies Ltd., a Chinese
security software company, from August 2004 to September 2005 and a senior
manager at Deloitte Touche Tohmatsu Beijing from October 1998 to July 2004 and
Deloitte &amp; Touche Toronto from December 1994 to November
1997.&#160;&#160;Mr. Shao received his master&#8217;s degree in health care
administration from the University of California at Los Angeles in 1988 and his
bachelor&#8217;s degree in art from East China Normal University in
1982.&#160;&#160;Mr. Shao is a CPA and holds a license with the American
Institute of Certified Public Accountants.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Julian Ha is a member of the Private Equity, Financial Officers and Legal
practice groups of Heidrick &amp; Struggles, a publicly-listed, global retained
executive search firm since 2006.&#160;&#160;Mr. Ha focuses on placing
senior-level legal and finance executives into public and private
companies.&#160;&#160;&#160;From 2005 through 2006,&#160;&#160;Mr. Ha was a
Director in the Corporate Finance group of Evolution Securities China Limited,
an investment bank based in London, UK.&#160;&#160;From 2001 to 2005, Mr. Ha was
a Director of European Business Development for CapitalKey Advisors and Capital
IQ, a corporate finance boutique and private equity research firm backed by
CSFB, Merrill Lynch, JP Morgan Chase and Dresdner Bank.&#160;&#160;Mr. Ha was an
Executive Vice President with DDL, a London-based venture capital fund from 2000
to 2001, where he was responsible for portfolio management.&#160;&#160;&#160;Mr.
Ha trained as a corporate lawyer and has practiced in New York, Washington,
D.C., London, Singapore and Shanghai.&#160;&#160;Mr. Ha received his BA from
Cornell University , his Masters degrees from the London School of Economics and
Harvard University and his JD from the NYU School of Law.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Driscoll currently serves as the chief executive officer of Proteus Industries,
president of MTD Ventures, and president and chief of executive officer of
Driscoll Management Services. Mr. Driscoll also serves as a director of American
Oil and Supply International and&#160;&#160;Proteus Industries.&#160;&#160;From
1994 through 1999,&#160;&#160;Mr. Driscoll was the president and chief executive
officer of Agrevo Environmental Health and was the president and chief executive
officer of Rouossel UCLAF Environmental Health from 1991 to 1994.&#160;&#160;Mr.
Driscoll received his MBA in Finance from Xavier University and B.S. in
Economics from Villanova University.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based on
its investigation, the Board determined that each of Mr. Sean Shao, Mr. Julian
Ha and Mr. Timothy Driscoll is &#8220;independent&#8221; under section 803 of the NYSE Amex
Company Guide and Rule 10A-3 under the Securities Exchange Act of 1934, and none
of the directors has a relationship that would interfere with the exercise of
independent judgment in carrying out the responsibilities of a
director.</font></div>
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its review, the Board also determined that Mr. Sean Shao, Mr. Julian Ha and Mr.
Timothy Driscoll each qualify as &#8220;Non-Employee Directors&#8221; as defined by Rule
16b-3 under the Securities Exchange Act of 1934, as amended, and &#8220;outside
directors&#8221; under Section 162(m) of the Internal Revenue Code and related
regulations.</font></div>
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connection with their appointment, the Company entered into director agreements
with Mr. Shao, Mr. Ha and Mr. Driscoll.&#160;&#160;In the agreement, Mr. Shao
will receive compensation in the amount of $2,000 per month and an option to
purchase 50,000 shares of the Company&#8217;s Common Stock, par value $0.001, at an
exercise price equal to the closing price per share of the Company's Common
Stock on October 30, 2009.&#160;&#160;&#160;The director agreements also provide
that Mr. Ha and Mr. Driscoll, each will receive compensation in the amount of
$2,000 per month and an option to purchase 40,000 shares of the Company&#8217;s Common
Stock, par value $0.001, at an exercise price equal to the closing price per
share of the Company's Common Stock on October 30, 2009.</font></div>
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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.</font></div>
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              <td colspan="2" valign="top" width="38%">&#160;</td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">      </font></font>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">China
      Recycling Energy Corporation</font></div>
                </div>
              </td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">      </font>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:
      November 5, 2009</font></div>
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              <td valign="top" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Xinyu Peng</font></font></div>
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            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">      </font>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Xinyu
      Peng, Chief Financial Officer</font></div>
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              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
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