<SEC-DOCUMENT>0001144204-13-016012.txt : 20131003
<SEC-HEADER>0001144204-13-016012.hdr.sgml : 20131003
<ACCEPTANCE-DATETIME>20130319102252
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-13-016012
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130319

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		12TH FLOOR, TOWER A, 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:		86-29-8765-1097

	MAIL ADDRESS:	
		STREET 1:		12TH FLOOR, TOWER A, 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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 19, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Via EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance<BR>
100 F Street, NE<BR>
Washington, D.C. 20549-0405&nbsp;</P>

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<TD><FONT STYLE="font-weight: normal; font-style: normal">Attn:</FONT></TD><TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William
H. Thompson, Accounting Branch Chief</P>
                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tony Watson</P>
</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>China Recycling Energy Corporation<BR>
Form 10-K for Fiscal Year Ended December 31, 2011<BR>
File No. 001-34625</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Thompson:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">On behalf of our
client, China Recycling Energy Corporation (&ldquo;CREG&rdquo; or the &ldquo;Company&rdquo; and sometimes referred to as &ldquo;we&rdquo;
or &ldquo;our&rdquo;), and pursuant to our phone conference on March 14, 2013, this firm is filing a final response to the SEC
Comment Letters, dated December 14, 2012, January 23, 2013, February 7, 2013 and March 4, 2013, in connection with complying with
the issues and outstanding disclosure items set forth therein. For convenience of reference, we have included, in this response
letter, the same caption and paragraph number, as well as the text of the comment, set forth in your March 4, 2013 comment letter
followed by our response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">Upon learning from
you that the SEC has no further comment, the Company will promptly file<FONT STYLE="color: black"> Amendment No. 1 to the Company&rsquo;s
Form 10-K for fiscal year ended December 31, 2011 with the SEC (as attached to the Company&rsquo;s Response Letter, filed February
7, 2013).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 10-K for Fiscal Year Ended December 31, 2011</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 8. Financial Statements and Supplementary Data, page
50</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Note 17: Shareholders&rsquo; Equity, page 78</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Comment
1</B>.&#9;We reviewed your response to the comment in our letter dated February 7, 2013. We understand that the purchase price
you agreed to pay in connection with the biomass power generation transfer agreement included RMB 80,000,000 in shares of your
common stock at a price equal to the price per share of common stock sold in your first initial public offering contemplated to
occur in 2010 or 2011, but in no event would the price be less than $4 per share. We also understand that at the request of Mr.
Dong your board of directors approved the issuance of 2,941,176 shares of common stock at a price of $4 per share on November 22,
2011 to settle the obligation because you were unable to launch your initial public offering as originally contemplated. Please
explain to us in detail why you believe the monetary value of the obligation was based solely or predominately on a fixed monetary
amount known at inception. Please refer to guidance in ASC 480-10-55-1 through 2, ASC 480-10-55-22 and ASC 480-10-55-46 through
51. In your response, please:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 19, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -63pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provide us with your analysis at inception of all possible outcomes you considered in your evaluation
of which component is predominate;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tell us the facts and circumstances that support your conclusion that settlement of the equity
contract based on the initial public offering price was more likely than a settlement at the minimum issuance price considering
your stock price on the date of the agreement, expected volatility of the price of your common stock and other pertinent factors;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">explain to us why settlement of the obligation in accordance with terms of the agreement would
result in the recognition of a substantial gain if the monetary value of the obligation is based solely or predominately on a fixed
monetary amount known at inception.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.35pt; text-align: justify; text-indent: 0in">If you conclude
that the monetary value of the equity contract was not based solely or predominately on a fixed monetary amount known at inception,
the contract would not be within the scope of paragraph ASC 480-10-25-14 and would need to be evaluated under ASC 815-40. In that
event, please provide us with an evaluation of the equity contract based on the guidance in ASC 815-40-15 and ASC 815-40-25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -63pt"><B><I>Response:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -63pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&#9;A.&#9;<B><I>Provide
us with your analysis at inception of all possible outcomes you considered in your evaluation of which component is predominate.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.7pt; text-align: justify; text-indent: -49.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
believe the monetary value of the obligation to issue a number of shares that varies was based solely or </FONT>predominantly<FONT STYLE="font-size: 10pt">
on a fixed monetary amount known at inception. Whether the monetary value of a financial instrument varies in response to changes
in market conditions depends on the nature of the agreement, including, in part, the form of settlement. Under ASC 480-10-55-2
example (a), the monetary value of a financial instrument that embodies an obligation that requires settlement either by transfer
of $100,000 in cash or by issuance of $100,000 worth of equity shares, is fixed at $100,000, even if the share price changes. Under
ASC 480-10-55-2 example (b), the monetary value of a financial instrument that embodies an obligation that requires physical settlement
by transfer of $100,000 in cash in exchange for the issuer&rsquo;s equity shares, is fixed at $100,000, even if the fair value
of the equity shares changes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 29, 2010,&nbsp;under
the Transfer Agreement, Mr. Dong transferred the Biomass Systems to Xi&rsquo;an TCH, and Xi&rsquo;an TCH was to pay&nbsp;Dong $14,705,900
(RMB 100,000,000) for the systems, including RMB 20,000,000 in cash and RMB 80,000,000 in shares of the Company&rsquo;s common
stock. Under similar examples from ASC 480-10-55-2 a &amp; b monetary value of the financial obligation is fixed even if the share
price or fair value of the equity shares changes; therefore, we believe the monetary value of the obligation was fixed at RMB 100
million including RMB 80 million to be paid in shares, at a price equal to the price per share of common stock sold in our first
initial public offering contemplated to occur in 2010 or 2011, but in no event at a price less than $4 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 19, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, at the
time the agreement was entered into, our share price was $3.63. The agreement stated that the Company would issue RMB 80 million
($11.78 million) of shares at the first price set by an IPO, but not at less than $4 per share.&nbsp; Hence, if the IPO the Company
did was at $5 per share, the Company would have issued 2,356,000 shares ($11.78 million/$5).&nbsp; If the IPO was at $6 per share,
the Company would have issued 1,963,333 shares.&nbsp; If at a price of $4 or less, 2,941,176 shares would have been issued. Hence
the instrument had a fixed monetary liability (RMB 80 million) for all CREG share prices. It is not likely that the instrument
holder (Dong) would have agreed to the terms if he expected CREG's share price to fall significantly below $4. This fact pattern
further supports the Company's belief that the monetary value of the obligation was predominantly based on a fixed monetary amount
known at inception, which was $11.78 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&#9;<B>B</B>.&#9;<B><I>Tell
us the facts and circumstances that support your conclusion that settlement of the equity contract based on the initial public
offering price was more likely than a settlement at the minimum issuance price considering your stock price on the date of the
agreement, expected volatility of the price of your common stock and other pertinent factors; and</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.7pt; text-align: justify; text-indent: -49.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the date of the
agreement, June 29, 2010, our stock price was $3.63; the average stock price in 2010 was in the range of $3 - $5 and the Company
was planning to launch an IPO at a price of $4 per share or higher. Accordingly, the parties agreed on a minimum price of $4, the
expected minimum IPO price at that time, since $4.02 was the average stock price in 2010 prior to the asset transfer agreement
with Mr. Dong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&#9;<B>C</B>.&#9;<B><I>Explain
to us why settlement of the obligation in accordance with terms of the agreement would result in the recognition of a substantial
gain if the monetary value of the obligation is based solely or predominately on a fixed monetary amount known at inception.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.7pt; text-align: justify; text-indent: -49.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligation is a
straight liability under 480-10-25-14 (a). The liability is to be settled by issuance of stock. The reason we issued the shares
to Mr. Dong when we did rather than to roll the agreement forward was because Mr. Dong requested that he get the shares. The Company
had been unable to launch the public offering as contemplated under the agreement with Mr. Dong but Mr. Dong wanted to receive
the shares and offered to accept the shares in settlement of the obligation at the $4 minimum price. Under ASC 470-50-40-1, as
indicated in paragraph&nbsp;<FONT STYLE="text-underline-style: none">470-50-15-4</FONT>, the general guidance for the extinguishment
of liabilities is contained in Subtopic&nbsp;<FONT STYLE="text-underline-style: none">405-20</FONT>&nbsp;and defines transactions
that the debtor shall recognize as an extinguishment of a liability. ASC 470-50-40-2&nbsp;states a difference between the reacquisition
price and the&nbsp;<FONT STYLE="text-underline-style: none">net carrying amount of the extinguished debt</FONT>&nbsp;shall be recognized
currently in income of the period of extinguishment as losses or gains and identified as a separate item.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our case, the reacquisition
price is the stock price ($1.2) at settlement date (November 22, 2011) times the fixed amount of shares to be issued (2,941,176
shares, determined at $4 per share), the net carrying amount of the liability is RMB 80 million ($11.78 million), the difference
of $8.3 million was recorded as gain on settlement of debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>&#9;D</B>.&#9;<B><I>If
you conclude that the monetary value of the equity contract was not based solely or predominately on a fixed monetary amount known
at inception, the contract would not be within the scope of paragraph ASC 480-10-25-14 and would need to be evaluated under ASC
815-40. In that event, please provide us with an evaluation of the equity contract based on the guidance in ASC 815-40-15 and ASC
815-40-25.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.7pt; text-align: justify; text-indent: -49.7pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.7pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 19, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.7pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We concluded that the monetary value of
the equity contract was based solely or predominantly on a fixed monetary amount known at inception as explained above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I will confirm with
you within the next 48 hours whether our response is satisfactory, and, if so, we will file the Form 10-K/A attached to our previous
responses. If, before that time, you have any further comments or require any further information or if any questions should arise
in connection with this submission, please call me at (404) 527-4990 or Mr. Jay Shah at (404) 527-4593.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0">&nbsp;</TD>
    <TD STYLE="width: 45%; padding: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">/s/ Thomas Wardell, Esq.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Thomas Wardell, Esq.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">cc:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">David Chong, CFO, China Recycling Energy Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Jeffrey Li, Esq.</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Jay V. Shah, Esq.</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
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