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Andatee China Marine Fuel Services Corporation, a leading independent operator engaged in the production, storage, distribution, trading of blended marine fuel oil for cargo and fishing vessels in China, has confirmed the resignaton of An Fengbin as chief executive officer (CEO). He is being replaced by Wang Hao, who has held the title of chief financial officer (CFO) since the end of 2012 and is promoted to the role of CEO, effective immediately.

According to Andatee, the management changes were approved by the Board of Directors on December 27, 2013 and An Fengbin's resignation was not a result of any disagreements with the company.

Wang Hao was appointed as Andatee's CFO in December 2012. From August 2007 to May 2010, he was CFO and Vice President of BoYuan Construction Group, Inc., a residential and commercial construction company in China. From May 2010 to December 2012, Mr. Wang was Chief Executive Officer of Business International Capital Ltd, a financial consulting firm.

Commenting on the appointment of Wang Hao, Andatee said: "There is no arrangement or understanding between Wang Hao and any other persons pursuant to which he was appointed as discussed above. Nor are there any family relationships between him and any executive officers and directors. Further, there are no transactions involving the Company which transaction would be reportable pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Act. In addition, the Board also approved the terms and provisions of Wang Hao's base salary of USD$150,000 per annum, subject to review by the Board for subsequent increases on an annual basis."

Mr. An will remain the company's Chairman of the Board, Andatee said.

The Board of Directors has appointed Mr. Quan Zhang, the company's deputy CFO, as the Interim CFO, effective immediately.

Mr. Zhang has held the title of the Company's deputy CFO since January 2013. From January 2012 to December 2012, he was Director of Commerce at the Fujia Group, a property and hotel management company. Prior to this, from November 2006 to June 2011, Mr. Zhang was Finance Department Director at the Shide Group. He studied at the Dongbei University of Finance and Economics, graduating with a degree in accounting in 2000.

Commenting on the appointment of Quan Zhang, Andatee said: "There is no arrangement or understanding between Mr. Zhang and any other persons pursuant to which he was appointed as discussed above. Nor are there any family relationships between him and any executive officers and directors. Further, there are no transactions involving the Company which transaction would be reportable pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Act. In addition, the Board also approved the terms and provisions of Zhang's base salary of RMB150,000 per annum, subject to review by the Board."