Three analysts project revenue of $545.97 million for the year. Commenting on the results, Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc., said, "Our fourth quarter results demonstrate our ability to continue executing on our growth plans by increasing biodiesel production to drive incremental, high margin revenues. Sales growth was driven during the quarter by a combination of increased sales volume and higher average selling prices. Biodiesel sales increased 35.7% for the fourth quarter of 2010, compared to the fourth quarter of 2009, while retail gas station sales increased 144.6% due to 3 newly acquired or leased gas stations in 2010, strong consumer demand across 13 stations, as well as higher fuel prices at the pump."

Management is committed to growing all three of the Company's business segments - the production and sale of biodiesel, the wholesale distribution of finished oil and heavy oil products, and the operation of retail gas stations - to support the Company's long term growth strategy. As of September 30, 2010, the Company had cash and cash equivalents of approximately $79.7 million. Together with strong operating cash flow and net proceeds of approximately $37.4 million from two recent capital raises, the Company believes that it has adequate funds to support its growth plans. In the fourth quarter of 2010, the Company spent a total of $25.7 million for two separate acquisitions that will generate a combined $44.3 million in revenues in 2011.

1. Shenmu gas station: On October 25, 2010, the Company acquired Shenmu gas station in Yulin City, Shaanxi Province, for $9.2 million in cash. Management estimates the Shenmu gas station will generate approximately $12.3 million in revenue in 2011.
2. Chongqing biodiesel production plant: On October 26, 2010, the Company acquired a 50,000-ton biodiesel production facility, located in Chongqing City, from Chongqing Tianrun Energy Development Co., Ltd., for $16.5 million in cash. Management expects this acquisition to add approximately $32 million in revenue in 2011.

Additionally, the Company is expected to complete the construction of its new 50,000-ton biodiesel production facility adjacent to its existing 100,000-ton biodiesel production facility in Tongchuan City, Shaanxi Province, by the end of this month. The total construction cost of the new 50,000-ton biodiesel production facility is now approximately $19.3 million, of which $18.3 million has been spent by the Company to date. The remaining $1 million will be paid in the first quarter of 2011. The Company expects to generate approximately $21 million in annual revenues from this new facility in 2011.

The Company has identified the following as priority capital projects in 2011:

(a) The 200,000-ton facility is expected to be ramping up to 90% capacity in the fourth quarter of 2012, and expected to reach full utilization in 2013. The new 200,000-ton facility is expected to contribute $84 million in annual revenue in 2012 and $140 million in annual revenue in 2013.

Update on the Acquisition of Hainan Lin Gao Chemical Co., Ltd

On January 3, 2011, the Company announced plans to expand its biodiesel production capacity by acquiring assets including but not limited to infrastructure, land use rights to 15 acres of land, and storage tanks with 15,000 cubic meters of storage capacity in Lin Gao County, Hainan province, for approximately $9 million in cash. The Company is performing due diligence, and expects to complete the acquisition by the end of the first quarter 2011.

The Company plans to build a 300,000-ton biodiesel plant at this facility and has revised its phase one expansion plan to construct a 200,000-ton biodiesel production facility, from the previously announced 100,000-ton facility. The estimated construction cost of phase one is approximately $37 million and is expected to be completed fourteen months after the closing of the acquisition.

Working Capital Needs to Fuel Growth in 2011

For 2011, the Company estimates a $45.0 million to $50.0 million of working capital requirements for the growth of all three business segments, which includes an increase of approximately 25% to 30% in wholesale distribution volume in 2011 from 2010, and the two capital projects of Hainan Lin Gao Chemical Co., Ltd. and Chongqing FengDou Keyu Trade Co., Ltd. The Company believes that it has adequate capital to support its current growth plans.

About China Integrated Energy, Inc.

China Integrated Energy, Inc. is a leading non-state-owned integrated energy company in China engaged in three business segments: the production and sale of biodiesel, the wholesale distribution of finished oil and heavy oil products, and the operation of thirteen retail gas stations. The Company operates a 100,000-ton biodiesel production plant located in Tongchuan City, Shaanxi Province and a 50,000-ton plant in Chongqing City, China. The Company expects to increase the total biodiesel production capacity to 200,000 tons upon completion of a new 50,000-ton production facility adjacent to the 100,000-ton plant in Tongchuan City in January 2011. The Company utilizes a distribution network covering 16 provinces and municipalities, established over the past 11 years, to distribute both heavy oil and finished oil including gasoline, petro-diesel and biodiesel. For additional information on the Company please visit http://www.chinaintegrat... . To subscribe to future releases via e-mail alert, visit

    -- Q1 2010 sales increase to $109.4 million, up 86.5% over first quarter
       2009.
    -- Q1 2010 net income increases 57.7% to $11.4 million, with EPS of $0.27.
    -- All three business segments -- Distribution of Finished Oil and Heavy
       Oil, Production and Sale of Biodiesel, and Operation of Retail Gas
       Stations -- generate higher revenue year-over-year.
    -- The Company increased full-year 2010 revenue and net income guidance to
       $387 million and $49.5 million, respectively.
    -- Management to host earnings conference call on May 12, 2010 at
       10:00 am ET.


    SUMMARY FINANCIALS

    First Quarter 2010 Results (unaudited)
                             Q1 2010           Q1 2009          CHANGE
    Sales                 $109.4 million    $58.7 million       +86.5%
    Gross Profit           $13.3 million     $7.7 million       +73.2%
    Net Income (Loss)      $11.4 million     $7.2 million       +57.7%
    EPS (Fully diluted)       $0.27             $0.21           +28.6%

First Quarter 2010 Financial Results

Sales -- Sales for the first quarter of 2010 were $109.4 million compared to $59.1 million in the first quarter of 2009, an increase of 86.5%. The increase was mainly due to strong market demand for finished oil products and sales growth generated by the Company's retail gas stations. China Integrated Energy reported revenue in its three business segments -- Distribution of Finished Oil and Heavy Oil Products, Production and Sale of Biodiesel, and Operation of Retail Gas Stations, as follows:

    First Quarter 2010 Revenue Breakdown
                              Q1 2010         Q1 2009            CHANGE
    Distribution of         $76.6 million   $39.3 million        +94.9%
     Finished Oil and
     Heavy Oil Products
     %of Sales                 70.0%           67.0%
    Production and Sale of  $14.9 million   $11.3 million        +32.4%
     Biodiesel
     %of Sales                 13.6%           19.2%
    Operation of Retail     $17.9 million    $8.1 million        +121.3%
     Gas Stations
     %of Sales                 16.4%           13.8%
    Total Sales            $109.4 million  $58.7 million         +86.5%

"Growth was strong for both total sales and net income during the first quarter of 2010," stated Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc. "Sales volume of wholesale distribution products totaled 91,500 tons, an increase of 51.2% from the same period in 2009, due to an increase in sales to our existing customers to support their business growth and to an increase in the number of new customers. First quarter sales volume for our retail gas stations was 19,500 tons, an increase of 75.3% from the same period in 2009, as a result of increase of number of gas stations and sales volume increase per gas station. Sales volume of biodiesel for the first quarter of 2010 totaled 18,400 tons, a decrease of 11.5% compared to the same period of 2009, however the average selling price of biodiesel increased by approximately 10.9% from the same period in 2009. With 12 retail gas stations servicing 14 provinces and municipalities, an extensive petroleum distribution network and one of the largest biodiesel manufacturing facilities in China with a 50% increase in capacity scheduled to come on line in the third quarter, we continue to believe that China Integrated Energy is well positioned to capitalize on China's growing demand for energy."

Cost of Sales -- Cost of sales for the first quarter of 2010 was $96.1 million compared to $51.0 million in the same period of 2009, an increase of 88.5%. The increase was attributable to an increase in production and sales activities during the first quarter of 2010. Cost of sales as a percentage of sales was approximately 87.8% for the first quarter of 2010 and 86.9% for the same period in 2009. The increase as a percentage of sales was due to change in product sales mix in wholesale distribution business.

Gross Profit and Gross Margin -- Gross profit was $13.3 million for the first quarter of 2010 as compared to $7.7 million for the same period in 2009, representing a gross profit margin of approximately 12.2% and 13.1%, respectively. The decrease in gross profit margin was mainly change in product sales mix in the Company's wholesale distribution business. During the first quarter of 2010, the gross profit margin for wholesale distribution of finished oil and heavy oil products was approximately 8.6%, production and sale of biodiesel was approximately 31.5%, and operation of retail gas stations was approximately 11.2%.

Operating Expenses -- Selling, general and administrative expenses for the first quarter of 2010 were approximately $1.8 million compared to $0.6 million in the same period last year. Total operating expenses as a percentage of sales was 1.7% and 1.0% for the first quarter of 2010 and 2009, respectively. The increase was mainly attributed to stock-based compensation cost related to employee stock options and various stock purchase options.

Net Income -- For the quarter ended March 31, 2010, net income increased 57.7% to $11.4 million, as compared to $7.2 million in the same period of 2009. The increase was attributable to economies of scale combined with rapid growth in revenue from wholesale distribution of finished oil and heavy oil products and from the operation of retail gas stations. Earnings per share in the first quarter of 2010 were $0.27 as compared to $0.21 in the first quarter of 2009, based on 42.8 million and 34.6 million diluted weighted average shares outstanding, respectively.

Liquidity and Capital Resources

Cash and cash equivalents were $41.0 million at March 31, 2010, compared to $62.4 million at December 31, 2009. The Company had working capital of $109.1 million at March 31, 2010 compared to $121.1 million at December 31, 2009. The ratio of current assets to current liabilities was 8.5-to-1 at March 31, 2010, compared to 12.8-to-1 at the December 31, 2009. The decrease in working capital in the first quarter of 2010 was primarily due to an increase of $14.2 million in the Company's advance to suppliers for additional petroleum supply to support the growth of its wholesale distribution and retail gas station business segments. In the first quarter of 2010, the Company also leased two new gas stations for approximately $8.9 million, and made down payments of approximately $7.7 million for the new equipment for its new biodiesel production plant. Inventories were $21.8 million and the accounts receivable balance was $6.9 million on March 31, 2010, compared to $21.0 and $3.1 million on December 31, 2009, respectively. Net cash used in operations was $11.2 million in the first quarter of 2010.

Business Outlook

China Integrated Energy's future growth strategies include expanding and diversifying base of customers and suppliers for finished oil and heavy oil products, further increasing and enhancing its biodiesel production capacity and feedstock supply, and expanding its wholesale and retail distribution network through organic growth and potential acquisitions.

China Integrated Energy's core wholesale distribution business is strategically located with valuable railway access to Yunnan, Sichuan and Guizhou provinces, and benefits from an extensive distribution network and well-established base of customers and suppliers. In January 2010, the Company signed a contract with an existing wholesale distribution customer to deliver an estimated 160,000 tons of petroleum products in 2010, an increase of 62,000 tons over sales to this customer in 2010. The newly signed contract is expected to generate an additional $52 million in revenue from this customer in 2010.

China Integrated Energy is currently constructing a new biodiesel production facility in Tongchuan City, Shaanxi Province. The new production facility, adjacent to the Company's existing biodiesel production facility, is expected to add 50,000 tons to the Company's annual biodiesel production capacity, bringing total capacity to 150,000 tons. The Company expects to commence operation of the additional facility by the third quarter of 2010, with $15 million in capital expenditures budgeted for the expansion.

At March 31 2010, China Integrated Energy operated 12 retail gas stations in Shaanxi province, including two stations the Company acquired in January 2010. These two additional stations are expected to add approximately $14.2 million in revenues for FY 2010. Three stations acquired in December 2009 are expected to add approximately $19.9 million in revenues for FY2010. The Company plans to add additional retail gas stations through acquisition or lease, which should benefit its overall distribution profit margins.

"We believe that China Integrated Energy's vertically integrated business model provides a competitive advantage in the marketplace and offers unique, synergistic opportunities to generate significant growth and return on investment," added Mr. Gao. "We are one of only four companies in Shaanxi licensed to distribute both finished and heavy oil, we are the only integrated biodiesel producer with a distribution license in China and our distribution platform covers a geographic population of approximately 640 million people. Our proprietary biodiesel production capabilities enable us to utilize a variety of feedstock sources, giving us better control over our input costs and capacity utilization. Our growing retail fuel station business provides the opportunity to leverage our distribution and biodiesel production assets, while presenting additional opportunity to grow through acquisition. With plans to expand our wholesale distribution network, portfolio of retail gas stations as well as our biodiesel manufacturing capacity, along with favorable market conditions as a result of China's economic growth, favorable government initiatives and global crude oil prices, we anticipate another strong year in 2010."

Financial Outlook for 2010

For the full year ending December 31, 2010, management now expects revenues of $387 million from $382 million and net income of $49.5 million from $48 million, representing an increase of 33.7% and 30.7% compared to 2009 revenue and net income, respectively. Guidance includes an additional 50,000 tons of annual biodiesel manufacturing capacity expected to come online during the third quarter of 2010 and the lease of three additional retail gas stations. Management reserves the right to revise guidance in the future.

Conference Call Information

Interested parties may access the Company's conference call, scheduled for 10:00 a.m. EDT on May 12, 2010, by dialing 1-877-941-1430 when calling within the United States or +1-480-629-9667 when calling internationally (pass code 4297433). It is advisable to dial in approximately 5-10 minutes prior to the start of the call. A replay will be available through May 19, 2010 and can be accessed by dialing 1-800-406-7325 (U.S.), +1-303-590-3030 (Int'l), passcode 4297433.

This call is being web cast by ViaVid Broadcasting and can be accessed at ViaVid's website at http://www.viavid.net or at the following link: http://www.microsoft.com...

About China Integrated Energy, Inc.

China Integrated Energy, Inc. is a leading non-state-owned integrated energy company in the PRC engaged in three business segments: the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel, and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant with an additional 50,000-ton biodiesel production plant under construction, and twelve retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    Company
     Susan Zhou
     Vice President, Investor Relations
     Tel:   +1-305-393-5536
     Email: susan.zhou@cbeh.net.cn

    HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternational.net




       PART 1. FINANCIAL INFORMATION
       Item 1. Consolidated Financial Statements
       CHINA INTEGRATED ENERGY, INC. AND SUBSIDIARIES
       CONSOLIDATED BALANCE SHEETS

                                               March 31,        December 31,
                                                 2010              2009
                                              (Unaudited)
       ASSETS

       CURRENT ASSETS
            Cash and cash equivalents          $40,967,385       $62,415,443
            Accounts receivable                  6,878,367         3,099,587
            Other receivables and
             deposits                            1,182,927         7,231,586
            Prepaid expenses                     3,921,161         3,145,502
            Advance to suppliers                48,772,007        34,544,100
            Inventories, net                    21,843,594        20,954,851

               Total current assets            123,565,441       131,391,069

             Prepaid rents                      30,869,398        24,620,685

             Property, plant and
              equipment, at cost                10,466,490        10,017,987
        Construction in progress                 7,704,856                --
       Less accumulated depreciation            (2,714,157)       (2,456,080)
             Property, plant and
              equipment , net                   15,457,189         7,561,907

       Intangible asset, net                    10,480,929                --

                Total noncurrent assets         56,807,516        32,182,592

       TOTAL ASSETS                           $180,372,957      $163,573,661

       LIABILITIES AND STOCKHOLDERS'
        EQUITY

       CURRENT LIABILITIES
       Accounts payable                           $816,880               $--
            Advance from customers               7,247,886         1,903,124
            Taxes payable                          882,254         1,242,931
            Other payables                       1,131,393         2,700,988
            Loans payable                        4,395,089         4,395,025

                Total current liabilities       14,473,502        10,242,068


       TOTAL LIABILITIES                        14,473,502        10,242,068


       STOCKHOLDERS' EQUITY
            Preferred stock,  $.001 par
             value;  authorized shares
             10,000,000; issued and
             outstanding 2,815,753 and
             3,115,753 shares at March
             31, 2010 and December 31
             2009, respectively                      2,815             3,115


            Common stock,  $.0001 par
             value;  authorized shares
             79,000,000;  issued and
             outstanding 33,569,091 and
             33,269,091 shares at March
             31, 2010 and December 31,
             2009, respectively                      3,356             3,326

            Additional paid in capital          76,986,338        75,858,994
            Statutory reserve                    4,920,114         4,920,114
            Accumulated other
             comprehensive income                5,554,434         5,473,420
            Retained earnings                   78,432,398        67,072,624

                Total stockholders'
                 equity                        165,899,455       153,331,593

       TOTAL LIABILITIES AND
        STOCKHOLDERS' EQUITY                  $180,372,957      $163,573,661



    CHINA INTEGRATED ENERGY, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME


    (Unaudited)                            For The Three Months Ended March 31,
                                                 2010               2009

    Sales                                      $109,416,050       $58,658,668

    Cost of goods sold                           96,120,907        50,981,714

    Gross profit                                 13,295,143         7,676,954

    Selling, general and administrative
     expenses                                     1,843,456           555,849

    Income from operations                       11,451,687         7,121,105

    Non-operating income (expenses)
         Interest expenses                          (50,785)          (33,518)
         Subsidy income                                  --           116,964
         Other expense                              (41,128)           (3,299)

         Total non-operating income
          (expenses)                                (91,913)           80,147

    Net income                                   11,359,774         7,201,252

    Other comprehensive item
         Foreign currency translation
          gain (Loss)                                79,883           (50,784)

    Comprehensive Income                        $11,439,657        $7,150,468
    Basic and diluted weighted average
     shares outstanding
    Basic                                        33,319,091        27,169,091
    Diluted                                      42,807,628        34,622,712

    Basic and diluted net earnings per
     share available to common
     stockholders
    Basic                                             $0.34             $0.27
    Diluted                                           $0.27             $0.21




      CHINA INTEGRATED ENERGY, INC. AND SUBSIDIARIES
      CONSOLIDATED STATEMENTS OF CASH FLOW

      (Unaudited)                        For The Three Months Ended March 31,
                                                2010              2009
      CASH FLOWS FROM OPERATING
       ACTIVITIES:
                  Net income                   $11,359,774        $7,201,252
                  Adjustments to
                   reconcile net income
                   to net cash
                   provided by (used in)
                   operating activities:
                  Depreciation and
                   amortization                    321,142           292,744
                  Stock based
                   compensation                  1,127,074            82,590
                               (Increase)
                                decrease in
                                current
                                assets:
      Accounts receivable                       (3,777,960)        2,597,481
      Other receivables, deposits and
       prepaid expenses                           (924,587)        3,789,723
      Advance to suppliers                     (14,224,483)        2,478,674
      Inventories                                 (888,254)        1,627,802
      Prepaid expenses - Rents, non-
       current                                  (8,047,836)          322,565
                               Increase
                                (decrease) in
                                current
                                liabilities:
      Accounts payable                             816,713                --
      Advance from customers                     5,343,638        (3,703,649)
      Taxes payable                               (360,621)           84,725
      Other payables and accrued expenses       (1,991,970)       (3,025,122)

                  Net cash provided by
                   (used in) operating
                   activities                  (11,247,370)       11,748,785

      CASH FLOWS FROM INVESTING
       ACTIVITIES:
      Acquisition of property and
       equipment                                    (4,716)           (3,324)
      Business acquisition                      (2,490,040)               --
      Construction in progress                  (7,703,276)               --

                  Net cash used in
                   investing activities        (10,198,032)           (3,324)

      CASH FLOWS FROM FINANCING
       ACTIVITIES:
      Restricted cash released                          --           522,500
      Repayment of auto loans and notes
       payable                                          --           (14,473)

                  Net cash provided by
                   financing activities                 --           508,027

      EFFECT OF EXCHANGE RATE CHANGE ON
       CASH AND CASH EQUIVALENTS                    (2,656)           14,086

      NET INCREASE IN CASH AND CASH
       EQUIVALENTS                             (21,448,058)       12,267,574

      CASH AND CASH EQUIVALENTS,
       BEGINNING OF PERIOD                      62,415,443        23,119,028

      CASH AND CASH EQUIVALENTS, END OF
       PERIOD                                  $40,967,385       $35,386,602

      Supplemental Cash flow data:
         Income tax paid                               $--               $--
         Interest paid                             $64,166           $38,372

XI'AN, China, March 12 /PRNewswire-Asia-FirstCall/ -- China Integrated Energy, Inc. (Nasdaq:CBEH - News), a leading non-state-owned integrated energy company in China, today announced its financial results for the fourth quarter and fiscal year 2009.

    SUMMARY FINANCIALS

    Fourth Quarter 2009 Results
                                  Q4 2009        Q4 2008            CHANGE
    Sales                      $93.3 million  $59.1 million         +57.9%
    Gross Profit               $13.5 million   $7.5 million         +79.3%
    GAAP Net Income (Loss)     $12.0 million  ($3.3 million)           N/A
    Stock-based Compensation*            N/A   $9.8 million
    Adjusted Net Income*       $12.0 million   $6.5 million         +84.3%
    GAAP EPS                            $.28         ($0.13)           N/A
    Adjusted EPS (Fully
     Diluted)*                          $.28          $0.17         +64.7%



    Fiscal Year 2009 Results
                                  FY 2009        FY 2008            CHANGE
    Sales                     $289.6 million $216.5 million         +33.8%
    Gross Profit               $41.5 million  $30.6 million         +35.3%
    GAAP Net Income            $37.9 million  $18.7 million        +102.6%
    Stock-based Compensation*            N/A   $9.8 million
    Adjusted Net Income*       $37.9 million  $28.6 million         +32.8%
    GAAP EPS                           $1.04          $0.54         +94.4%
    Adjusted EPS (Fully
     Diluted)*                         $1.04          $0.84         +25.0%

    * Adjusted Net Income and EPS in Q4 2008 and Fiscal Year 2008 are non-GAAP
      calculations and do not include $9.8 million of non-cash, stock-based
      compensation charge related to the "Make Good" provision of an October
      2008 financing agreement. For more information about the non-GAAP
      financial measures contained in this press release, please see "About
      Non-GAAP Financial Measures" below.

Fourth Quarter 2009 Financial Results

Sales -- Sales for the fourth quarter of 2009 were $93.3 million compared to $59.1 million in the fourth quarter of 2008, representing an increase of 57.9%. The increase was mainly due to strong market demand for finished oil and heavy oil products and sales growth generated by the Company's retail gas stations. Revenue from our three business segments, Wholesale Distribution of Finished Oil and Heavy Oil Products, Production and Sales of Biodiesel, and Operations of Retail Gas Stations is reported as follows:

    Fourth Quarter 2009 Revenue Breakdown
                                   Q4 2009         Q4 2008           CHANGE
    Wholesales Distribution
     of Finished Oil and
     Heavy Oil                  $66.1 million   $36.7 million        +80.1%
      % of Sales                        70.8%           62.1%
    Production and Sale of
     Biodiesel                  $15.7 million   $14.9 million         +5.4%
     % of Sales                         16.8%           25.2%
    Operations of Retail
     Gas Stations               $11.5 million    $7.5 million        +53.3%
     % of Sales                         12.4%           12.7%
    Total Sales                 $93.3 million   $59.1 million        +57.9%

"Growth was exceptionally robust during the fourth quarter of 2009, enabling us to generate record results for 2009 and to surpass our previously issued guidance," stated Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc. "We increased sales in all business segments as we continued to expand our customer base and further penetrate existing markets as well as new market territories, while capitalizing on increased demand for our fuel products. During the quarter we increased distributed petroleum product sales by 80.1%, retail gas sales by about 53.3%, and biodiesel sales by more than 5.4% over the same period last year. Today, we service 14 provinces and municipalities through our extensive petroleum distribution network, operate 12 retail gas stations, and one of the largest biodiesel manufacturing facilities in China with 100,000 tons of annual production capacity. Based upon our expansion plans, which address each of our business segments, supported by favorable government policies and market conditions and crude oil prices as a result ofChina's economic recovery, we anticipate another year of strong growth in 2010."

Cost of Sales -- Cost of sales for the three months ended December 31, 2009 was approximately $79.8 millioncompared to $51.5 million in the same period of 2008, an increase of 54.9%, which was attributable to the increase in production and sales activities during the fourth quarter of 2009. Cost of sales as a percentage of sales was approximately 85.6% for the fourth quarter of 2009 and 87.3% for the same period in 2008.

Gross Profit and Gross Margin -- Gross profit was $13.5 million for the fourth quarter of 2009 compared to $7.5 million for the same period in 2008, an increase of 79.3% and representing gross margins of 14.4% and 12.7%, respectively. The increase in gross margin was attributable to favorable frequent pricing adjustments by the NDRC reflecting global oil pricing, an increase of higher margin heavy oil products and success in leveraging new suppliers, enhanced by operating efficiencies in retail gas stations and increased sales volumes. For the fourth quarter of 2009, the gross profit margin for production and sales of biodiesel was 31.2%, wholesale distribution of finished oil and heavy oil products was 10.6%, and retail gas station operations was 13.5%.

Operating Expenses -- Selling, general and administrative expenses for the fourth quarter of 2009 were approximately $1.7 million compared to $1.0 million for the same period in 2008 and remained stable at 1.8% of total sales for both periods.

Net Income -- For the quarter ended December 31, 2009, the Company reported net income of $12.0 million, or$.28 per diluted share, compared to a GAAP net loss of $3.3 million, or a loss of $0.13 per diluted share in the fourth quarter of 2008. Net loss for the fourth quarter of 2008 included a $9.8 million non-cash charge in stock-based compensation expenses related to the "Make Good" provision of the October 2008 financing agreement. Excluding that charge, fourth quarter 2008 adjusted net income was $6.5 million or $0.17 per diluted share. Diluted weighted average shares outstanding were 42.2 million and 32.8 million for the fourth quarter of 2009 and 2008, respectively.

Fiscal Year 2009 Financial Results

Sales -- Sales for 2009 were $289.6 million, an increase of 33.8% compared to $216.5 million in 2008. The increase was mainly attributable to growth in the Wholesale Distribution of Finished Oil and Heavy Oil Products and Operations of Retail Gas Station segments, achieved through continued expansion of sales channels and territories as well as increased penetration of existing markets. During 2009, the Company increased the number of customers in its wholesale distribution segment to over 1,180 from 936 in 2008, and the sales volume of wholesale distribution of finished oil and heavy oil products increased by 126,000 tons or 82.3% from 2008. Sales from the Company's retail gas station segment increased as a result of the addition of four fully operational gas stations and increased sales volume per gas station. Sales volume of biodiesel production in 2009 increased by 9,700 tons, or 14.0%, to 78,800 tons over 2008 and capacity utilization stood at 100.0%. Business segment results for the years 2009 and 2008 were as follows:

    Fiscal Year 2009 Revenue Breakdown
                                   FY 2009         FY 2008          CHANGE
    Wholesale Distribution
     of Finished Oil and
     Heavy Oil                 $195.9 million  $143.5 million       +36.5%
     % of Sales                         67.6%           66.3%
    Production and Sale of
     Biodiesel                  $55.8 million   $50.0 million       +11.5%
     % of Sales                         19.3%           23.1%
    Operations of Retail
     Gas Stations               $37.9 million   $23.0 million       +65.2%
     % of Sales                         13.1%           10.6%
    Total Sales                $289.6 million  $216.5 million       +33.8%

Cost of Sales -- Cost of sales for 2009 was $248.1 million compared to $185.9 million in 2008, an increase of$62.2 million, or 33.5%, which was in direct relation to increased production and sales activities during 2009.

Gross Profit and Gross Margin - Gross profit was $41.5 million for 2009 compared to $30.6 million for 2008, an increase of 35.3% and representing gross margins of approximately 14.3% and 14.2%, respectively. During 2009, the gross profit margin for production and sale of biodiesel was approximately 28.4% while gross profit margin for wholesale distribution of finished oil and heavy oil products, such as gasoline and diesel oil, was approximately 10.5%. The retail gas stations during this same period yielded gross margins of 13.5%, which improved due to operational improvements and increased sales volume per gas station.

Operating Expenses -- Selling, general and administrative expenses for 2009 were $3.8 million compared to$2.0 million for 2008, an increase of $1.8 million or 88.0%. Total operating expenses as a percentage of sales was 1.3% and 0.9% for 2009 and 2008, respectively. The increase in operating expenses was mainly attributable to approximately $1.0 million of legal, consulting fees, stock option expenses, and filing expenses in connection with the Company being public in the U.S. In addition, payroll and related expenses of sales and administrative staff increased by approximately $439,000 as a result of business growth and expansion of distribution channels and territories.

Net Income -- Net income for 2009 increased 102.6% to $37.9 million, or $1.04 per diluted share, compared to GAAP net income of $18.7 million, or $.54 per diluted share, in 2008. Excluding the $9.8 million one-time non-cash stock based compensation expense related to the make good provision in the 2008 financing agreement, 2008 adjusted net income was $28.6 million, or $0.84 per diluted share. Diluted weighted average shares outstanding were 36.3 million and 32.9 million for 2009 and 2008, respectively.

Liquidity and Capital Resources

Cash and cash equivalents were $62.4 million on December 31, 2009, compared to $23.1 million on December 31, 2008. 2009 cash and cash equivalents included proceeds from a financing agreement in October 2008 and net proceeds from a public offering completed in November 2009. The Company had working capital of $121.2 million on December 31, 2009 and a current ratio of 12.9 to 1. Inventories were $20.9 million and the accounts receivable balance was $3.1 million on December 31, 2009, compared to $22.3 and $8.2 million on December 31, 2008, respectively. The annualized days sales outstanding for the fiscal year 2009 were 4 days. Net cash provided by operations was $4.4 million in 2009, compared to $8.5 million in 2008.

Financial Outlook for 2010

Management expects fiscal year 2010 revenues of $382 million and net income of $48 million, representing an increase of 32.8% and 26.3% compared to 2009 revenue and net income, respectively. Guidance includes an additional 50,000 tons of annual biodiesel manufacturing capacity expected to come online during the third quarter of 2010 and the lease of 3 additional retail gas stations. Management reserves the right to revise guidance in the future.

Business Outlook for 2010

Our management believes that China Integrated Energy is well positioned to serve China's growing demand for fuels used in transportation, heating and industrial production. In addition to its expanding biodiesel manufacturing capacity and retail gas station business, China Integrated Energy's wholesale distribution business benefits from its geographic location, which includes valuable railway access, an extensive distribution network and a diversified, established base of customers and suppliers. The company is focused on growing all of its business segments, both organically and through complementary acquisitions, while further diversifying its supplier base for finished oil and heavy oil products.

In November 2009, China Integrated Energy began construction of a new biodiesel production facility in Tongchuan City, Shaanxi Province. The new production facility, adjacent to the existing production base, is expected to add 50,000 tons in annual production capacity, bringing total output to 150,000 tons. Management expects to bring this facility online during the third quarter of 2010 and anticipates $15 million in capital expenditures to accomplish this goal.

In January 2010, China Integrated Energy signed a contract with an existing wholesale distribution customer to deliver an estimated 160,000 tons of petroleum products in 2010, an increase of 62,000 tons over sales to this customer in 2009. The newly signed contract is expected to generate an additional $52 million in revenue from this customer in 2010. The company plans to increase volume with existing customers while adding new ones across the provinces it services, which include a collective population of approximately 640 million people.

The Company plans to add additional retail gas stations through acquisition or lease, which should benefit its overall distribution profit margins. At the end of 2009, China Integrated Energy operated 10 retail gas stations, up from five at the end of 2008. Three of the newly added stations were acquired in December 2009, and are expected to add approximately $19.9 million in revenues for FY2010. In January 2010, the Company announced the acquisition of two additional gas stations, bringing the total number of operating gas stations inShaanxi province to 12. These two additional stations are expected to add approximately $14.2 million in revenues for FY 2010.

"China Integrated Energy is the only vertically integrated biodiesel producer in China with a distribution license and one of only three companies in Shaanxi licensed to distribute both finished and heavy oil. With our proprietary biodiesel production capabilities, we are able to utilize multiple feedstock sources to effectively manage our input costs. In addition, we are capitalizing on a unique opportunity to leverage these assets with a growing retail fuel station business. Collectively, these represent strong competitive advantages and are the reason for our superior operating margins. We have momentum and will exploit our assets, working capital and operating strengths to successfully execute on our growth strategies," Mr. Gao concluded.

Conference Call Information

Interested parties may access the Company's conference call, scheduled for 10:00 a.m. EST on March 12, 2010, by dialing +1-888-549-7735 from within the United States, or +1-480-629-9858 if calling internationally. The conference ID is 4259230. It is advisable to dial in approximately 5-10 minutes prior to the start of the call. A replay will be available through March 19, 2010 and can be accessed by dialing +1-800-406-7325 (U.S.), +1-303-590-3030 (Int'l), passcode 4259230.

This call is being web cast by ViaVid Broadcasting and can be accessed at ViaVid's website at http://www.viavid.netor at the following link: http://www.microsoft.com... .

About China Integrated Energy, Inc.

China Integrated Energy, Inc. is a leading non-state-owned integrated energy company in the PRC engaged in three business segments: the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel, and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and twelve retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which statements are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP net income, and non-GAAP EPS. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our "recurring core business operating results," meaning our operating performance excluding not only non-cash charges, such as stock-based compensation, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.

    For more information, please contact:

    HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternation...

                           Financial Tables Follow


                CHINA INTEGRATED ENERGY, INC. AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS

                                               December 31,       December 31,
                                                   2009               2008
      ASSETS

      CURRENT ASSETS
           Cash and cash equivalents            $62,415,443       $23,119,028
           Restricted cash                               --           919,351
           Accounts receivable                    3,099,587         8,164,320
           Other receivables and deposits         7,231,586         3,986,984
           Prepaid expenses                       3,145,502         1,884,102
           Advance to suppliers                  34,544,100        17,945,487
           Inventories, net                      20,954,851        22,268,903

              Total current assets              131,391,069        78,288,175

            Prepaid rents                        24,620,685         6,408,568
            Property and equipment, net           7,561,907         9,997,674

               Total noncurrent assets           32,182,592        16,406,242

      TOTAL ASSETS                             $163,573,661       $94,694,417

      LIABILITIES AND STOCKHOLDERS' EQUITY

      CURRENT LIABILITIES
           Advance from customers                $1,903,124        $4,580,462
           Taxes payable                          1,242,931           735,461
           Other payables                         2,700,988         3,232,088
           Loans payable                          4,395,025         2,247,197

               Total current liabilities         10,242,068        10,795,208

      TOTAL LIABILITIES                          10,242,068        10,795,208

      STOCKHOLDERS' EQUITY
           Preferred stock,  $.001 par
            value;  authorized shares
            10,000,000; issued and
            outstanding 3,115,753 and
            3,465,753 shares at December
            31, 2009 and December 31 2008,
            respectively                              3,115             3,465
           Common stock,  $.0001 par
            value; authorized shares
            79,000,000; issued and
            outstanding 33,269,091 and
            27,169,091 shares at December
            31, 2009 and December 31,
            2008, respectively                        3,326             2,716
           Additional paid in capital            75,858,994        44,434,250
           Statutory reserve                      4,920,114         4,920,114
           Accumulated other
            comprehensive income                  5,473,420         5,337,003
           Retained earnings                     67,072,624        29,201,661

               Total stockholders' equity       153,331,593        83,899,209

      TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY                                  $163,573,661       $94,694,417



                CHINA INTEGRATED ENERGY, INC. AND SUBSIDIARIES
       CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME


       (Unaudited)                            For The Years Ended December 31,
                                                   2009              2008

       Sales                                   $289,572,053      $216,506,969

       Cost of goods sold                       248,101,339       185,858,502

       Gross profit                              41,470,714        30,648,467

       Selling, general and administrative
        expenses                                  3,820,173         1,997,818


       Income from operations                    37,650,541        28,650,649

       Non-operating income (expenses)
            Interest expenses                      (121,522)         (125,201)
            Subsidy income                          540,403           100,792
            Other expense                          (199,115)          (63,519)
       Stock based compensation - make
        good provision                                   --        (9,838,354)

            Total non-operating income
             (expenses)                             219,766        (9,926,282)

       Net income                                37,870,307        18,724,367

       Other comprehensive item
            Foreign currency translation
             gain (Loss)                             64,508         3,017,271

       Comprehensive Income                     $37,934,815       $21,741,638

    Net Income                                   37,870,307        18,724,367
       Deemed dividend to preferred
        stockholders                                     --           863,014
       Net income available to common
        stockholders                             37,870,307        17,861,353

       Basic and diluted weighted average
        shares outstanding
       Basic                                     28,230,461        25,889,748
       Diluted                                   36,267,527        32,877,570

       Basic and diluted net earnings per
        share available to common
        stockholders
       Basic                                          $1.34             $0.69
       Diluted                                        $1.04             $0.54

Expanded Contract Expected to Add $52 Million in Revenue for 2010

XI'AN, China, Jan. 28 /PRNewswire-Asia-FirstCall/ -- China Integrated Energy, Inc. (Nasdaq: CBEH; "the Company"), a leading non-state-owned integrated energy company in the People's Republic of China, today announced that it has signed a contract with an existing wholesale distribution customer to deliver an estimated 160,000 tons of petroleum products in 2010, an increase of 62,000 tons over sales to this customer in 2009. The newly signed contract is expected to generate an additional $52 million in revenue from this customer in 2010.

This newly expanded contract demonstrates the Company's ability to execute its growth strategy in its wholesale distribution of finished oil and heavy oil products by penetrating existing territories to meet increased demand from its current customers. The customer with whom the Company signed the contract is located inSichuan Province, a province with limited refinery capacity. The Company is located in Xi'an City, where is ideally located between China's oil production regions and oil importing regions to take advantage of China'sincreasing demand for finished oil and heavy oil products and its supply imbalance. The Company is well-positioned to serve Sichuan and other oil consuming provinces in south-central and southeastern China given the location of its storage facilities adjacent to railway lines that provide distribution access throughout those regions. China's demand for petroleum products has increased significantly over the past decade with domestic demand for diesel and gasoline growing at a compound annual growth rate of 9.2% and 8.4%, respectively, from 2001 to 2008.

China Integrated Energy is one of the leading distributors and wholesalers of finished petroleum products and one of only four non-state-owned distributors with a license to sell both finished oil and heavy oil products inShaanxi Province. The Company currently sells its products through its distribution network covering 14 provinces and municipalities with an estimated population of 640 million people.

"We are pleased to enter into this expanded contract, as it is expected to add significantly to our revenue in 2010," stated Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc. "To put this new contract into perspective, the increase is equal to the total amount of finished oil and heavy oil products we distributed in the third quarter of 2009. Wholesale distribution of petroleum products is our largest business segment today, and we plan to continue to grow this segment in 2010 through both existing and new customers. With our diversified supply base, large storage capacity and proximity to rail transportation, we believe we are well-positioned to achieve that goal as the demand for petroleum products continues to grow."

Mr. Gao concluded, "We are on schedule in meeting our construction goals for our new 50,000 ton biodiesel manufacturing facility and expect to commence operations by the third quarter of 2010. We will continue scouting high traffic locations to expand our portfolio of retail gas stations to create additional sales and higher profitability for our overall distribution channels as we build on being one of the leading integrated energy companies in China."

About China Integrated Energy, Inc.

The Company is a leading non-state-owned integrated energy company in the PRC and has engaged in three business segments: the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel, and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and twelve retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    China Integrated Energy, Inc.
     Alex Gong, VP of Capital Market
     Tel:   +86-136-0127-9912
     Email: alexgong08@gmail.com
     Web:   http://www.cbeh.net.cn

     OR

    HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternation...

    SUMMARY OF ACQUISITIONS

      Gas Station    Purchase      Sales       Sales     Revenues  Revenues
                       Price      Volume      Volume       TTM     FY 2010E
                                    TTM      FY 2010E
      Xi'an Huafu      $3.8     7,500 tons  8,400 tons     $6.6      $7.4
                      million                            million    million

       Chang'an        $5.0     6,800 tons  7,800 tons     $6.0      $6.8
        Lanlian       million                            million    million

         TOTAL         $8.8       14,300      16,200      $12.6      $14.2
                      million      tons        tons      million    million

Xi'an Huafu Gas Station

The Company has acquired operating rights and leased all of the assets of Xi'an Huafu gas station for a total consideration of $3.8 million and will be operated under a 10-year lease. The gas station distributes both gasoline and diesel, which includes blended biodiesel. During the past twelve months, the gas station sold approximately 7,500 tons of fuel and generated revenues of $6.6 million. For the fiscal year of 2010, the Company estimates it will sell approximately 8,400 tons of fuel and generate approximately $7.4 million in revenues.

Chang'an Lanlian Station

The Company has acquired operating rights and leased all of the assets of Chang'an Lanlian gas station for a total consideration of $5.0 million and will be operated under a 15-year lease. The gas station distributes both gasoline and diesel, which includes blended biodiesel. During the past twelve months, the gas station sold approximately 6,800 tons of fuel and generated revenues of $6.0 million. For the fiscal year of 2010, the Company estimates it will sell approximately 7,800 tons of fuel and generate approximately $6.8 million in revenues.

Operating as both a biodiesel producer and distributor, China Integrated Energy, Inc. has the ability to provide stable supply of products to each of its twelve gas stations. Customers pay cash with an average inventory turn of 3 days. As of September 30, 2009, average gross margins for its retail gas stations were 13.3%, which is higher than traditional wholesale distribution. The Company anticipates a significant increase in sales volume from its retail gas stations due to increasing demand for fuel and operating leverage while continuing to expand both gross and operating margins over the next 12 months.

"We are once again pleased to complete these retail acquisitions, which brings our total number of operating gas stations to twelve in Shaanxi province," stated Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc. "We plan to expand our wholesale distribution network through both organic growth and potential acquisitions and will continue to expand our portfolio of retail gas stations to drive incremental revenue and earnings growth into 2010. In addition, we will continue to address our growth and expansion in biodiesel manufacturing capacity through internal build-out and potential acquisitions as we focus on becoming the leading integrated energy company in China."

About China Integrated Energy, Inc.

The Company is a leading non-state-owned integrated energy company in the PRC and has engaged in three business segments: the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel, and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and with these acquisitions, twelve retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    China Integrated Energy, Inc.
     Alex Gong, VP of Capital Market
     Tel:   +86-136-0127-9912
     Email: alexgong08@gmail.com
     Web:   http://www.cbeh.net.cn

     OR

    HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternational.net

    SUMMARY OF RECENT ACQUISITIONS

    Gas Station       Purchase     Sales      Sales    Revenues   Revenues
                       Price      Volume     Volume       TTM     FY 2010E
                                    TTM     FY 2010E

    Andong            $6.4      6,000 tons  7,200 tons   $4.4       $6.3
                      million                           million    million

    Jindou            $2.6      4,800 tons  5,500 tons   $3.5       $4.8
                      million                           million    million

    Xianyang          $10.0         N/A    10,000 tons    N/A       $8.8
     Jinzheng         million                                      million

    TOTAL             $19.0         N/A    22,700 tons    N/A       $19.9
                      million                                      million

Andong Gas Station

The Company acquired all of the assets of Andong gas station for a total consideration of $6.4 million and will be operated under a 20-year lease. The gas station distributes both gasoline and diesel, which includes blended biodiesel. During the past twelve months, the gas station sold approximately 6,000 tons of fuel and generated revenues of $4.4 million. For the next twelve months, the Company estimates it will sell approximately 7,200 tons and generate approximately $6.3 million in revenues.

Jindou Gas Station

The Company acquired all of the assets of Jindou gas station for a total consideration of $2.6 million and will be operated under a 10-year lease. The gas station distributes both gasoline and diesel, which includes blended biodiesel. During the past twelve months, the gas station sold approximately 4,800 tons of fuel and generated revenues of $3.5 million. For the next twelve months, the Company estimates it will sell approximately 5,500 tons and generate approximately $4.8 million in revenues.

Xianyang Jinzheng Gas Station

The Company acquired all of the assets and 40-year land use rights of Xianyang Jinzheng gas station for a total consideration of $10 million. The gas station distributes both gasoline and diesel, which includes blended biodiesel. Xianyang Jinzheng gas station is newly built and does not have previous operation history. For the next twelve months, the Company estimates it will sell approximately 10,000 tons and generate approximately $8.8 million in revenues.

Operating as both a biodiesel producer and distributor, China Integrated Energy, Inc. has the ability to provide stable supply for each of its ten gas stations. Customers pay cash with an average inventory turn of 3 days. As of September 30, 2009, average gross margins for its retail gas stations were 13.3%, which is higher than traditional distribution. The Company anticipates a significant increase in sales volume from its retail gas stations while continuing to expand both gross and operating margins over the next 12 months.

"We are pleased to complete these acquisitions, which brings our total number of operating gas stations to ten in Shaanxi province," stated Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc. "We are also pleased to have achieved our year-end 2009 retail acquisition target as we build on being one of the leading vertically integrated energy companies in China. As part of our growth strategy, we plan to lease an additional five to seven gas stations in the next 12 months, which will provide incremental revenues and profitability."

About China Integrated Energy, Inc.

The Company is a leading non-state-owned integrated energy company in the PRC and has engaged in three business segments: the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel, and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and ten retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    China Integrated Energy, Inc.
     Alex Gong, VP of Capital Market
     Tel:   +86-136-0127-9912
     Email: alexgong08@gmail.com
     Web:   http://www.cbeh.net.cn

     OR

     HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternational.net

The exercise of the over-allotment option brings the total number of shares sold by the Company in this public offering to 5,750,000 and total net proceeds of the public offering of approximately $31 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company anticipates that the net proceeds from the offering will be used for the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses and for working capital and general corporate purposes.

Oppenheimer & Co. acted as sole book-running manager for the offering. Cowen and Company and Roth Capital Partners acted as co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

About China Integrated Energy, Inc.

The Company is a leading non-state-owned integrated energy company in the PRC engaged in three business segments, the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and seven retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    China Bio Energy Holding Group
     Alex Gong, VP of Capital Market
     Tel:   +86-136-0127-9912
     Email: alexgong08@gmail.com
     Web:   http://www.cbeh.net.cn

     OR

     HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternation...

The new production facility is expected to add 50,000 tons to China Integrated Energy's annual biodiesel production capacity, bringing total capacity to 150,000 tons. Management expects to commence production by the third quarter of 2010 and anticipates $15 million in capital expenditures to accomplish this goal.

"Based on the growing market demand for our biodiesel fuel supported by the government's effort to increase renewable energy consumption to 15% of China's total energy consumption in 2020, we are optimistic that our increased capacity will be rapidly absorbed by the Chinese energy market," stated Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy. "The new facility will be an integral part of our growth for 2010 in our efforts to meet our revenue and net income targets."

China Integrated Energy, Inc. currently operates a 100,000-ton biodiesel production plant located in Tongchuan City, Shaanxi Province. The Company also operates three oil extraction plants that are located near fields where a substantial amount of non-edible oil seeds, one of the primary feedstocks for our biodiesel production, are harvested. Management believes they are one of the largest biodiesel producers in China measured by production capacity as of the end of 2008, and the only non-state-owned integrated biodiesel producer with a distribution license. China Integrated Energy leverages their own wholesale distribution channels to sell biodiesel to existing customers. The Company's biodiesel can be blended with regular petro-diesel and used by existing diesel engines with no change in engine performance.

About China Integrated Energy, Inc.

The Company is a leading non-state-owned integrated energy company in the PRC engaged in three business segments, the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and seven retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form S-1, as amended. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    China Bio Energy Holding Group
     Alex Gong, VP of Capital Market
     Tel:   +86-136-0127-9912
     Email: alexgong08@gmail.com
     Web:   http://www.cbeh.net.cn

    HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternation...

XI'AN, China, Nov. 13 /PRNewswire-Asia-FirstCall/ -- China Integrated Energy, Inc. (Nasdaq: CBEH; the "Company"), a leading non-state-owned integrated energy company in the People's Republic of China, today announced the Company's financial results for the third quarter 2009.

   SUMMARY FINANCIALS

    Third Quarter 2009 Results
                             Q3 2009        Q3 2008            CHANGE
    Sales                 $72.4 million  $62.9 million         +15.1%
    Gross Profit          $10.9 million   $9.2 million         +18.5%
    Net Income             $9.9 million   $9.1 million          +8.8%
    EPS (Fully Diluted)           $0.28          $0.27          +3.7%



    Nine Months 2009 Results
                          9 Months 2009    9 Months 2008       CHANGE
    Sales                 $196.3 million  $156.9 million       +25.1%
    Gross Profit          $28.0 million    $22.7 million       +23.4%
    Net Income            $25.9 million    $22.1 million       +17.2%
    EPS (Fully Diluted)           $0.74            $0.68        +8.8%

Third Quarter 2009 Financial Results

Sales -- Sales for the third quarter of 2009 were $72.4 million compared to $62.9 million in the third quarter of 2008, an increase of 15.1%. The increase was mainly due to growth in the Company's finished oil wholesale distribution business offset by a decrease in biodiesel revenues due to lower selling prices compared to the same period in 2008. The average selling prices of biodiesel and of our retail gas station were lower than the same period of 2008 by approximately 16.7% and 12.1%, respectively. The distribution volume increased 25,000 tons, or 67.4% from the same period in 2008. Sales volume for biodiesel production was 19,700 tons, compared to 19,000 tons in the same period in 2008. Sales volume at the retail gas stations increased by 1,200 tons, or 11.6%, from the same period in 2008.

China Bio Energy also reports revenue in its three business segments as shown in the chart below:

Third Quarter 2009 Revenue Breakdown (Unaudited) Q3 2009 Q3 2008 CHANGE Wholesale Distribution of Finished Oil $47.3 million $34.2 million +38.3% % of Sales 65.2% 54.4% Bio-Diesel Production $14.9 million $18.4 million -19.0% % of Sales 20.6% 29.3% Retail Gas Stations $10.2 million $10.3 million -1.0% % of Sales 14.2% 16.3% Total Sales $72.4 million $62.9 million +15.1%

Cost of Goods Sold -- Cost of goods sold for the third quarter of 2009 was $61.5 million compared to $53.7 million in 2008, an increase of 14.5%. The increase was due to the rise in production and sales activities. Cost of sales as a percentage of sales was approximately 85% for the third quarter of 2009 and 85.5% for same period in 2008. The slight decrease was due to higher selling prices and an increase of higher margin heavy oil products as a percentage of sales, compared to the same period in 2008.

Gross Profit and Gross Margin -- Gross profit was $10.9 million for the third quarter of 2009 compared to $9.2 million for the same period in 2008, an increase of 18.5% and represented gross margins of approximately 15.0% and 14.5%, respectively. During the third quarter of 2009, the gross margin for biodiesel production and sales was approximately 29.5% while gross margin for wholesale distribution of finished oil and heavy oil products, such as gasoline and diesel oil, was approximately 10.9% and retail gas stations generated a gross margin of 12.9%.

Selling, General, and Administrative Expenses -- Selling, general, and administrative expenses for the third quarter of 2009 were approximately $1.0 million compared to $0.4 million for the same period in 2008, an increase of 150%. Total selling, general, and administrative expenses as a percentage of sales for the third quarter of 2009 and 2008 were 1.4% and 0.6%, respectively, with the increase being attributed to public company expenses.

Net Income -- Net income for the third quarter of 2009, was $9.9 million or $0.28 per diluted share, compared with net income of approximately $9.1 million, or $0.27 per diluted share, during the same period in 2008. In the third quarter of fiscal year 2009, the average weighted shares outstanding were 35.8 million shares versus 33.2 million shares in the third quarter of 2008.

2009 Nine Months Financial Results

For the first nine months of 2009 sales increased 25.1% to $196.3 million from $156.9 million in the same period of the prior year. Wholesale distribution of finished oil and heavy oil products sales increased 30.5% to $129.8 million and represented 66.1% of total sales. Production and sale of biodiesel decreased 4.1% to $40.1 million and represented 20.5% of sales. Sales from operation of retail gas stations increased 69.2% to $26.4 million, representing 13.4% of total sales. Cost of sales increased 25.5% to $168.3 million yielding gross profit of $28.0 million, an increase of 23.4% from $22.7 million reported in the year ago period. Gross margins were 14.3% compared to 14.5% during the first nine months of 2009 and 2008, respectively. Selling, general, and administrative expenses increased 120.0% to $2.2 million during the first nine months of 2009 from $1.0 million during the year ago period. Income from operations increased 18.4% to $25.8 million from $21.8 million with operating margins of 13.2% compared to 13.9%. Net income for the first nine months of 2009 increased 17.2% to $25.9 million from $22.1 million with corresponding diluted earnings per share of $0.74 compared to $0.68 based on 35.0 million and 32.6 million diluted shares in each respective period.

Liquidity and Capital Resources

Cash and cash equivalents were $40.9 million on September 30, 2009, which excludes net proceeds of $26.7 million from the November 2009 public offering, compared to $23.1 million on December 31, 2008. The Company had working capital of $84.9 million on September 30, 2009 and a current ratio of 9-to-1. Inventories were $21.0 million and the accounts receivable balance was $5.4 million on September 30, 2009, compared to $22.3 and $8.2 million on December 31, 2008, respectively. The annualized days sales outstanding for the third quarter 2009 were 10 days. Net cash provided by operations was $19.3 million for the first nine months of 2009, compared to $0.4 million used by operations in the same period of 2008. The net cash inflow increased during the first nine months of 2009 was primarily due to a large increase in net income, and reduction of current liabilities. The company did not incur any income taxes during the period.

"We are pleased with our results for the third quarter which was propelled by a rise in sales in our distribution business," stated Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy. "The number of customers in our wholesale distribution of finished oil and heavy oil business segment has grown substantially from 936 in 2008 to over 1,170 in 2009. The long-term growth of fuel consumption in the PRC driven by increased consumer and industrial consumption, coupled with our distribution licenses and distribution footprint, provides us with a significant opportunity to gain incremental market share in the Chinese fuel industry."

Financial Outlook for 2009

Management reaffirms the updated 2009 guidance and expects to report calendar 2009 sales of at least $265 million and net income of at least $35 million, representing an increase of 22.4% and 87.2% compared to 2008 sales and adjusted net income, respectively. Based on the current finished oil market conditions in China and customer orders on hand, the Company expects sales volume of gasoline, diesel, heavy oil, and biodiesel for the three months ending December 31, 2009 to be at or above the same levels as in the three months ended September 30, 2009. Since the global crude oil price has increased at a stable rate in recent months, management assumes that there will not be any further downward pricing adjustment in the three months ending December 31, 2009. Guidance includes the planned acquisition or lease of additional retail gas stations.

"We are focused on growing our biodiesel production, our distribution business, and expanding the footprint of our retail gas stations." continued Mr. Gao. "We plan to increase our biodiesel production capacity by 50,000 tons in the next 12 months and anticipate $15 million in capital expenditures to accomplish this goal. We have secured enough raw materials to supply 150,000 tons of capacity, but will also continue to work towards securing more long-term sources of raw materials and new technology in the bio-energy field. We plan to expand our wholesale distribution network through both organic growth and potential acquisitions and will continue to expand our portfolio of retail gas stations to drive incremental revenue and earnings growth into 2010 as we build on becoming the leading integrated energy company in China."

China's Oil Pricing Update

On June 30, 2009, the National Development and Reform Commission (NDRC) increased the prices of both gasoline and diesel by $88 per ton, an increase from prior price levels set earlier in June 2009 of 9.8% and 7.0%, respectively. In the third quarter of 2009 the NDRC changed prices of gasoline and diesel on three separate occasions (July 29, September 2, and September 30) which resulted in a net decrease $39.53 per ton for the third quarter 2009.

As a result, wholesale and retail prices of gasoline and diesel have decreased since the end of the third quarter ending September 30, 2008 but have increased since January 1, 2009. In September 2009, the average sales price for China Integrated Energy's oil products were approximately $800 per ton (equivalent to approximately $2.92 per gallon of gasoline and $3.06 per gallon of petro-diesel), compared to an average price of to $641 per ton (equivalent to approximately $1.77 per gallon of gasoline and $2.04 per gallon of petro-diesel), during January of 2009.

From 2006 to 2008, there were only two oil price adjustments in each year. However, there have been eight oil price adjustments over the first nine months in 2009. Please note: On November 10, 2009 the NDRC increased the prices of gasoline and diesel by $70.32 per ton.

Conference Call Information

The Company will host a conference call on November 13, 2009, at 10:00 a.m. ET. To attend the call, please use the dial information below. When prompted, ask for the China Integrated Energy Call" and/or be prepared to provide the conference ID.

Date: November 13, 2009 Time: 10:00 a.m. ET Conference Line Dial-In (U.S.): 1-888-549-7704 International Dial-In: 1-480-629-9857 Conference ID: 4183530 Webcast link:

For more information, please contact: China Bio Energy Holding Group Alex Gong, VP of Capital Market Tel: +86-136-0127-9912 Email: alexgong08@gmail.com Web: http://www.cbeh.net.cn HC International, Inc. Ted Haberfield, Executive VP Tel: +1-760-755-2716 Email: thaberfield@hcinternational.net Web: http://www.hcinternation... PART 1. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements CHINA INTEGRATED ENERGY HOLDING INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30 December 31, 2009 2008 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $40,900,053 $23,119,028 Restricted cash -- 919,351 Accounts receivable 5,438,876 8,164,320 Other receivables and deposits 199,609 3,986,984 Prepaid expenses 2,490,888 1,884,102 Advance to suppliers 25,469,113 17,945,487 Inventories, net 20,972,582 22,268,903 Total current assets 95,471,121 78,288,175 Prepaid rents 16,014,278 6,408,568 Property and equipment, net 9,330,277 9,997,674 Total noncurrent assets 25,344,555 16,406,242 TOTAL ASSETS $120,815,676 $94,694,417 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $891,418 $-- Advance from customers 6,612,341 4,580,462 Taxes payable 827,653 735,461 Other payables 2,293,935 3,232,088 Loans payable 4,724 2,247,197 Total current liabilities 10,630,071 10,795,208 TOTAL LIABILITIES 10,630,071 10,795,208 STOCKHOLDERS' EQUITY Preferred stock, $.001 par value; authorized shares 10,000,000; issued and outstanding 3,115,753 and 3,465,753 shares at September 30, 2009 and December 31 2008, respectively 3,115 3,465 Common stock, $.0001 par value; authorized shares 79,000,000; issued and outstanding 27,519,091 and 27,169,091 shares at September 30, 2009 and December 31, 2008, respectively 2,751 2,716 Additional paid in capital 44,691,244 44,434,250 Statutory reserve 4,920,114 4,920,114 Accumulated other comprehensive income 5,464,713 5,337,003 Retained earnings 55,103,668 29,201,661 Total stockholders' TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $120,815,676 $94,694,417 CHINA INTEGRATED ENERGY HOLDING INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME For The Nine Months Ended For The Three Months Ended (Unaudited) September 30, September 30, 2009 2008 2009 2008 Sales $196,303,917 $156,878,997 $72,401,010 $62,891,345 Cost of goods sold 168,295,024 134,134,971 61,544,988 53,740,270 Gross profit 28,008,893 22,744,026 10,856,022 9,151,075 Selling, general and administrative expenses 2,163,179 962,445 996,604 390,950 Income from operations 25,845,714 21,781,581 9,859,418 8,760,125 Non-operating income (expenses) Interest expenses (91,228) (93,487) (22,048) (34,264) Subsidy income 155,174 381,892 38,210 381,892 Other expense (8,226) (2,618) (2,132) (28) Total non- operating expenses 55,720 285,787 14,030 347,600 Net income 25,901,434 22,067,368 9,873,448 9,107,725 Other comprehensive item Foreign currency translation gain (Loss) 55,787 3,189,717 69,861 401,005 Comprehensive Income $25,957,221 $25,257,085 $9,943,309 $9,508,730 Basic and diluted weighted average shares outstanding Basic 27,287,040 25,454,545 27,287,040 25,454,545 Diluted 35,017,932 32,584,227 35,757,432 33,227,052 Basic and diluted net earnings per share available to common stockholders Basic $0.95 $0.87 $0.36 $0.36 Diluted $0.74 $0.68 $0.28 $0.27 CHINA INTEGRATED ENERGY HOLDING INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) For The Nine Months Ended September 30, 2009 2008 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $25,901,434 $22,067,368 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 883,778 749,501 Stock based compensation 256,679 -- (Increase) decrease in current assets: Accounts receivable 2,733,209 (6,352,376) Other receivables, deposits and prepaid expenses (6,404,662) (9,380,479) Advance to suppliers (7,495,285) (999,417) Inventories 1,322,620 (9,842,506) Due from related party 513,752 Increase (decrease) in current liabilities: Accounts payable 889,211 (187,632) Advance from customers 2,024,552 3,246,659 Taxes payable 91,211 (37,134) Other payables and accrued expenses (939,882) (187,315) Net cash provided by (used in) Operating activities 19,262,865 (409,579) CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of property and equipment (204,646) (1,200,352) Net cash used in investing activities (204,646) (1,200,352) CASH FLOWS FROM FINANCING ACTIVITIES: Restricted cash released 919,367 -- Repayment of auto loans and notes payable (2,243,366) (40,138) Proceeds from short term loan -- 716,025 Net cash provided by (used in) financing activities (1,323,999) 675,887 EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS 46,805 73,686 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 17,781,025 (860,358) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 23,119,028 1,382,371 CASH AND CASH EQUIVALENTS, END OF PERIOD $40,900,053 $522,013 Supplemental Cash flow data: Income tax paid $-- $-- Interest paid $105,966 $91,278

Mr. Alex Gong, VP of Capital Markets, and Mr. Albert Pu, Chief Financial Officer are scheduled to present at 11:00 am ET on Wednesday, November 18, 2009. Management will be hosting one-on-one meetings with conference attendees throughout the two-day event. Management will discuss the Company's products, its distribution footprint and customer base, the competitive landscape, environmental regulations that are driving demand for biodiesel product, recent financial results of the Company, and the Company's long term growth strategy.

This conference is for institutional clients of Oppenheimer & Co. Inc. and is by invitation only. For more information, please contact your Oppenheimer & Co. Inc. institutional sales representative or visit http://www.opco.com/Conf... .

About China Integrated Energy, Inc.

The Company is a leading non-state-owned integrated energy company in the PRC engaged in three business segments, the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and seven retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form S-1, as amended. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    China Integrated Energy, Inc.
     Alex Gong, VP of Capital Market
     Tel:   +86-136-0127-9912
     Email: alexgong08@gmail.com
     Web:   http://www.cbeh.net.cn

    HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternation...

The Company anticipates that the net proceeds from the offering will be used for the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses and for working capital and general corporate purposes.

Oppenheimer & Co. acted as sole book-running manager for the offering. Cowen and Company and Roth Capital Partners acted as co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

About China Integrated Energy, Inc.

The Company is a leading non-state-owned integrated energy company in the PRC engaged in three business segments, the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and seven retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form S-1, as amended. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    China Integrated Energy, Inc.
     Alex Gong, VP of Capital Market
     Tel:   +86-136-0127-9912
     Email: alexgong08@gmail.com
     Web:   http://www.cbeh.net.cn

    HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternation...

The Company anticipates that the net proceeds from the offering will be used for the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses and for working capital and general corporate purposes.

Oppenheimer & Co. acted as sole book-running manager for the offering. Cowen and Company and Roth Capital Partners acted as co-managers for the offering.

The offering is being made under the Company's registration statement filed with and declared effective by the U.S. Securities and Exchange Commission. The registration statement is available from the SEC's website at http://www.sec.gov . The offering is being made only by means of a prospectus, filed with the U.S. Securities and Exchange Commission. A copy of the final prospectus relating to the offering may be obtained from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 300 Madison Avenue, 4th Floor, New York, NY, 10017, Telephone number: (212) 667-8563, Email: EquityProspectus@opco.com.

About China Integrated Energy, Inc.

The Company is a leading non-state-owned integrated energy company in the PRC engaged in three business segments, the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and seven retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form S-1, as amended. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus and that will contain detailed information about the company and management, as well as financial statements.

    For more information, please contact:

    China Integrated Energy, Inc.
     Alex Gong, VP of Capital Market
     Tel:   +86-136-0127-9912
     Email: alexgong08@gmail.com
     Web:   http://www.cbeh.net.cn

    HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net

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NDAQA

The Company anticipates that the net proceeds from the offering will be used for the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses and for working capital and general corporate purposes. The Company's management will retain broad discretion over the use of proceeds, and the Company may ultimately use the proceeds for different purposes than what it currently intends.

Oppenheimer & Co. will act as the sole book-running manager for the offering. A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the "SEC") but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement is available from the SEC's website at http://www.sec.gov or from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 300 Madison Avenue, 4th Floor, New York, NY, 10017, Telephone number: (212) 667-8563, Email: EquityProspectus@opco.com. The offering will be made only by means of a prospectus. Before you invest, you should read the prospectus, the registration statement, and the other documents that the Company has filed with the SEC for more complete information about the Company and this offering.

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction.

About China Integrated Energy, Inc.

The Company is a leading non-state-owned integrated energy company in the PRC engaged in three business segments, the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and seven retail gas stations in China.

Safe Harbor Statement

This news release contains forward-looking statements, including statements regarding the use of proceeds by the Company from the offering. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Actual use of proceeds may differ materially from those set forth herein as, depending on future events and other changes in the business climate, The Company may determine at a later time to use the net proceeds for different purposes. The Company disclaims any obligation to update or correct this information.

    For more information, please contact:

    China Integrated Energy, Inc.
     Alex Gong, VP of Capital Market
     Tel:   +86-136-0127-9912
     Email: alexgong08@gmail.com
     Web:   http://www.cbeh.net.cn

    HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternation...