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New Energy Systems Group Announces Open Market Stock Purchases by Chairman Mr. Yu

SHENZHEN, China, December 19, 2011 -- New Energy Systems Group (NYSE Amex: NEWN) ("New Energy" or the "Company"), a vertically-integrated original design manufacturer and distributor of consumer branded backup power systems, lithium ion batteries, battery parts and solar panels, today announced that Chairman and CEO, Weihe “Jack” Yu, has purchased an additional 238,000 shares of the Company’s common stock in the fourth quarter of 2011. Details of these open market purchases can be found in the Form 4 filed with the SEC on December 19, 2011.

“I remain confident about our Company’s long-term outlook despite challenges we have experienced throughout the year,” stated Chairman Mr. Yu. “As we regain our position in the market with Anytone® branded mobile power devices and grow our Kim Fai solar related products sales, my management team and I are equally confident our efforts will produce returns for our shareholders in 2012.”

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=82996…

Completion of Acquisition or Disposition of Assets.

As reported on the Current Report on Form 8-K of New Energy Systems Group (the “Company”) as filed with the Securities and Exchange Commission on December 15, 2011, on December 9, 2011, the Company closed the transactions contemplated in the Equity Transfer Agreement (“Equity Transfer Agreement”) dated November 24, 2011, with Xuemei Fang (“Fang”) and Weirong Xu (“Xu”, and together with Fang, the “Buyers”). Pursuant to the Equity Transfer Agreement, 100% of the equity interest of Billion Electronics Limited (BVI) (“Billion Electronics”) was transferred to the Buyers for a cash consideration of RMB 85,553,892.75 (approximately $13,549,443).

In connection with the completion of the Equity Transfer Agreement, the Company is hereby filing this Amendment No. 1 to the Current Report on Form 8-K to include the requisite pro forma financial information.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=83400…

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