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New Energy Systems Group Reports Third Quarter 2012 Financial Results

Cash and cash Equivalents Improved to $10.3 Million, or $0.71 per Share; Non-GAAP Adjusted Net Income and EPS of $0.8 Million and $0.06, Respectively

SHENZHEN, CHINA -- (Marketwire) -- 11/16/12 -- New Energy Systems Group (NYSE MKT: NEWN) ("New Energy" or the "Company"), a vertically integrated original design manufacturer and distributor of Anytone® and MeePower®-branded consumer backup power systems for mobile devices and solar panels and related solar application products to service municipal power applications, today announced financial results for the third quarter ended September 30, 2012.

Mr. Jack Yu, Chairman of New Energy, stated, "Over the past year, other than operations, we have generated $5.7 million of cash from selling non-core assets that were losing substantial amount of money. With over $10 million of cash, no debt and valuable intellectual property related to our Anytone consumer electronic and solar businesses, we are looking for those strategies to stable and regrow our shareholder value."


----------------------------------------------------------------------------
For the Three Months Ended September 30,
----------------------------------------------------------------------------
                                             2012           2011      CHANGE
----------------------------------------------------------------------------
Net Sales                                $3.6 million   $6.7 million   -46%
----------------------------------------------------------------------------
Gross Profit                             $0.2 million   $1.2 million   -80%
----------------------------------------------------------------------------
Net Income (Loss) from Continued        $(7.6) million ($0.5) million  N/A
Operations
----------------------------------------------------------------------------
Adjusted Net Income (Loss)* from         $0.8 million   $0.2 million  +455%
Continued Operations
----------------------------------------------------------------------------
GAAP EPS (Diluted) from Continued          $(0.52)        $(0.04)      N/A
Operations
----------------------------------------------------------------------------
Adjusted EPS (Diluted)* from Continued      $0.06          $0.01      +452%
Operations
----------------------------------------------------------------------------

*Adjusted net income and adjusted EPS exclude $0.2 million of non-cash
stock-based compensation expenses and $0.5 million of amortization expenses
during Q3 2012 and Q3 2011, respectively. Q3 2012 reported net income and
EPS includes a $7.7 million non-cash goodwill and intangible assets
impairment charge. Fully diluted shares on September 30, 2012 were 14.6
million versus 14.6 million on September 30,2011.


Revenues declined 46% year-over-year to $3.6 million due to lower demand for batteries in China and increased competition. Solar panel and related solar product sales were down 62% to $1.9 million due to the downturn pressure of the entire solar market and intense market competition.

Cost of sales decreased 38% to $3.4 million from $5.5 million in the third quarter of 2011 due to lower sales and production volumes. Gross profit in the third quarter of 2012 was $0.2 million compared to $1.2 million, a 80% decline compared to the same period last year.

Consolidated gross margin fell to 7% from 18% in the third quarter of 2011 as a result of higher raw materials and labor costs and a significant decrease in production and sales volumes.

Selling, general and administrative expenses ("SG&A") for the three months ended September 30, 2012 were $1.8 million, essentially unchanged from the same period last year.

The Company incurred $0.2 million of non-cash stock-based compensation expenses and $0.5 million amortization expenses during the third quarter of 2012 and 2011. New Energy recorded a non-cash goodwill and intangible assets impairment charge of $7.7 million in the third quarter of 2012 related to its Anytone and Kim Fai solar businesses. Excluding these expenses, operating income was $0.8 million for the third quarter of 2012.

Net income from continuing operations was a net loss of $7.6 million compared to a net loss of $0.5 million in the third quarter of 2011. GAAP net loss per share was was $0.52 in the third quarter of 2012 compared to a net loss per share of $0.04 in 2011. Non-GAAP adjusted net income and earnings per share were $0.8 million and $0.06, respectively, in the third quarter of 2012.

----------------------------------------------------------------------------
For the Nine months Ended September 30,
----------------------------------------------------------------------------
                                             2012           2011      CHANGE
----------------------------------------------------------------------------
Net Sales                               $12.2 million  $30.3 million   -60%
----------------------------------------------------------------------------
Gross Profit                             $0.8 million  $10.5 million   -93%
----------------------------------------------------------------------------
Net Income (Loss) from Continued
Operations                             $(19.1) million  $3.9 million   N/A
----------------------------------------------------------------------------
Adjusted Net Income (Loss)* from
Continued Operations                    $(0.9) million  $5.9 million   N/A
----------------------------------------------------------------------------
GAAP EPS (Diluted) from Continued
Operations                                 $(1.31)         $0.27       N/A
----------------------------------------------------------------------------
Adjusted EPS (Diluted)* from Continued
Operations                                 $(0.06)         $0.41       N/A
----------------------------------------------------------------------------

*Adjusted net income and adjusted EPS exclude $0.5 million and 0.5 million
of non-cash stock-based compensation expenses and $1.6 million and $1.5
million of amortization expenses during YTD 2012 and YTD 2011, respectively.
YTD 2012 reported net income and EPS includes a $16.1 million non-cash
goodwill and intangible assets impairment charge. Fully diluted shares on
September 30, 2012 were 14.6 million versus 14.5 million on September
30,2011.


Consolidated net sales for the nine months ended September 30, 2012 were $12.2 million, a decrease of 60% compared to $30.3 million in the corresponding period in 2011. Sales of Anytone batteries and Kim Fai solar products were $6.7 million and $5.5 million, respectively, in the first nine months of 2012.

Cost of sales was $11.4 million, down 42% from $19.8 million in the first nine months of 2011. Gross profit and gross margin were $0.8 million and 6%, respectively, in the nine months ended September 30, 2012.

Selling, general and administrative expenses increased 13% to $5.7 million. Loss from continuing operations was a net loss $21.1 million compared to a net income of $5.5 million in the same period a year ago.

Non-GAAP adjusted net loss and EPS were $0.9 million loss and $0.06 loss per share in the first nine months of 2012, respectively. The weighted average diluted shares outstanding were 14.6 million.

Balance Sheet and Cash Flow Summary

As of September 30, 2012, New Energy Systems Group had cash and equivalents of approximately $10.3 million, up from $4.5 million as of December 31, 2011. The Company received $5.7 million for sale of disposed subsidiaries and generated $0.3 million of cash from operations.

Working capital was approximately $19.1 million at September 30, 2012; accounts receivable was $4.3 million compared to $6.6 million as of December 31, 2011.

Business Update:

During the last quarter, through reduced sales prices of certain products, continuing marketing efforts and exploration of other potential market, the Company managed to control the loss brought by piracy and counterfeit to our mobile power products. In addition to searching for potential partners in the global market, the Company also starts to sell its products directly on the large E-Commence websites such as Amazon and eBay. Also, the Company plans to sell its products directly from its official website to foreign customers in the near future. Moreover, the Company will aggressively participate in domestic and international trade shows for any potential business opportunity, including the recent solar energy show in South Africa and CES 2013 in Las Vegas. Finally, the Company has also developed compatible mobile power products for the popular consumer electronic products such as iPhone 5 and Galaxy S3.

About New Energy Systems Group

New Energy Systems Group is a vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems for mobile phones, laptops, digital cameras, MP3s and a variety of other portable electronics. The company's end-user consumer products are sold under the Anytone® brand in China, and the company has begun expanding its international sales efforts. The fast pace of new mobile device introductions in China combined with a growing middle class make it fertile ground for New Energy's end-user consumer products, as well as its high powered, light weight lithium ion batteries. In addition to historically strong organic growth, New Energy is expected to benefit from economies of scale, broader distribution, and higher production capacity and higher profit margins. Additional information about the company is available at: www.newenergysystemsgroup.com.

Forward Looking Statements

This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary and affiliated companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.


                  NEW ENERGY SYSTEMS GROUP AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                                               September 30,  December 31,
                                                    2012           2011
                                               -------------  -------------
                    ASSETS                      (Unaudited)
Current assets
Cash and equivalents                           $  10,349,517  $   4,528,731
Accounts receivable                                4,253,457      6,614,814
Inventory                                            479,829      1,661,515
Prepayments                                           50,946        554,375
Other receivables                                  5,520,000      5,520,000
Taxes receivable                                           -        217,106
Due from shareholders                                282,540        284,337
Deferred compensation                                607,087        686,979

  Total current assets                            21,543,376     20,067,857

Noncurrent assets
Property and equipment, net                          330,465        208,271
Other receivables                                  2,322,500      8,030,209
Deferred compensation                                      -        423,493
Goodwill                                          29,830,694     39,888,807
Intangible assets, net                             3,412,640     11,051,910

  Total noncurrent assets                         35,896,299     59,602,690

TOTAL ASSETS                                   $  57,439,675  $  79,670,547

      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
Accounts payable                               $   1,542,990  $   2,837,889
Accrued expenses and other payables                  873,070        818,452
Taxes payable                                         71,404         21,103

  Total current liabilities                        2,487,464      3,677,444

Deferred tax liability                               853,160      2,764,571

TOTAL LIABILITIES                                  3,340,624      6,442,015

Commitments and Contingencies

Stockholders' equity
Preferred stock, $.001 par value, 60,000,000
 shares authorized, 0 shares issued and
 outstanding                                               -              -
Common stock, $.001 par value, 140,000,000
 shares authorized, 14,631,731 and 14,571,731
 shares issued and outstanding at September
 30, 2012 and December 31, 2011, respectively         14,631         14,571
Additional paid in capital                        74,298,859     74,255,585
Statutory reserves                                 2,410,573      2,410,573
Other comprehensive income                         3,249,413      3,292,074
Accumulated deficit                              (25,874,425)    (6,744,271)

TOTAL STOCKHOLDERS' EQUITY                        54,099,051     73,228,532

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $  57,439,675  $  79,670,547

The accompanying notes are an integral part of these consolidated financial
statements.




                  NEW ENERGY SYSTEMS GROUP AND SUBSIDIARIES
        CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
                                 (UNAUDITED)
                          Nine Months Ended          Three Months Ended
                            September 30,               September 30,
                     --------------------------  --------------------------
                         2012          2011          2012          2011
                     ------------  ------------  ------------  ------------

NET SALES
  Battery            $  6,687,091  $ 13,657,611  $  1,698,783  $  1,703,729
  Solar panel           5,494,777    16,649,096     1,937,476     4,973,124
    Total sales        12,181,868    30,306,707     3,636,259     6,676,853

COST OF SALES
  Battery               6,191,309     6,546,438     1,551,795       800,633
  Solar panel           5,235,908    13,220,831     1,845,789     4,667,322
    Total cost of
     sales             11,427,217    19,767,269     3,397,584     5,467,955

GROSS PROFIT              754,651    10,539,438       238,675     1,208,898

OPERATING EXPENSE
  Selling                 892,253       881,257       173,520       283,284
  General and
   administrative       4,839,943     4,197,889     1,597,636     1,541,875
  Patent impairment     6,086,840             -     6,086,840             -
  Goodwill
   impairment          10,058,113             -     1,638,017             -
    Total operating
     expenses          21,877,149     5,079,146     9,496,013     1,825,159

INCOME (LOSS) FROM
 OPERATIONS           (21,122,498)    5,460,292    (9,257,338)     (616,261)

OTHER INCOME
 (EXPENSES)
  Other expense
   (income)                  (810)        1,983          (204)         (341)
  Interest income          26,288        10,254         9,005         5,791
    Total other
     income, net           25,478        12,237         8,801         5,450

INCOME (LOSS) BEFORE
 INCOME TAXES         (21,097,020)    5,472,529    (9,248,537)     (610,811)
INCOME TAX BENEFIT
 (EXPENSE)              1,966,866    (1,570,786)    1,667,253        85,269

INCOME (LOSS) FROM
 CONTINUING
 OPERATIONS           (19,130,154)    3,901,743    (7,581,284)     (525,542)
LOSS FROM
 DISCONTINUED
 OPERATIONS, NET OF
 TAX                            -   (12,147,523)            -   (16,327,666)

NET LOSS              (19,130,154)   (8,245,780)   (7,581,284)  (16,853,208)

OTHER COMPREHENSIVE
 INCOME (LOSS)
  Foreign currency
   translation           (278,743)      659,551      (241,737)      298,160

COMPREHENSIVE LOSS   $(19,408,897) $ (7,586,229) $ (7,823,021) $(16,555,048)

WEIGHTED AVERAGE
 SHARES OUTSTANDING
  Basic                14,595,600    14,381,065    14,631,731    14,551,731
  Diluted              14,595,600    14,548,462    14,631,731    14,551,731

NET INCOME (LOSS)
 PER SHARE FROM
 CONTINUING
 OPERATIONS
  Basic              $      (1.31) $       0.27  $      (0.52) $      (0.04)
  Diluted            $      (1.31) $       0.27  $      (0.52) $      (0.04)

NET INCOME (LOSS) PER SHARE FROM
 DISCONTINUED OPERATIONS
  Basic              $          -  $      (0.84) $          -  $      (1.12)
  Diluted            $          -  $      (0.83) $          -  $      (1.12)

NET INCOME (LOSS)
 PER SHARE
  Basic              $      (1.31) $      (0.57) $      (0.52) $      (1.16)
  Diluted            $      (1.31) $      (0.57) $      (0.52) $      (1.16)

The accompanying notes are an integral part of these consolidated financial
statements.




                  NEW ENERGY SYSTEMS GROUP AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (UNAUDITED)
                                            Nine Months Ended September 30,
                                           --------------------------------
                                                 2012             2011
                                           ---------------  ---------------

CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss                                 $   (19,130,154) $    (8,245,780)
  Adjustments to reconcile net loss to net
   cash provided by operating activities:
    Depreciation and amortization                1,618,413        2,328,860
    Changes in deferred taxes                   (1,911,410)        (509,557)
    Deferred stock compensation                    533,985          506,250
    Stock options and warrant expense               29,534           33,828
    Goodwill impairment                         10,058,113       13,564,691
    Patent impairment                            6,086,840                -
  (Increase) / decrease in current assets:
    Accounts receivable                          2,477,524          755,306
    Inventory                                    1,175,628       (1,177,906)
    Prepaid expenses, deposits and other
     receivables                                   502,024         (868,679)
  Increase/(decrease) in current
   liabilities:
    Accounts payable                            (1,430,992)      (1,736,844)
    Accrued expenses and other payables             55,738          193,518
    Taxes payable                                  267,180       (1,969,979)

NET CASH PROVIDED BY OPERATING ACTIVITIES          332,423        2,873,708

CASH FLOWS FROM INVESTING ACTIVITIES
    Cash from sale of disposed
     subsidiaries                                5,728,957                -
    Acquisition of property and equipment         (189,964)         (84,771)

NET CASH PROVIDED BY (USED IN) INVESTING
 ACTIVITIES                                      5,538,993          (84,771)

CASH FLOWS FROM FINANCING ACTIVITIES
    Repayment of acquisition liability for
     subsidiaries                                        -       (6,802,616)
    Cash from warrant exercise                           -           87,500

NET CASH USED IN FINANCING ACTIVITIES                    -       (6,715,116)

EFFECT OF EXCHANGE RATE CHANGE ON CASH AND
 EQUIVALENTS                                       (50,630)         457,787

NET INCREASE (DECREASE) IN CASH AND
 EQUIVALENTS                                     5,820,786       (3,468,392)

CASH AND EQUIVALENTS, BEGINNING OF PERIOD        4,528,731       13,065,008

CASH AND EQUIVALENTS, END OF PERIOD        $    10,349,517  $     9,596,616

SUPPLEMENTAL DISCLOSURES:
  Cash paid during the period for:
    Income taxes                           $             -  $     4,745,614
    Interest                               $             -  $             -

The accompanying notes are an integral part of these consolidated financial
statements.


For more information, please contact:

COMPANY

New Energy Systems Group
Ken Lin
VP of Investor Relations
Tel: +1-917-573-0302
Email: [email protected]

INVESTOR RELATIONS

John Mattio
SVP
MZ Group
Tel: US +1-212-301-7130
Email: [email protected]
Web: http://www.mzgroup.us

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