Guanwei Recycling Announces Debt Conversion Agreement

Guanwei Recycling Corp.

today announced the execution of a debt conversion agreement with Chenxin International Limited, a Hong Kong company and shareholder of the Company which is controlled by Mr. Rui Wang, a director of the Company. P ursuant to the agreement, all expenses previously paid by Chenxin on behalf of the Company, totaling $1,468,167, shall be cancelled in exchange for the issuance by the Company to Chenxin of 815,684 shares of Guanwei's common stock, or $1.80 per share.