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[China Recycling Energy Announces Carlyle Asia Growth Partners’ Conversion to Common Shares XI'AN, China, July 22, 2011 Carlyle Asia Growth Partners III, L.P. and CAGP III Co-Investment, L.P. together have converted the $5,000,000 principal amount under the 5% Secured Convertible Promissory Note into a total 4,334,192 shares of China Recycling Energy Corporation’s common stock at the conversion price per share] []