Cleantech Solutions Receives Purchase Orders for Airflow-Dyeing Machines and Forging Components
WUXI, China, Oct. 31, 2012 /PRNewswire-FirstCall/ -- Cleantech Solutions International, Inc. ("Cleantech Solutions" or "the Company") (NASDAQ: CLNT), a manufacturer of metal components and assemblies, primarily used in the wind power, solar and other clean technology industries, today announced that the Company has received purchase orders for airflow-dyeing machines and related components from two new domestic customers.
The first purchase order requires Cleantech Solutions to deliver a total of 63 sets of airflow-dyeing machines and related components for a total purchase price of approximately $1.7 million (RMB 10.4 million). Pursuant to the purchase order, the Company has received an advance payment of $0.5 million, or 30% of the total purchase price, will receive an additional 60% of the total purchase price upon installation, and will receive the remaining 10% within three months of installation. Cleantech Solutions expects to deliver the units in November and December 2012. The Company's airflow-dyeing machines use flowing air rather than water, which is used in the traditional dyeing process. The Company believes that its airflow technology reduces input costs, creates fewer wrinkles and less damage to the textile, and produces a reduced level of emissions.
"We are pleased with the steady sales momentum of our airflow-dyeing machines as we continue to attract new customers, which is a strong validation of the increasing need for our products and services within the textile industry," said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions. "We are committed to growing our customer base alongside the industry-wide replacement cycle favoring energy friendly machines."
Separately, Cleantech Solutions received an additional purchase order to supply forged components for flanges from a China-based heavy machinery customer. The purchase order requires the Company to deliver a total of 36 units for a total purchase price of $0.8 million. Pursuant to the purchase order, the Company received an advance payment of $0.2 million, or 30% of the total purchase price, and will receive the remaining 70% upon installation. Cleantech Solutions expects to deliver the units by the end of November 2012.
About Cleantech Solutions International
Cleantech Solutions is a manufacturer of metal components and assemblies, primarily used in clean technology industries. The Company supplies forging products, fabricated products and machining services to a range of clean technology customers, primarily in the wind power sector and supplies dyeing and finishing equipment to the textile industry. Cleantech Solutions is committed to achieving long-term growth through ongoing technological improvement, capacity expansion, and the development of a strong customer base. The Company's website is www.cleantechsolutionsinternational.com. Any information on the Company's website or any other website is not a part of this press release.
Safe Harbor Statement
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, including factors described in "Risk Factors" in our Form 10-K for the year ended December 31, 2011 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K for the year ended December 31, 2011 and our Form 10-Q for the quarter ended June 30, 2012. Any information on the Company's website or any other website is not a part of this press release. 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.
Cleantech Solutions International, Inc.
Ms. Wanfen Xu, Chief Financial Officer
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
SOURCE Cleantech Solutions International, Inc.