HONG KONG, June 24, 2014 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported that although the company has submitted all necessary documents to China's Classification Society (CCS) for its 300 Cubic Meters per hour BWTS certification in May 2014, however, it may take longer time than expected for CCS to review and approve all the submitted documents especially the additional documents and technical clarifications requested recently by them.
The company is in the process of forming a separate company 100% owned by Yixing PACT Environmental Technology Co. Ltd., ("Pact") for BWTS business. This new company is not only for the management purpose to separate the marine industry related business from the industrial wastewater treatment business in Pact, but also makes it simple for getting external investment opportunities or co-operations with other parties in future.
BWTS is an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. The market potential for retrofits and new installations of BWTS in these old and new ocean-going vessels is enormous.
Yixing PACT Environmental Technology Co. Ltd., (a majority-owned subsidiary) based in Shanghai, is a global provider of environmental solutions for industrial and municipal clients, focusing on water and wastewater treatment. Pact's capabilities cover design, manufacturing, sourcing, installation and servicing of water/wastewater treatment, water desalination plants and equipment.
Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2013.
Euro Tech Holdings Company Limited, Hong Kong T.C. Leung, Chairman and CEO, or Jerry Wong, CFO Tel: 852-2814-0311 Fax: 852-2873-4887 Website: http://www.euro-tech.com
Pact's Website: http://www.pactchina.com
SOURCE Euro Tech Holdings Company Limited