HONG KONG, May 10, 2016 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) reported that the company has obtained type approval certificate from China's Classification Society ("CCS") for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour BWTS today. Other foreign type approval certificates can easily be acquired once CCS type approval certificate has been obtained. The Company is now actively developing sales channels for sales and marketing of BWTS, both inside and outside of China.
BWTS are 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. IMO requires that the Ballast Water Management Convention will enter into force 12 months after ratification by 30 States, representing 35% of world merchant shipping tonnage. As of April 22, 2016, 50 countries had joined, representing 34.83% of world merchant shipping tonnage. The market potential for retrofits and new installations of BWTS in these old and new ocean-going vessels is enormous.
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, 2015.
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SOURCE Euro Tech Holdings Company Limited