Euro Tech Holdings Company Limited Reports Contract Awarded to PACT
HONG KONG, Nov. 25, 2011 /PRNewswire-Asia/ -- Euro Tech Holdings Company Limited (NASDAQ: CLWT) today announced that its subsidiary, PACT Environmental Technology Company Ltd. ("PACT") has recently been awarded a contract by an International Engineering company worth about US$2.4 million.
This contract, which covers design, supply, supervision of the installation and the commissioning of an industrial wastewater treatment system in an Aluminum Rolling Mill in Saudi Arabia, will be completed in May, 2012. About 1600 cubic meters of wastewater per day will be treated and then utilized for irrigation purposes.
PACT feels positive to get more contracts in coming months for projects outside China, as it is currently working on a few proposals for the same Engineering Company and other International Engineering Companies which source equipment and engineering services in China for their projects in other countries.
PACT Environmental Technology Co. Ltd., 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. Since July 2011, Euro Tech has increased its shareholding in PACT from 53% to 58%.
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, 2010.
SOURCE Euro Tech Holdings Company Limited