Euro Tech Holdings Company Limited Reports Contract Awarded to PACT and BWTS Update
HONG KONG, Oct. 19, 2012 /PRNewswire/ -- Euro Tech Holdings Company Limited (NASDAQ: CLWT) today announced that its subsidiary, PACT Environmental Technology Company Ltd. ("PACT") has recently been awarded a contract worth about US$2.3 million by a German vehicle components manufacturer in Shenzhen, China. This contract covers design, supply, project management,civil construction, equipment installation, and commissioning of a 1,000 tons per day industrial wastewater treatment plant.
BWTS (Ballast Water Treatment System) update:
PACT has passed the BWTS land base test in China in September and has to pass a 6 month sea board test in order to get the necessary certifications before launching the system. PACT is now preparing two (300 cubic meters per hour) BWTS ready for sea board test in November.
Ballast water treatment 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 ships when their ballast water tanks are emptied or refilled. The market potential for retrofits and new installations of BWTS in these old and new ocean-going ships is enormous.
Despite the hardship in last two years and worldwide slowdown economy, Euro Tech continues to invest in the Ballast Water Treatment business and is upbeat about this potential business that will generate steady revenues and incomes based on orders from retrofits and new installations from ships in future.
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.
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, 2011.
Euro Tech Holdings Company Limited, Hong Kong
T.C. Leung, Chairman and CEO, or Jerry Wong, CFO
PACT's Website: http://www.pactchina.com
SOURCE Euro Tech Holdings Company Limited