NF Energy Saving Corp. Announces Contract with China State Shipbuilding Corporation
SHENYANG, China, March 28, 2011 /PRNewswire-Asia/ -- NF Energy Saving Corp. (Nasdaq: NFEC) ("NF Energy" or the "Company"), a leading provider of energy management services and producer of energy efficiency products, announced today that it has signed a contract with China State Shipbuilding Corporation ("CSSC") for the supply of flow control systems. The contract value is RMB 2.48 million.
Pursuant to the contract, NF Energy will provide one 2.9 meter diameter flow control system to CSSC which is destined for use in a nuclear power station in India. NF Energy will then provide a further three flow control systems to CSSC for onward export to India. These products are expected to be delivered during the fourth quarter of 2011.
"This is our first time working with CSSC and also our first delivery of a nuclear power station standard flow control system to a client that shows this level of advanced technology and cutting edge precision of our product," commented Mr. Gang Li, Chairman and CEO of NF Energy. "We will continue our product research and development, and, with contracts like this one, increase the utilization of our new plants while increasing customer satisfaction with our services."
About China State Shipbuilding Corporation
China State Shipbuilding Corporation (CSSC) is a large conglomerate and state-authorized investment institution directly administered by the central government of China. It boasts being the mainstay of the shipbuilding industry in China. Under its wing, there are 60 separate enterprises and shareholding institutions, including some of the most powerful and most renowned shipbuilding and ship repairing yards, research and design institutes, marine-related equipment manufacturers and trading firms in China.
About NF Energy Saving Corporation
NF Energy Saving Corporation (NASDAQ: NFEC) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. The Company's customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, wind power, and nuclear power), water supply, and heat supply industries. The majority of revenues are from energy efficient flow control equipment and energy efficiency projects. For more information, visit http://www.nfenergy.com
Safe Harbor Statement
The statements contained herein that are not historical facts are considered "forward-looking statements." Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the efficacy of investment in research and development are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov.
Investor Relations Contact:
Ms. Lihua Wang, Director & CFO
Mr. Mark Collinson, Partner
Tel: +86 24-8563 1159
Tel: +1 310-954-1343
NF Energy Saving Corp.
CCG Investor Relations
SOURCE NF Energy Saving Corporation