Tri-Tech Holding Wins $1.42 Million Flash Flood Forecasting and River Hydrologic Monitoring Contracts
BEIJING, Nov. 1, 2012 /PRNewswire-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that it has secured contracts for flash flood early warning and small river hydrologic monitoring projects in two provinces in China. The projects total approximately $1.42 million (approximately RMB 8.95 million).
According to the terms of the contracts, the company will restore flash flood monitoring and forecasting systems, which were severely damaged during a hailstorm, for Minxian County in Gansu Province. In addition, the company will implement small river hydrologic monitoring systems in two regions in Heilongjiang Province. The company will produce and procure equipment, develop software, install and troubleshoot the systems and provide technical training to customers. These two projects are scheduled for completion by the end of December 2012.
Mr. Gavin Cheng, Joint CEO of Tri-Tech Holding Inc., commented, "We are pleased to announce the award of the Gansu and Heilongjiang projects. These projects are part of what has been a busy several months for our company. During this quarter, our water resources management projects have grown as we continue our market expansion strategy. While we implement these flash flood and small river hydrologic monitoring projects, we have also focused on collecting receivables, which continued to improve our cash position. Meanwhile, we are devoting efforts to grow our irrigation-related business in China, extend our water resources business in India and develop our strategic collaboration with Australian company Rubicon Water."
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for municipalities and private sectors in China and international markets. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the Chinese government in managing its water resources. The company is also moving into the industrial pollution control market. Tri-Tech owns 39 software copyrights and 11 product patents, and employs 446 people. Please visit http://www.tri-tech.cn for more information.
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This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of and payment for the projects referenced herein and other statements concerning plans, objectives, goals, strategies, future events such as project payments, results of marketing efforts or performance, future government initiatives, expected actions by third parties and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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