DALIAN, China, March 31, 2011 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTCBB: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced that it will delay the filing of its annual report on Form 10-K for the fiscal year ended December 31, 2010, which is due on March 31, 2011.
The Company filed a form 12b-25 notification of late filing on March 31, 2011 with the Securities and Exchange Commission to extend the filing due date. The Company anticipates to file its annual report for fiscal year ended December 31, 2010 on or before April 15, 2011, the extended deadline as permitted by Rule 12b-25 of the Securities Exchange Act, under which rule it is deemed to be a timely filing.
The Company also reiterates the preliminary fiscal 2010 financial results that the Company announced in its press release dated March 2, 2011: For the fiscal year ended December 31, 2010, the Company's total unaudited revenue increased 98.1% to approximately $21 million from $10.6 million for the year ended December 31, 2009. Full year 2010 unaudited net income was approximately $4.5 million, up 125% from $2.0 million for the year ended December 31, 2009.
About China Industrial Waste Management
China Industrial Waste Management is a leading environmental services and solutions provider in China. The Company is based in Dalian, Liaoning Province, and has been engaged in the industrial solid waste treatment business since 1991. Today, the Company is the largest industrial solid waste management enterprise in northeastern China. China Industrial Waste Management's main businesses are industrial solid waste treatment and recycling, municipal sewage and sludge treatment, and environmental protection engineering. For more information, please visit the Company's website (www.chinaciwt.com).
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
SOURCE China Industrial Waste Management, Inc.