XI'AN, China, Jan. 11 /PRNewswire-Asia-FirstCall/ -- China Recycling
Energy Corp. (OTC Bulletin Board: CREG; "CREG" or "the Company"), a leading
industrial waste-to-energy solution provider in China, today announced it has
completed the first 9-MegaWatt ("MW") capacity power unit in Phase I for the
Erdos' Waste Heat Power Generation Project ("Erdos Project") with Erdos
Metallurgy Co., Ltd. ("Erdos Metallurgy") and is on track to complete the
entire Phase I project during the first quarter of 2010. The completed Phase I
will include two 9-MW units for a combined 18-MW power capacity.
The Erdos Project having a combined capacity of 70 MW with the potential
to grow to 120-MW power capacity was originally announced on April 6, 2009.
Under the agreement with Erdos Metallurgy, CREG will recycle waste heat from
Erdos Metallurgy's metal refining plants to generate power and steam, which
will then be sold back to Erdos Metallurgy for 20 years. On December 8, 2009,
the Company announced it had successfully raised capital to support the
construction and operation of Erdos Project Phase II and Phase III. Phase II
will combine three 9-MW units for a total 27-MW power capacity, while Phase
III will include one unit with 25-MW capacity.
Mr. Guohua Ku, Chairman and CEO of CREG, commented, "The planned rollout
of one of our largest projects is on schedule, with completion of the first
phase expected this quarter. Erdos is already benefiting from their recycled
waste to energy with both reduced power rates and significantly improved
About China Recycling Energy Corp.
China Recycling Energy Corp. (OTCBB: CREG.OB; "CREG" or "the Company") is
based in Xi'an, China and provides environmentally friendly waste-to-energy
technologies to recycle industrial byproducts for steel mills, cement
factories and coke plants in China. Byproducts include heat, steam, pressure,
and exhaust to generate large amounts of lower-cost electricity and reduce the
need for outside electrical sources. The Chinese government has adopted
policies to encourage the use of recycling technologies to optimize resource
allocation and reduce pollution. Currently, recycled energy represents only an
estimated 1% of total energy consumption and this renewable energy resource is
viewed as a growth market due to intensified environmental concerns and rising
energy costs as the Chinese economy continues to expand. The management and
engineering teams have over 20 years of experience in industrial energy
recovery in China.
For more information about CREG, please visit http://www.creg-cn.com .
Safe Harbor Statement
This press release may contain certain "forward-looking statements"
relating to the business of China Recycling Energy Corp. and its subsidiary
companies. All statements, other than statements of historical fact included
herein are "forward-looking statements." These forward-looking statements are
often identified by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations reflected
in these forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may prove to be
incorrect. Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. The
Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that are filed
with the Securities and Exchange Commission and available on its website at
http://www.sec.gov . All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in their
entirety by these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
China Recycling Energy Corp.
Mr. Leo Wu
American Capital Ventures, Inc.
Mr. Howard Gostfrand
SOURCE China Recycling Energy Corp.