Euro Tech Holdings - Update: Announcing Opening of a 'Pilot' Shop in Shanghai and Extension of Time to Complete Equity Investment in Shanghai Engineering Firm

Apr 27, 2001, 01:00 ET from Euro Tech Holdings Company Limited

    HONG KONG, April 27 /PRNewswire/ -- Euro Tech Holdings Company Limited
 (Nasdaq: CLWT; CLWTW) ("Euro Tech").  On March 19, 2001 Euro Tech announced
 that it had entered into a non-binding letter of intent to acquire a 30%
 equity interest in Pact Asia Pacific Ltd. and Yixing PACT Environmental
 Technology Company Ltd., ("Pact") for approximately US$290,000, subject to
 final negotiations.  Pact is a privately owned engineering firm situated in
 Shanghai that is believed by Euro Tech to specialize in the design,
 manufacture and operation of water and waste water treatment plants in several
 industries situated in China.  Euro Tech believes that Pact's business is
 complementary to Euro Tech's as Euro Tech continues to focus on sales and
 marketing of products of others.  Also, Euro Tech anticipates that if it is
 able to secure an equity stake in Pact, its ability to become a supplier to
 Pact will be enhanced.  The acquisition of an equity stake in Pact is subject
 to the negotiation of a definitive agreement, Euro Tech's due diligence
 investigation of Pact, its finances, operations and certain legal
 requirements, were to be originally accomplished by April 23, 2001 has been
 extended to May 31, 2001.  There can be no assurance that Euro Tech will
 successfully complete such acquisition, it will perform as anticipated, will
 not result in significant unexpected liabilities or will ever contribute
 significant revenues or profits to Euro Tech or that Euro Tech will not lose
 its entire investment.
     On April 20, 2001 Euro Tech officially opened a "pilot" shop in Shanghai
 to sell inventoried water and other electronics testing equipment to potential
 customers.  Euro Tech's "pilot" shop is located at 185 Beijing Road (East) in
 Shanghai.  If the Shanghai "pilot" shop proves commercially feasible, Euro
 Tech intends to open a second shop in Beijing in the last quarter of this year
 and intends to explore having independent third parties, not otherwise
 affiliated with Euro Tech, establish similar shops in other cities in China.
 In view of China's impending WTO accession, the "pilot" shop and possible
 shops to be opened by independent third parties represent a new marketing tool
 to be used by Euro Tech.  There can be no assurance that the "pilot" shop will
 prove to be commercially viable, that Euro Tech will not sustain losses in
 connection with the founding costs of opening and running the "pilot" shop,
 hiring personnel and similar expenses.  There can be no assurance that similar
 shops will be established by independent third parties, that any such third
 party shop will be come commercially viable, or result in any significant
 revenues or profits to Euro Tech.
 
     Certain statements in this news release regarding Euro Tech'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.
 Euro Tech would like to caution readers regarding certain forward-looking
 statements in this document and in all of its communications to shareholders
 and others, press releases, securities filings, and all other communications.
 Such statements indicate uncertainty and Euro Tech can give no assurance with
 regard to actual outcomes.  Specific risk factors may include, without
 limitation, having Euro Tech's offices and operations situated in Hong Kong
 and China, doing business in China, competing with Chinese manufactured
 products, competing with Euro Tech'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 deployment of resources. Please see the "Risk Factors"
 in Euro Tech's filings (including Forms 20-F) with the Securities and Exchange
 Commission for a description of some, but not all, risks, uncertainties and
 contingencies.
 
 

SOURCE Euro Tech Holdings Company Limited
    HONG KONG, April 27 /PRNewswire/ -- Euro Tech Holdings Company Limited
 (Nasdaq: CLWT; CLWTW) ("Euro Tech").  On March 19, 2001 Euro Tech announced
 that it had entered into a non-binding letter of intent to acquire a 30%
 equity interest in Pact Asia Pacific Ltd. and Yixing PACT Environmental
 Technology Company Ltd., ("Pact") for approximately US$290,000, subject to
 final negotiations.  Pact is a privately owned engineering firm situated in
 Shanghai that is believed by Euro Tech to specialize in the design,
 manufacture and operation of water and waste water treatment plants in several
 industries situated in China.  Euro Tech believes that Pact's business is
 complementary to Euro Tech's as Euro Tech continues to focus on sales and
 marketing of products of others.  Also, Euro Tech anticipates that if it is
 able to secure an equity stake in Pact, its ability to become a supplier to
 Pact will be enhanced.  The acquisition of an equity stake in Pact is subject
 to the negotiation of a definitive agreement, Euro Tech's due diligence
 investigation of Pact, its finances, operations and certain legal
 requirements, were to be originally accomplished by April 23, 2001 has been
 extended to May 31, 2001.  There can be no assurance that Euro Tech will
 successfully complete such acquisition, it will perform as anticipated, will
 not result in significant unexpected liabilities or will ever contribute
 significant revenues or profits to Euro Tech or that Euro Tech will not lose
 its entire investment.
     On April 20, 2001 Euro Tech officially opened a "pilot" shop in Shanghai
 to sell inventoried water and other electronics testing equipment to potential
 customers.  Euro Tech's "pilot" shop is located at 185 Beijing Road (East) in
 Shanghai.  If the Shanghai "pilot" shop proves commercially feasible, Euro
 Tech intends to open a second shop in Beijing in the last quarter of this year
 and intends to explore having independent third parties, not otherwise
 affiliated with Euro Tech, establish similar shops in other cities in China.
 In view of China's impending WTO accession, the "pilot" shop and possible
 shops to be opened by independent third parties represent a new marketing tool
 to be used by Euro Tech.  There can be no assurance that the "pilot" shop will
 prove to be commercially viable, that Euro Tech will not sustain losses in
 connection with the founding costs of opening and running the "pilot" shop,
 hiring personnel and similar expenses.  There can be no assurance that similar
 shops will be established by independent third parties, that any such third
 party shop will be come commercially viable, or result in any significant
 revenues or profits to Euro Tech.
 
     Certain statements in this news release regarding Euro Tech'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.
 Euro Tech would like to caution readers regarding certain forward-looking
 statements in this document and in all of its communications to shareholders
 and others, press releases, securities filings, and all other communications.
 Such statements indicate uncertainty and Euro Tech can give no assurance with
 regard to actual outcomes.  Specific risk factors may include, without
 limitation, having Euro Tech's offices and operations situated in Hong Kong
 and China, doing business in China, competing with Chinese manufactured
 products, competing with Euro Tech'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 deployment of resources. Please see the "Risk Factors"
 in Euro Tech's filings (including Forms 20-F) with the Securities and Exchange
 Commission for a description of some, but not all, risks, uncertainties and
 contingencies.
 
 SOURCE  Euro Tech Holdings Company Limited