HONG KONG, March 15, 2012 /PRNewswire-Asia/ -- Euro Tech Holdings Company Limited (NASDAQ: CLWT) today announced that its subsidiary, PACT Environmental Technology Company Ltd.("PACT") has recently been awarded 2 contracts worth about US$1.3million from two foreign companies outside China and one contract worth about US$2.2million from a company in Jiangsu, China.
These contracts which cover design, supply, supervision of the installation and the commissioning of waste water and water treatment systems for a company in mining industry in Australia, a cooling water and recycling system for a company in aluminmum industry in USA, wastewater and water treatment systems, and a cooling water and recycling system for an American company in alumimum industry in Jiangsu, China.
Pact is positive to receive more contracts from outside and within China in the coming months.
BWTS (Ballast Water Treatment System) update:
Ballast water treatment is an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going ships when their ballast water tanks are emptied or refilled. The market potential for retrofits and new installations of BWTS in these old and new ocean-going ships is enormous.
Instead of the original plan to have the land base test in USA in March, and the sea board test back in China in November, Pact has now decided to have both land base and sea board tests in China in April and October respectively. This is because only recently China can also provide test facilities for the land base test in Shanghai. Moreover, Pact can save a lot of expenses as it does not need to send its project team stationed at least 3 months in USA and then brings back the BWTS to China for the sea board test in late 2012.
The company is upbeat about the potential Ballast Water Treatment business that will generate steady revenues and incomes based on orders from retrofits and new installations from ships in future.
PACT Environmental Technology Co. Ltd., based in Shanghai, is a global provider of environmental solutions for industrial and municipal clients, focusing on water and wastewater treatment. Pact's capabilities cover design, manufacturing, sourcing, installation and servicing of water/wastewater treatment, water desalination plants and equipment.
Certain statements in this news release regarding the Company'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. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company'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 development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2010.
SOURCE Euro Tech Holdings Company Limited