NF Energy Saving Corp. Announces Recent Contracts

SHENYANG, Liaoning Province, China, Aug. 29, 2011 /PRNewswire-Asia/ -- NF Energy Saving Corp. (NASDAQ: NFEC) ("NF Energy" or the "Company"), a leading provider of energy management services and producer of energy efficiency products, announced today that it has signed a series of contracts recently.

NF Energy has won a contract to supply the water project of The South Main Canal of the South-to-North Water Transfer Project ("SNWTP").  The contract amount is 6.96 million RMB. This is the sixth contract that the Company has been awarded by the SNWTP. On this occasion the SNWTP has been invited bids for four sections, two of which (sections two and four) were awarded to NF Energy. The second section of the project will use 50 sets of the Company's DN200-3400 manual and electric butterfly valves and related accessories, and 16 sets of DN1600-3400 electric butterfly valves and accessories. The fourth section of the project will use 230 sets of DN200-300 air valves and butterfly valves. The delivery date for the project is expected to be September this year.  

NF Energy also won a major project in Zhejiang province.  This was a contract for equipment for the circulating water system, fluid control and electric butterfly valve flow control devices in the 2×1000MW ultra supercritical coal-fired unit project of Zhejiang Zhe Neng Six Heng power plant. The total amount of the contract is 7.5 million RMB. The delivery date will be in August 2012.  Zhejiang Zheneng Group is a key client of NF Energy and the Company, has previously provided flow control devices for a power plant project undertaken by its subsidiary, Zhejiang Zheneng Le Qing.

The company attaches great importance client need, both for the highest quality and for the latest technology, and is pleased to have received these contracts that signify customer endorsement of its current technology and service levels.  The Company will continue to develop new products to meet client demands and looks forward to serving the needs of China's water and power industries.

"We are very glad to have successfully bid for and won work for the South-to-North Water Transfer Project, especially in 2011 which is the first year of China's "twelfth-five year plan" that endorses and encourages the development of energy-saving and environmentally friendly industries and major water projects," commented Mr. Gang Li, Chairman and CEO of NF Energy. "We are also very pleased to work with Zhejiang Zheneng Group again whose needs we understand and whose custom we value greatly."

About Zhejiang Zheneng Group

Zhejiang Zheneng Group Co. Ltd. has a number of businesses including Tongxiang Zheneng Trading Co., Ltd., Zheneng Electronic Company, Zheneng Import & Export Co, Dubai Trading Co, Zhangjiagang Dong Long International Trading Co, Jiaao Investment Co, Tongxiang Jiaao Garment Co and Jiaao Chemical factory. The participate in the domestic and foreign markets for energy, electronics, textiles and garments.

About NF Energy Saving Corporation

NF Energy Saving Corporation (NASDAQ:  NFEC) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. The Company's customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, wind power, and nuclear power), water supply, and heat supply industries. The majority of revenues are from energy efficient flow control equipment and energy efficiency projects. For more information, visit http://www.nfenergy.com

Safe Harbor Statement

The statements contained herein that are not historical facts are considered "forward-looking statements." Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the efficacy of investment in research and development are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov.

SOURCE NF Energy Saving Corporation