BEIJING, Aug. 18, 2021 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (NASDAQ: RETO) ("ReTo" or the "Company"), a provider of technology solutions for the improvement of ecological environments, today announced that the Company, through its wholly owned subsidiary ReTo Mingsheng (Changjiang) Environmental Building Materials Co., Ltd., has entered comprehensive construction stage of a new iron tailings project (the "Project") in the Hainan Province. In an effort to recycle reusable solid waste, the Project carries a three-million-ton treatment capacity, in which the resulting product is expected to yield approximately RMB 280 million (approximately US$43.7 million) annual sales when production completes.
The design team, supervision team and construction team are currently stationing at the construction site and part of the Project has already been successfully completed. Specifically, as of the end of June 2021, the basic engineering design and construction of the factory building has been completed, including the leveling of the workshop area, the excavation of the workshop foundation, and the pouring of the foundation beams. The next stage will be to start the construction of the factory building and ground equipment foundation. The construction is expected to be completed by the end of September or early October this year.
As previously disclosed in press release on June 23, 2021, ReTo will design, build and manage a facility in the Hainan Province and this latest project will carry out the largest volume of iron tailings in Hainan. ReTo was selected by the local government because of its patented technology that enables the implementation and management of iron tailings secondary sorting, selection and use of iron ore, as well as its expertise in recycling the remaining ore and processing it into environmentally friendly building materials. The Company expects to generate RMB131 million (approximately US$20.4 million) of gross profit from the Project.
Mr. Hengfang Li, ReTo's Chairman and Chief Executive Officer, commented, "We have been in the leader in the eco-environmental protection industry in the past decade, and the establishment and implementation of the Project has further improved our reputation in the industry tremendously. We will provide comprehensive recycling and reuse solutions to reduce destruction caused by waste to nature and eco-environment surrounding people's lives. This project will also demonstrate our concept of 'Ecology Improved by Technology,' which entails one-stop integrated solid waste utilization and ecological management strategy. We expect to create a better living environment for the Hainan residents."
About ReTo Eco-Solutions, Inc. (NASDAQ: RETO)
Founded in 1999, ReTo (NASDAQ: RETO), through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company offers a full range of products and services, ranging from the production of environmentally-friendly construction materials, environmental protection equipment, and manufacturing equipment used to produce environmentally-friendly construction materials, to project consulting, design, and installation for the improvement of ecological environments, such as ecological soil restoration through solid waste treatment. For more information, please visit: http://en.retoeco.com.
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding: 1) the ability of additional features and customized configurations on its machinery and equipment products to attract new customers; 2) the ability of the growth of its business to resume in the near future; and 3) the further spread of COVID-19 or the occurrence of another wave of cases and the impact it may have on the Company's operations are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the construction industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
SOURCE ReTo Eco-Solutions, Inc.