SHENYANG, China June 8 /PRNewswire-Asia/ -- SmartHeat Inc. (Nasdaq: HEAT; website: http://www.smartheatinc.com/), a market leader in China's clean technology energy savings industry, announced today that it entered into agreements to supply $10 million of its PHE-Units to leading district heating companies in three cities in China: Wu Wei, a third-tier city in Northwest China, with a population of .5 million people, Ying Kou, a second-tier city in Northeast China, with a population of 2.3 million people , and in Hu Lu Dao, second-tier city in Northeast with a population of 2.8 million people.
Mr. James Wang, SmartHeat's Chairman & Chief Executive Officer commented, "We are pleased that our new marketing strategy - expansion of our sales program to include second and third-tier cities throughout China - is showing excellent results so shortly after its implementation. SmartHeat continues to experience significant demand for its PHEs and PHE Units and has not seen any slowdown in demand as the Company's energy-efficient products continue to enjoy a strong level of acceptance by consumers."
Mr. Wang further commented that "the Company is reviewing several strategic initiatives to further expand our footprint in China, and we confirm that SmartHeat will meet or exceed previously announced financial projections for 2010."
About SmartHeat Inc.
Founded by James Jun Wang, a former executive at Honeywell China, SmartHeat Inc. (www.smartheatinc.com) is a NASDAQ Global Market listed (Nasdaq: HEAT) U.S. company with its primary operations in China. SmartHeat is a market leader in China's clean technology energy savings industry. SmartHeat manufactures standard plate heat exchangers (PHEs), custom plate heat exchanger units (PHE Units) and heat meters. SmartHeat's products directly address air pollution problems in China where massive coal burning for cooking and heating purposes is the only source of economical heat energy in China. With broad product applications, SmartHeat's products significantly reduce heating costs, increase energy use and reduce air pollution. SmartHeat's customers include global Fortune 500 companies as well as municipalities and industrial/residential users. China's heat transfer market is currently estimated at approximately $2.4 billion with double-digit annual growth according to China Heating Association.
Safe Harbor Statement
All statements in this press release that are not historical are forward- looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. SmartHeat's actual results may differ from its projections. Further, preliminary results are subject to normal year-end adjustments. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect SmartHeat's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in SmartHeat's filings with the Securities and Exchange Commission.
Contact Corporate Communications:
Ms. Jane Ai, Corporate Secretary
SOURCE SmartHeat Inc.