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BEIJING, March 15, 2013 /PRNewswire-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that it has established a joint venture partnership to further develop Indian water infrastructure markets with Chengdu Xingrong Investment Co. Ltd. ("CXI") and two of Tri-Tech's wholly-owned subsidiaries, Tri-Tech (Beijing) Co. Ltd. ("TTB"), and Tri-Tech Infrastructure, LLC. ("TIS"), a Delaware LLC.
The Joint Venture parties will increase the registered capital of the existing Tri-Tech India Private Ltd., a joint venture of TTB and TIS, to $1,000,000, according to the following contribution and shareholding interest:
Shareholder | Capital Contribution | Shareholding Interest | ||
CXI | $600,000 | 60% | ||
TTB | $390,000 | 39% | ||
TIS | $10,000 | 1% | ||
Total | $1,000,000 | 100% |
"The partnership aligns three great companies with much synergy in a land offering exciting opportunities," Mr. Gavin Cheng, CEO of Tri-Tech Holding, Inc. said, "To take our business to a new level in India, we need massive capital backup and other resources. As a significant part of our overseas strategy, we have established our brand in India and built a local team with a great deal of experience in project execution. Joint venturing with CXI, a Chinese public company gives us better access to capital from both China and the US markets. We expect that these strengths and the quality of our technological solutions will position this new JV in the top tier of firms in India's water and wastewater infrastructures EPC (Engineering, Procurement and Construction) space and enable us to pursue larger, more strategically important projects, including EPC, PPP (Public-Private Partnership), BOT (Build-Operate-Transfer) projects."
Given its advantages, the new Joint Venture will focus on business development, project financing and operation management, while the existing EPC team, Tri-Tech Infrastructures (India) Private, Ltd., will use its approximately 70 local members to focus on EPC based project execution. With a clearly defined interface, the two entities will expect to work seamlessly to benefit all parties involved.
The new joint venture entity will soon start to bid on multiple projects of water supply systems, sewage treatment plants, conveyance and pipelines and other projects in India.
About Chengdu Xingrong Investment Co. Ltd
As a public traded company in China (SZ000598), Chengdu Xingrong Investment Co. Ltd. (http://www.xrtz.cn/), is a leading service provider focusing on comprehensive solutions protecting and improving city environment. With its major focus in water and waste water treatment, Xingrong has been awarded to operate water and waste water treatment facilities of a capacity close to 5 million ton per day in cities such as Chengdu, Xian, Lanzhou, Yinzhou, Shenzhen, Hainan, and etc. With an outstanding performance and recognition in water and waste water treatment, Xingrong marched into other environment related sectors such as landfill leachate treatment, waste incineration power generation and etc. Furthermore, Xingrong has been recognized with numerous awards domestically since 2010.
About Tri-Tech Holding Inc.
Tri-Tech is an innovative provider of consulting, engineering, procurement, construction and technical services. The Company supports government, state owned entities and commercial clients by providing efficiency oriented solutions focused on treatment of water and waste water, management of water resources and water-efficient irrigation, as well as industrial emission and safety controls. With software copyrights, product patents, and capable employees in China, the U.S. and India, Tri-Tech's capabilities span the cycle of innovation. Please visit www.tri-tech.cn for more information.
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This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful implementation of the Indian joint venture and competition for projects related thereto referenced herein and other statements concerning plans, objectives, goals, strategies, future events such as project payments, results of marketing efforts or performance, future government initiatives, expected actions by third parties and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
Tri-Tech Holding Inc.
www.tri-tech.cn
IR Department
+86 10 57323666
ir@tri-tech.cn