HONG KONG, Feb. 10 /PRNewswire-Asia/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today announced that its subsidiary, Yixing PACT Environmental Technology Company Ltd. ("PACT") has recently signed a letter of award with a multinational silicone rubber plant, in Jiangsu, China to build a (TANST) temporary acid neutralization and solid treatment plant for its new manufacturing facility.
This contract, worth about US$ 1.2 million, covering design, supply, installation, and commissioning of a 35 cubic meters per hour TANST Plant, will be completed in mid 2009.
About PACT:
PACT, 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.
Euro Tech Holdings Company Limited (the Company) has been actively repurchasing shares of its common stock under the stock buyback plan announced in November 2008. To date, the Company has purchased approximately 82,000 shares under this plan and will continue to repurchase shares, as the Board of Directors believes that the price of the Company’s common stock is not a valid reflection of the underlying value of its shares.
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, 2007.
CONTACT:
Euro Tech Holdings Company Limited, Hong Kong
T.C. Leung, Chairman and CEO, or Jerry Wong, CFO
Tel: +852-2814-0311
Fax: +852-2873-4887
Website: http://www.euro-tech.com
PACT’s Website: http://www.pactchina.com
