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NF Energy Corporation of America Announces Record Backlog Orders for 2009

NF Energy Saving Corporation of America
2009-05-22 16:55 810

- 47 signed contracts with a total contract value of $35.9 million, $21.5 million of which is to be completed in 2009

SHENYANG, China, May 22 /PRNewswire-Asia/ -- NF Energy Saving Corporation of America (OTC Bulletin Board: NFES) ("NF Energy" or “The Company”), a Chinese leader in energy efficient flow control systems, today announced the company has signed record backlog orders of RMB146 million (approximately US$21.5 million based on the exchange rate as of the date of this press release) to be completed in 2009. RMB19m (US$2.8m) were completed in Q1, a traditionally slow quarter due to the extended Chinese New Year holiday. The Company expects to complete $2.2 million, $5.6 million and $10.9 million in Q2, Q3 and Q4 of this year respectively.

"We’re very pleased with our strong pipeline in such a challenging economy both in China and globally," commented Mr. Gang Li, Chairman and CEO of NF Energy. "Our constantly increasing backlog orders provide us good visibility for our performance in 2009, especially for the second half of that period. Our pipeline has also been expanding which is expected to further enhance our performance for the whole year of 2009 and beyond."

As the numbers presented above represent backlog orders estimated to be completed in the fiscal year 2009 based on contracts signed as of the press release date, the actual revenue realized through that date is subject to the completion of all these orders during this period. The company acknowledges that there may be cases where there would be causes which are out of the company’s control, such as those by customers, and would lead to delay in the completion and/or shipments of these orders, thereby affecting the revenue to be recognized for the company in fiscal year 2009. The contract numbers presented above are the total contract values, which include a 17% value added tax ("VAT"), which is excluded for revenue recognition for the current period according to US GAAP. The numbers presented represent values based on current exchange rates. Changes in the currency exchange rates would result in a commensurate change in contract value.

About NF Energy Saving Corporation of America

Website: http://www.nfenergy.com

NF Energy Saving Corp of America (OTCBB: NFES) 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. Headquartered in Shenyang city of China, the Company currently has 220 employees and several proprietary energy saving technologies and patents. The management team of the Company has over 10 years of EMC project experience and has completed over 300 successful energy-saving projects.

Safe Harbor Statement

This press release contains certain statements that may include ‘forward-looking statements’ as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes, expects, anticipate, optimistic, intend, will" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Source: NF Energy Saving Corporation of America
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