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NF Energy Saving Corporation Obtains New $2 Million Energy Efficient Lighting Lamps Project

NF Energy Saving Corporation
2009-06-17 16:34 1144

-- Total contract value amounts to US$2.3 million & revenue to be recognized in 2009 per US GAAP would be roughly US$2 million

-- NF Energy is the only distributor of energy efficient lighting lamps in Liaoning province

SHENYANG, China, June 17 /PRNewswire-Asia/ -- NF Energy Saving Corporation of America (OTC Bulletin Board: NFES)("NF Energy"), a Chinese leader in energy efficient flow control systems and energy efficiency projects, today announced the company has successfully completed the sale of 500,000 energy efficient lighting lamps, and is starting up the 2nd batch of 2 million energy efficient lighting lamps in June 2009. Total contract value amounts to US$2.34 million and revenue to be recognized in 2009 per US GAAP will be US$2.00 million.

NF Energy is the only commercial distributor of energy efficient lighting lamps in Liaoning province where the provincial government is targeting 2.5 million bulb installations for 2009.

Company was commissioned by Liaoning Provincial Economic Committee to promote high-efficiency energy saving lamps to end users in Liaoning Province. This indicates Chinese government’s endorsement of NFES’ leading position in China’s energy-saving industry and also creates a new source of revenue for NFES.

As an important part of China’s energy saving and pollution reduction policies, the Chinese government plans to install 150 million pieces of high-efficiency energy saving lamps to replace incandescent lamps and other low-efficiency lighting products nationwide during the years 2006 through 2010, or the "Eleventh Five-Year Plan" period. According to the latest statistics, the high-efficiency lighting products are able to reduce electric power costs of 60% to 80% and last 4 to 6 times longer. The installation of 150 million high-efficiency energy saving lamps will result in a reduction of national annual electric power consumption by 29 billion kilowatts, carbon dioxide annual emission by over 29 million tons, and sulfur dioxide annual emission by 290 thousand tons. The government will provide 30% rebate to bulk purchasers and 50% rebate to general citizens.

"We are honored to be commissioned by Liaoning Provincial Economic Committee to promote high-efficiency energy saving lamps in Liaoning province. This indicates that the government regards our leading position in the energy saving industry," said Mr. Gang Li, the Chairman and CEO of the Company. "Energy conservation and pollution reduction is one of the most important tasks for the Chinese government. China’s energy saving market is huge. As one of the earliest energy saving solution providers in China, our Company will try our best to engage in the Chinese government’s energy conservation and pollution reduction work. I believe this work will increase our energy saving business and bring returns to our shareholders and investors."

About NF Energy Saving Corporation of America

Website: http://www.nfenergy.com

NF Energy Saving Corporation of America (OTC Bulletin Board: 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 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
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