BEIJING, Aug. 31 /PRNewswire-Asia/ -- RainEarth Inc. (OTC Bulletin Board: RNER; "the Company") announced today that the Company's Chinese subsidiary, Beijing Rain and Earth Technology Development Corp. Ltd. ("China RainEarth"), and HangZhou Municipal No.3 People's Hospital ("HangZhou No.3 Hospital"), entered into a Purchase Agreement (the "Agreement") for an amount of $4,800,000 RMB (approximately $703,000USD).
China RainEarth has been contracted to manufacture and deliver 80,000 dialyzers for medical use at HangZhou No.3 Hospital. These high quality fibers will be delivered within two months of the signing date. Each dialyzer is valued at approximately $60.00RMB (approximately $8.75USD), which brings the total contract value to $4,800,000 RMB (approximately $703,000USD).
HangZhou No.3 Hospital was founded in 1950 and has approximately 600 beds. They have received many honors from the municipal government and have passed the ISO9001:2000 Quality System Attestation issued from the PAL Institute, a Member of the British Association on Research Quality Assurance, in 2001.
"I'm very excited to have HangZhou No.3 Hospital as one of our most significant clients," said Zhu Yong Fu, CEO of the Company. "We are devoting all of our efforts to expand our client base and to keep our relationships with these prestigious clients, such as HangZhou No.3 Hospital. Our high quality and competitive price helps us ensure that we outpace our competitors. We will continue to achieve better performance in part thanks to this new venture," stated Zhu Yong Fu, CEO of the Company.
About Blood Dialysis
Blood dialysis is an effective measure for patients with acute and chronic renal failure (uremia) to sustain their lives. In 2007, 7-8 million blood dialyzers were sold in China. With the rapid social and economic development as well as improvement of healthcare services, 15 million blood dialyzers are estimated to be sold in China by 2012 and the market size will hit around US$200 million. 70 million dialyzers are consumed each year in developing countries including Turkey, India, South Africa and Pakistan.
About the Company
RainEarth Inc. (formerly Gold Rock Resources Inc., the "Company") was incorporated in the State of Nevada on March 14, 2006. The Company was a developing stage company that initially engaged in the search for mineral deposits or reserves.
On March 25, 2009, the Company and China RainEarth, a company organized and existing under the laws of the People's Republic of China, entered into a Business Cooperation Agreement (the "Agreement") for a term of twenty years. The purpose of the Agreement is to jointly conduct a Hollow Fiber Membrane Materials' application and manufacturing business in China (the "Business"). The first product that utilizes this technology is blood dialyzer.
The Company will provide Advice and assistance relating to development of marketing and consultancy services, particularly as related to the Business. China RainEarth will give 60% of its revenue after deduction of direct operating costs, expenses and taxes to the Company in consideration of the Company's services.
Forward-looking statements
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors; developments of the Chinese and North American markets and changes in regulatory matters; our business strategies and future plans of operations; the market acceptance and amount of sales of our products and services; our historical losses; the competitive environment within the industries in which we compete; and our ability to raise additional capital, currently needed for expansion. The Company cautions that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors.
For more information, please contact:
RainEarth Inc.
Public Relationship Department
Tel: +852-3005-7220
Email: Investor@rainearth.net
