HONG KONG, March 30, 2015 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported that Mr. Ka Cheong Cheang tendered his resignation as a member of the Board of Directors (the "Board") of the Company effective March 31, 2015. The resignation is not in connection with any known disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Board appointed Mr. Vincent Pak Kan Wong to fill the vacancy of independent director and member of audit committee, created by the resignation of Mr. Cheang.
The Company also reported that recently that its subsidiary, PACT Environmental Technology Company Ltd. ("PACT") has been informed by its consultant and later an email from U.S. Coast Guard stating that PACT Marine BWTS model P-300 with a treatment related capacity of 300 cubic meters/hour is accepted for use as an Alternate Management Systems ("AMS") in U.S. waters.
About PACT
PACT Environmental Technology Co. Ltd., 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.
About BWTS
BWTS are an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. The market potential for retrofits and new installations of BWTS in these old and new ocean-going vessels is enormous.
About AMS
AMS acceptance by the U.S. Coast Guard is a temporary designation given to BWTS approved by a foreign administration. It enables BWTS to be used on vessels for a period of up to 5 years, while the treatment system undergoes approval testing to U.S. Coast Guard standards.
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, 2013.
Website: http://www.euro-tech.com
Pact's Website: http://www.pactchina.com
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