DALIAN, China, Dec. 22 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTC Bulletin Board: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, announced today that on December 16, 2009, the Company's 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dalian Dongtai") increased its ownership stake in Dongtai Organic Waste Treatment Co. Ltd. ("Dongtai Organic") from 49% to 52% and will consolidate Dongtai Organic's financial results as of this date. The Company also announced that its Dongtai Organic Waste Treatment Project (the "Project") has passed examination by the Dalian Municipal Urban Construction Administration Engineering Technology Agency and has begun commercial operations.
Six of the Project's 12 planned fermentation tanks are now in use. These six tanks are currently processing 300 to 400 tons of municipal sludge per day and generating approximately 15,000 cubic meters of biogas per day. This biogas is being supplied to the Dalian Gas Company, a municipal gas distributor, who will pay fees according to supply volume. The Project's 12 fermentation tanks have been ready for use to process 600 tons of municipal sludge per day and generate 25,000 to 30,000 cubic meters of biogas per day. There are several sewage treatment plants under construction, which will satisfy Dongtai Organic's capacity in the next two to three years. For the year 2010, the Company estimates there will be 500 tons per day of total demand for municipal sludge treatment services from the local Dalian region.
"We are very pleased to announce that our Dongtai Organic Waste Treatment Project is almost completed and has begun generating revenues. We are seeking other degradable organic wastes to be mixed with sludge in order to utilize idle capacity and increase the rate of gas production," said Mr. Jinqing Dong, Chief Executive Officer. "The development of this and other BOT projects will enable us to continue to grow our business and further diversify our revenue streams."
About China Industrial Waste Management, Inc.
China Industrial Waste Management, Inc. is engaged in the collection, treatment, disposal and recycling of industrial wastes principally in Dalian and surrounding areas in Liaoning Province, People's Republic of China through its 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dongtai") and other indirect subsidiaries. Dongtai treats, disposes of and/or recycles many types of industrial wastes, and recycled waste products used by customers as raw material to produce chemical and metallurgy products. In addition, Dongtai treats or disposes of industrial waste through incineration, burial or water treatment, and provides environmental protection services, technology consultation, pollution treatment services, waste management design processing services, waste disposal solutions, waste transportation services, onsite waste management services, and environmental pollution remediation services. For more information, please visit the Company's website (http://www.chinaciwt.com ).
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
For more information, please contact:
Company Contact:
Ms. Guo Xin, CFO
Tel: +86-411-8581-1229
Email: hellenguo@chinaciwt.com
Mr. Zhang Dazhi, Company Secretary
Tel: +86-411-8259-5339
Email: darcy.zhang@chinaciwt.com
Web: http://www.chinaciwt.com
CCG Investor Relations:
Mr. Athan Dounis, Account Manager
Tel: +1-646-213-1916
Email: athan.dounis@ccgir.com
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
