HONG KONG, April 30/Xinhua-PRNewswire-FirstCall/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today announced that it has signed a subscription agreement with Zhejiang Tianlan Desulfurization and Dust-Removal Co. Ltd. ("BlueSky") to acquire a 20% equity interest in BlueSky for a maximum of US $ 4.5 million. The acquisition of an equity stake in BlueSky is financed from Euro Tech's internal resources.
About BlueSky
BlueSky, found in 2000, is a company in flue gas desulphurization, flue gas de-nitration, dust removal and purification of industrial waste gases. BlueSky provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants.
TC Leung, Chairman and CEO of the Company, commented. "This is an important milestone for Euro Tech to break into Air Pollution control business in China with BlueSky as a strategic partner ".
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, 2005.
CONTACT:
Euro Tech Holdings Company Limited, Hong Kong
T.C. Leung, Chairman and CEO, or
Jerry Wong, CFO
Tel: +852-2814-0311
Fax: +852-2873-4887
Website: http://www.euro-tech.com
