DALIAN, China, Feb. 25 /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, today announced that its 52%-owned subsidiary, Dongtai Organic Waste Treatment Co., Ltd. ("Dongtai Organic"), received its first payment of RMB 1.27 million (approximately $185,000) for processing municipal sludge in Dalian City.
Dongtai Organic has a franchise agreement with the local government that grants it the exclusive right to process all of the sludge generated from the sewage treatment plants in the urban area of Dalian City. Dongtai Organic's sludge treatment facility (the "Facility") is anticipated to reach its full capacity of 600 tons per day within one or two years and the revenues from the sludge treatment under the franchise agreement are expected to be RMB 2.43 million (approximately $350,000) per month. In addition to collecting fees based on the volume of sludge processed, Dongtai Organic generates revenues from its Facility by charging fees from the sale of biogas (natural gas) to the Dalian Gas Company. As previously announced, the Company expects the Facility, when it reaches full capacity, to generate at least $180,000 per month in revenues from the sale of natural gas.
"We are pleased to announce that our Dongtai Organic Waste Treatment Project has now achieved revenue generation from both sludge processing and the sale of natural gas," said Mr. Jinqing Dong, Chief Executive Officer. "We believe that this Project will provide China Industrial Waste Management with an attractive and steady revenue stream for many years to come and we are confident that our success here will open the door for us to manage similar projects in other cities throughout China."
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 launch and successful operation of the Dongtai Organic Waste Treatment Project, 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
Phone: +86-411-8581-1229
Email: hellenguo@chinaciwt.com
Mr. Zhang Dazhi, Company Secretary
Phone: +86-411-8259-5339
Email: darcy.zhang@chinaciwt.com
Web: http://www.chinaciwt.com
CCG Investor Relations:
Mr. Athan Dounis, Account Manager
Phone: +1-646-213-1916
Email: athan.dounis@ccgir.com
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
