HARBIN, China, July 31 /Xinhua-PRNewswire/ -- Chang-On International Inc. (OTC Bulletin Board: CAON) ("CAON" or "the Company"), a company engaged in comprehensive resources utilization of industrial solid wastes in the resources and environment field through its subsidiary, Harbin Hongbo Environment Protection Material Ltd. ("Harbin Hongbo"), stated that the Company is encouraged by the increased support by the Chinese government in projects to reduce pollution and increase energy savings. Recently, the Chinese government announced it would increase its direct investment from RMB 11.3 billion (USD 1.5 billion) to RMB 21.3 billion (USD 2.8 billion) (Source: http://www.ndrc.gov.cn/) to show its firm commitment.
The National Development and Reform Commission of China announced on July 27 that the central government would increase the funds for energy saving projects to encourage emissions reduction and more use of recycled resources. According to the "Program of Action for Energy-Saving and Emission-Reducing" issued by the Central Government, China will carry out 10 key projects in the "11th Five-Year Plan (2006-2010)". These projects involve steel, nonferrous metals, petrochemical, building materials and other key energy-consuming industries; industrial boiler (kiln) transformation, heat-based cogeneration and industrial cogeneration construction; green building demonstration projects, especially green building materials; recycling of energy in buildings and its large-scale application in projects; and efficient lighting systems, among others.
The National Development and Reform Commission is a macroeconomic management agency under the State Council, which studies and formulates policies for economic and social development; maintains the balance of economic aggregates and guides the overall economic system restructuring.
About Harbin Hongbo Environment Protection Material Ltd.
Founded in 2004, Harbin Hongbo Environment Protection Material Ltd, an operating arm of CAON, is located in the Harbin Economy & Technology Development Zone, Heilongjiang Province, China, with a registered capital of RMB 3 million (or USD 375,000) and total assets of nearly RMB 10 million (or USD 1.25 million). It is a joint venture between enterprises from Taiwan, Hong Kong and domestic company.
Harbin Hongbo focuses its core business in comprehensive resources utilization of industrial solid wastes in the resources and environment field. Its main product is SF synthetic material, a new type of material for environment protection and energy saving, which is abbreviated for synthetic material of plastics and coal ash. Based on this material, the Company develops different products, such as board and profiled bars used in well lids, grates for water drainage pools, guard railings, protective boards for slopes, hard shoulders, inner wall cable pipes/tubes, home renovations and so on.
The Company has maintained a partnership with Changchun Applied Chemistry Institute of China Academy of Sciences, which mainly specializes in research in resources and environment, advanced materials, development of carbon dioxide, corn and rare earth resources, focused development of advanced structure materials, advanced composite materials, and advanced functional materials. Mr. Mo Zhishen, professor of the Institute, acts as the company’s R&D leader.
Harbin Hongbo will focus on the development and use of SF synthetic material, especially the construction of molding boards, and in future developments expand its scale of production, purchase new equipment, increase output.
Forward-looking Statements
This report 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 report are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors; developments of the Chinese, European 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:
Mr. Wang Hui
Tel: +86-451-8269-5010
Email: wanghui-1027@163.com
Website: http://www.chuangon.com
