SHANGHAI, June 11 /PRNewswire-Asia/ -- China Energy Recovery, Inc. (Pink Sheets: CGYV) ("CER"), which designs, manufactures and installs waste heat energy recovery systems, today announced it entered into two separate agreements to install large-scale waste heat recovery systems for major chemical producers in China: Jiangsu Suhua Group Co., Ltd., located in Suzhou, and Hubei Dayukou Chemical Co., Ltd., located in Zhongxiang. Each is a new customer and, together, the agreements represent an approximate total of $7.5 million.
Jiangsu Suhua Group, one of China's larger chemical manufacturing enterprises, produces a variety of basic chemicals, polymers, pesticides and pesticide intermediates. CER will install a waste heat recovery system into the company's existing production facility. The CER system will have a design capacity of 22.2 metric tons of saturated steam per hour at 10.0 Barg. Installation is anticipated to be completed in the second quarter of 2011.
The CER system for Hubei Dayukou Chemical, one of the largest producers of agricultural chemical products in central and southern China, is for a new production plant. Design capacity is 50.9 tons of saturated steam per hour at 8.0 Barg. Construction is to be completed by July of 2011.
"We are pleased to have Jiangsu Suhua Group and Hubei Dayukou Chemical as new CER customers and appreciate their business," CER Chairman and Chief Executive Officer Qinghuan Wu, said. "CER has considerable experience retrofitting large-scale waste heat recovery systems to existing production plants as well as designing and installing systems for new plants."
"We are confident in the strength of our technology and our engineering," Mr. Wu said. "We look forward to announcing additional contract wins this year in China and overseas."
What is Waste Heat Energy Recovery?
Industrial facilities release significant amounts of excess heat into the atmosphere in the form of hot exhaust gases or high-pressure steam. Energy recovery is the process of recovering as much as two-thirds of that wasted energy and converting it into usable heat energy or electricity, dramatically lowering energy costs. Energy recovery systems are also capable of lowering heat pollution and capturing harmful pollutants that would otherwise be released into the environment. It is estimated that if energy currently wasted by all the U.S. industrial facilities could be recovered, it could produce power equivalent to 20% of U.S. electricity generation capacity without burning any additional fossil fuel, and could help many industries to meet stringent environmental regulations.
About China Energy Recovery, Inc.
CER is an international engineering and manufacturing company that specializes in the design, construction and installation of waste heat energy recovery systems that provide industrial facilities with greater operating energy efficiency. The company's primary focus is the Chinese market. CER's technology captures industrial waste energy to produce low-cost electrical power, enabling industrial manufacturers to reduce their energy costs, shrink their emissions footprint, and generate sellable emissions credits. CER has deployed its systems throughout China and in such international markets as Egypt, Korea, Vietnam and Malaysia. CER focuses on numerous industries in which a rapid payback on invested capital is achieved by its customers, including: chemical, paper manufacturing, and refining (including methanol refining). CER continues to invest in R&D and plans to build China's first state-of-the-art energy recovery system research and fabrication facility to allow it to meet the increasing demand for its products and services. For more information on CER, please visit: http://www.chinaenergyrecovery.com/s/Home.asp . Information on CER's website does not comprise a part of this press release.
Forward-Looking Statement Disclaimer
This press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that CER believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors that CER believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of CER and may not materialize, including, without limitation, the efficacy and market acceptance of CER's products and services, CER's ability to execute on its business plan and strategies and CER's ability to successfully complete orders and collect revenues therefrom. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors. Furthermore, CER does not intend to update publicly any forward-looking statements, except as required by law. The contents of this release should be considered in conjunction with the warnings and cautionary statements contained in CER's filings with the Securities and Exchange Commission, including CER's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2009.
For more information, please contact:
Adam Friedman
Adam Friedman Associates
Tel: +1-212-918-2529 x18
Email: adam@adam-friedman.com
Jessica Hu
China Energy Recovery
Tel: +86-21-5556-0020 x503
Email: hudie@cerenergy.com
