CER Recently Announced $75 Million in Contracts for 2011 Delivery
SHANGHAI, Jan. 15, 2011 /PRNewswire-Asia/ -- China Energy Recovery Inc. (CGYV.PK) ("CER"), an international leader in the design, fabrication and installation of waste heat recovery systems, held a ceremony on Saturday, Jan. 8, to officially dedicate its new manufacturing and design facility located on a 15-acre site within the Yizheng Automobile Industrial Park in Yangzhou City, located near a commercially navigable tributary of the Yangtze River.
The new facility significantly expands CER's ability to accept new orders and will speed delivery of large-scale waste heat systems for new and retro-fitted industrial plants located in China and overseas. This will help the company increase the number and value of orders in its pipeline. Just recently, CER announced winning two major contracts for delivery in 2011 worth an aggregate $75 million, a figure more than three times the company's fiscal 2009 revenue.
The Jan. 8 event not only celebrated the completion of Phase-One construction at the site, a milestone that was actually achieved in December 2010, but also recognized the commencement of Phase-Two construction at the site, which will more than triple the size of the current facility. All told, with Phase Two complete, CER's design and manufacturing capacity will exceed its original Shanghai-based capacity by a factor of 10.
More than 300 attended the ceremony, an audience made up of CER employees and management, customers, investors and state and local officials. Among the attendees were Mr. John Song, President, Sewon Cellontech Co.; Mr. Song Qinhua, President, Jiansu Sopo Chemical Share-Holding Co.; Mr. Liu Xiangfang, President, Ningbo Xinfu Chemical Technology Co.; and Mr. Xue Guanshen, Asia region President, MECS, a unit of DuPont Co. Also attending were Mr. Cheng Xi, the Mayor of Yangzhou City, and National People's Congress representatives Mr. Ma Jiading and Mr. Chen Enping. The ceremony was hosted by CER Chairman and Chief Executive Officer Qinghuan Wu.
In remarks to invited guests, Mr. Wu thanked all the parties involved in the approval, financing, design and construction of the new facility and expressed his expectation that Phase Two construction will proceed as efficiently as Phase One. Mr. Wu also noted that the new facility's state-of-the-art design and manufacturing capability will help CER substantially expand its business.
"The future is very bright for CER. With this new facility, we have the ability to better meet already strong demand from our fast-growing customer base and the capability to expand our business into new profitable areas," Mr. Wu said.
"CER now has the production capacity it needs to support its short-term design and manufacturing needs. And we are very excited to embark on Phase-Two construction as we will require that capacity very soon in support the company's long-term growth 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 captures and converts industrial waste energy produced by heavy industrial processes such as petroleum and chemicals refining, paper manufacturing and refining into low-cost electrical power, which enables industrial manufacturers to reduce their energy costs, shrink their emissions footprint and generate salable emissions credits. The company's primary focus is the Chinese market; however, CER's systems are operating in heavy industrial plants located in Egypt, Korea, Vietnam and Malaysia. CER is building China's first state-of-the-art, energy recovery system research and fabrication facility, which will allow CER to meet increased 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 (and is not obligated) 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.
