HARBIN, China, June 11 /Xinhua-PRNewswire/ -- Chang-On International Inc. (OTC Bulletin Board: CAON) ("CAON" or "the company"), a company engaged in the business of waste recycling and reutilization, announced that its operating subsidiary, Harbin Hongbo Environment Protection Material Ltd. ("Harbin Hongbo"), has jointly started a new research and development programme on the latest technology on new environmental protection materials with Changchun Applied Chemistry Institute (the "Institute") based on the agreement signed last year. With the assistance of the advanced technology know-how and background of the Institute, both parties will focus their work on recycling wasted material into industrial material. CAON will utilize their production line to accommodate the technology for the final products.
Mr. Mo Zhishen, the professor of the institute, was appointed as the technology consultant of the company. He specializes in researches of polymer processing and shaping, crystal structure and crystallizing process of macromolecule, and X radial diffraction of polymer over the years. In recent years, he has been involved in innovation researches for waste plastics and coal ash, worldwide pollutants, and developed multiple value-added utility products making use of the two kinds of waste, such as well lids for urban water supply and drainage, tree-planting hole grids for urban gardening, plastic construction molding board, making remarkable contributions to transforming harmful effects into resources, converting waste into value, reducing pollution, protecting environment and preventing accidents.
Founded in December 1948, Changchun Applied Chemistry Institute of China Academy of Sciences has an area of 15.1 hectares, with a lineup of 796 employees, including 4 academicians of China Academy of Sciences, 3 academicians of Academy of Sciences of Developed Countries and 81 doctor mentors. Its scientific research facilities include a national key laboratory for macromolecule physics and chemistry, a national key laboratory for electro-analytical chemistry, key laboratories of China Academy of Sciences for rare chemistry and physics, a macromolecule engineering laboratory, a green chemistry and process laboratory, and a national analytical center for electrochemistry and spectrum researches.
For more than 50 years, the Institute has achieved over 1200 scientific results, including 500 key results such as nickel system polybutadiene rubber, solid rocket propellant, rare earth separation and pyrocondensation macromolecule material, 57 national awards, and 346 provincial and ministerial awards. It developed Changchun Pyrocondensation Material, the first domestic listed company among the enterprises founded by the institutes of China Academy of Sciences. It has applied for 970 patents at home and abroad, including 497 approved patents. With more than 10,000 papers published, the Institute is one of the constant leaders among domestic scientific and technological research institutes in total number of published papers and the release and citation by SCI. Changchun Applied Chemistry Institute is one of the first group of organizations authorized by the Committee of Degree of State Council to cultivate maters and doctors and to set up a moving station for postdoctoral education.
"In the course of continuous enhancement of national productivity and improvement of sciences and technologies in China, the competition will be intensified. Our company will be involved in market competition based on economies of scale and advantage of constant development by fully making use of our R&D capabilities and close relationship with domestic and foreign R&D institutions; further enhance corporate management, improve overall corporate competency, strengthen cost control, eliminate weakness, adopt the strategy of intensive production and operations by seeking for benefits on the basis of expanded scale and for development on the basis of improved benefits, boost corporate competitiveness on the market, upgrade the value of the Hongbo brand and continuously increase the market share of our products," Mr. Li Guomin, the president of CAON commented.
About Harbin Hongbo Environment Protection Material Ltd.
Founded in 2004, Harbin Hongbo Environment Protection Material Ltd. 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 asset of nearly RMB 10 million (or USD 1.25 million). It is a joint venture between enterprises from Taiwan, Hong Kong and a domestic company.
Harbin Hongbo focuses its core business in comprehensive resources utilization of industrial solid wastes in resources and environment field. The 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. And based on the material, the company develops different products, such as board and profiled bar used in well lid, grates for water drainage pools, guarding railings, protective board for slope, hard shoulder, inner wall cable pipe/tube and home renovation.
The company has maintained its partnership with Changchun Applied Chemistry Institute of China Academy of Sciences, which mainly specializes in researches in resources and environment, advanced materials, development of carbon dioxide, corn and rare earth resources, focused development of advanced structure materials, advanced composite materials, advanced functional materials. Mr. Mo Zhishen, professor of the Institute, acts as the company's R&D leader.
Harbin Hongbo focuses on the development and use of SF synthetic material, especially construction molding board to expand the scale of production, purchase new equipment, increase output in the future development.
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.
