FUQING CITY, China, Dec. 21 /Xinhua-PRNewswire/ -- China Clean Energy Inc.
(OTC Bulletin Board: CCGY) ("China Clean Energy," "the Company"), a leading
producer of biodiesel fuel and environment friendly specialty chemical
products made from renewable resources in The People's Republic of China
("PRC"), today announced that it signed a contract to supply Dimer Acid to the
Indian subsidiary of Cray Valley, Cook Composites & Polymer and Sartomer the
world's second largest resins manufacturer and part of TOTAL, a leading
multinational energy company with 95,000 employees and operations in more than
130 countries.
The value of the new supply contract with Cray Valley Resins India PVT LTD
is over $500,000 worth of Dimer Acid to be supplied between December 2006 and
March 2007.
"We are very excited to add this exceptional and established company to
our customer base," commented Mr. Tai-ming Ou, China Clean Energy's Chairman
and Chief Executive Officer. "This is a testimony to the quality of our
products and our dedication to deliver outstanding value to our customers."
By employing several scientific innovations and proprietary technologies,
China Clean Energy makes near "full use" of the oil waste generated from the
manufacturing of vegetable oils to produce biodiesel and specialty chemicals,
such as Dimer Acid, a chemical used in the production of resins, lubricants,
coatings and corrosion-resistant agents. The Company believes that its
vegetable oil-based specialty chemical products will be viewed as an
increasingly attractive alternative to products made with petroleum-based
chemicals as a result of rising oil prices as well as increased awareness and
concern for protecting the environment. In addition, China Clean Energy
believes that its ability to sell chemical by-products to its strong roster of
chemical customers is a source of competitive advantage relative to any
existing biodiesel competitor, as it can leverage its existing relationships
with feedstock suppliers at the same time it diversifies its revenue base.
About Cray Valley:
Part of TOTAL's chemicals branch, the group formed by Cray Valley, Cook
Composites & Polymers and Sartomer is the second largest resins manufacturer
in the world, with sales of approximately $2.6 billion and nearly 4,000
employees worldwide (2005). Cray Valley develops high-technology resins and
additives for the coatings industry-paints, inks, varnishes, adhesives and
polyester resins and gel coats for the composites industry. TOTAL is a leading
multinational energy company with 95,000 employees and operations in more than
130 countries. Together with its subsidiaries and affiliates, TOTAL is the
fourth largest publicly-traded integrated oil and gas company in the world.
About China Clean Energy:
China Clean Energy, through its wholly-owned subsidiary, Fujian Zhongde
Technology Co., Ltd, is engaged in the development, manufacturing, and
distribution of biodiesel fuel and specialty chemical products made from
renewable resources. Since its inception, the Company has been engaged in the
manufacture of high-quality specialty chemical products from renewable
resources. Through its research and development efforts, the Company
developed a proprietary process for refining biodiesel fuel from waste grease
and certain vegetable oils. Using this proprietary process, the China Clean
Energy began producing biodiesel in 2005 and commenced selling biodiesel
commercially starting in December 2005.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical fact in this
announcement are forward-looking statements, including but not limited to, the
Company's ability to raise additional capital to finance the Company's
activities; the effectiveness, profitability, and the marketability of its
products; legal and regulatory risks associated with the share exchange; the
future trading of the common stock of the Company; the ability of the Company
to operate as a public company; the period of time for which its current
liquidity will enable the Company to fund its operations; the Company's
ability to protect its proprietary information; general economic and business
conditions; the volatility of the Company's operating results and financial
condition; the Company's ability to attract or retain qualified senior
management personnel and research and development staff; and other risks
detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions, estimates
and projections about the companies and the industry. The Company undertakes
no obligation to update forward-looking statements to reflect subsequent
occurring events or circumstances, or to changes in its expectations, except
as may be required by law. Although the Company believes that the expectations
expressed in these forward looking statements are reasonable, they cannot
assure you that their expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the anticipated
results.
