SHANGHAI, China, Dec. 4 /PRNewswire-Asia/ -- China Energy Recovery, Inc. (OTC Bulletin Board: CGYV) ("CER"), a leader in the waste heat energy recovery sector of the alternative energy industry, announced today that the company has established a new subsidiary, CER Energy Recovery (Shanghai) Co., Ltd. ("CER Shanghai"), as one of its strategic initiatives to expand its operations to meet the market demands from both China and abroad. CER Shanghai will serve as a new operating subsidiary and the R&D center of CER in China and is strategically established in Shanghai Zhangjiang Hi-tech Park ("Zhangjiang" or "Park").
Zhangjiang is a key national-level hi-tech zone in China established by the Shanghai Municipal Government in 1992 and is located in the Pudong New Area of Shanghai. During the past 16 years, Zhangjiang has successfully established important national level industry R&D bases for information technology, bio-tech, integrated circuits, etc. The Park includes some of the world's leading companies such as GE, AMD, SAP, Dupont, Dow Chemical, Novartis and other multinational corporations having established their R&D centers there. Zhangjiang is now taking an initiative to expand into clean technology and the alternative energy sectors. With this new initiative, Zhangjiang invited CER to be one of the very first clean tech/alternative energy companies to establish a presence and operate in the Park and they will continue to provide the most preferential government policies and services available to facilitate CER's future growth.
"It's our great honor to be invited as one of the first clean technology companies to establish operations in Zhangjiang," stated CER Chairman of the Board and CEO, Mr. Qinghuan Wu. "With CER's primary focus at this time on increasing production capacity and developing technology to achieve more efficiency in capturing waste energy, we feel our business will proudly represent China's energy efficiency sector to the world. Our expansion into new industries will also allow us to adapt and improve our technology to better satisfy the needs of the broadening base of our customers."
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 vast amounts of that wasted energy and converting it into usable heat energy or electricity, dramatically lowering energy costs. Energy recovery systems are also capable of 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 leader in energy recovery systems, with a primary focus on 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, Turkey, Korea, Vietnam and Malaysia. CER focuses on numerous industries in which a rapid payback on invested capital is achieved by its customers, including: chemical, petro-chemicals, refining (including Ethanol refining), coke processing, and the manufacture of paper, cement and steel. 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 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, 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 SEC, including CER's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 21, 2008.
For more information, please contact:
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Sean Mahoney
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Jim Blackman
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