DALIAN, China, March 23 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTC Bulletin Board: CIWT - News), a PRC based industrial waste processor and provider of environmental protection, pollution treatment and waste management design services, announced today that it signed an agreement to provide waste management services for Anshan Iron and Steel Group, which is the second largest steel producer in China.
CIWT won the open tender offered by Anshan Iron & Steel Group to process waste generated by its Angang Steel Subsidiary and Bayuquan Steel Subsidiary in February, 2009 and finalized the contract in early March. Under the agreement, CIWT will provide incineration and landfill services for hazardous waste generated at these two facilities. Services will be provided for one year, with the opportunity for future contract renewals. The waste will be processed at CIWT's SEPA certified waste incineration facility and waste landfill site located in Dalian. Since the contract was signed, CIWT has made four collections of hazardous waste from Anshan.
"We are very excited about this new opportunity which resulted from both our reputation in the industry and focused efforts to develop new markets and incremental revenue opportunities. Our business model is premised around building strategic partnerships with large enterprises and providing them with comprehensive environmental services. This new contract will allow us to demonstrate our capabilities in managing hazardous waste for the steel industry and serves as a conduit for future business with other large steel enterprises," Mr. Jinqing Dong, Chairman and CEO of China Industrial Waste Management, commented. "We will continue to focus on developing partnerships with large enterprises in Northeast China while further diversifying our revenue streams. Although China's economy has been impacted by the global economic crisis, we are confident that China's stimulus plan which specifically denotes increasing investment in environmental protection and municipal waste treatment facilities will create new growth opportunities for CIWT. This, combined with our efforts to develop new business, will help maintain our growth and momentum in 2009 and beyond."
About Anshan Iron & Steel Group
Anshan Iron & Steel Group, located in Anshan, Liaoning Province, is the second largest producer of steel and metal products in China. The company operates through some 30 subsidiaries. Anshan's steel unit is focused on producing high-end products such as electroplated, color-coated, and silicon flat steel products used to make car bodies and computer and telecomm equipment. Among its customers are both the German and Chinese affiliates of Volkswagen.
About China Industrial Waste Management, Inc.
China Industrial Waste Management, Inc., is engaged in the collection, treatment, disposal and recycling of industrial wastes principally in Dalian and surrounding areas in Liaoning Province, People's Republic of China through its 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dongtai") and other indirect subsidiaries. Dongtai treats, disposes of and/or recycles many types of industrial wastes, and recycled waste products used by customers as raw material to produce chemical and metallurgy products. In addition, Dongtai treats or disposes of industrial waste through incineration, burial or water treatment, and provides environmental protection services, technology consultation, pollution treatment services, waste management design processing services, waste disposal solutions, waste transportation services, onsite waste management services, and environmental pollution remediation services.
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital.
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