The Company Also Forms Yingkou Industrial Waste Treatment Subsidiary
DALIAN, China, June 30 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTC Bulletin Board: CIWT), a PRC-based industrial waste processor and provider of environmental protection, pollution treatment and waste management design, announced today that the Board of Directors has established the Nominating, Governance, and Compensation Committee consisting of three directors and Mr. Francis Leong has been appointed to serve as Chairman of the Committee. Other directors appointed to the Committee are Mr. Henry Wong and Mr. Long Zhang. All members of the Nominating, Governance, and Compensation Committee are independent directors (as defined under SEC rules).
The Nominating, Governance and Compensation Committee has been formed to, among other things, formulate goals and objectives relating to compensation payable to executive officers, approve the terms of such compensation, administer the Company's incentive compensation plans, identify and recommend candidates to serve as Company directors and administer the Company's Code of Ethics.
Mr. Leong commented, "I look forward to my new role as Chairman of the Nominating, Governance, and Compensation Committee. The committee is committed to further strengthen corporate governance in the best interest of our shareholders."
In addition, CIWT recently formed Yingkou Dongtai Industrial Waste Treatment Company, a 100% owned new subsidiary company based in Yingkou, Liaoning province, PRC. Yingkou is one of five cities on the Liaoning's Coastal Economic Development Belt which has been designated a strategic development zone according to China's 11th Five Year Plan (2006-2010). As of August 2008, the city has attracted 167 projects to implement a total investment of $17.8 billion from large domestic and international enterprises. The Yingkou subsidiary intends to carry out waste collection, transportation, storage and waste pre-processing for industrial users in the area.
"I am very pleased that we have established a strong Nominating, Governance, and Compensation Committee," commented Mr. Jinqing Dong, Chairman and CEO of China Industrial Waste Management. "In addition, our new subsidiary is the first industrial waste treatment company in the Yingkou area. We expect industrial waste volume to increase significantly in next several years as large enterprises relocate manufacturing facilities to Yingkou. Our strategic footprint outside of Dalian, coupled with our ability to provide comprehensive waste treatment services, is expected to enable us to resume previous growth momentum and maximize shareholder value."
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.
Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
For more information, please contact:
Ms. Guo Xin, CFO
Tel: +86-411-8581-1229
Email: hellenguo@chinaciwt.com
Mr. Zhang Dazhi, Company Secretary
Tel: +86-411-8259-5339
Email: darcy.zhang@chinaciwt.com
Web: http://www.chinaciwt.com
Investors Contact:
Mr. Matthew Hayden, HC International
Tel: +1-561-245-5155
Email: matt.hayden@hcinternational.net
Web: http://www.hcinternational.net
