DALIAN, China, July 30 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTC Bulletin Board: CIWT) ("China Industrial Waste Management" or the "Company"), a PRC-based industrial waste processor and provider of environmental protection, pollution treatment and waste management design services, announced today that its 90% owned subsidiary, Dalian Dongtai Industrial Waste Treatment, Co., Ltd. has received a national subsidy of RMB 10 million (approximately $1,464,129) for capacity expansion to complete a "Centralized Hazardous Waste Treatment Facility" (the "Expansion Project") in Dalian, Liaoning Province, China.
As previously disclosed, Dalian Dongtai Industrial Waste Treatment, Co., Ltd. started the construction of the Expansion Project in July 2008. The total investment for the Expansion Project was estimated at RMB 110 million (about US $16 million), 30 percent of which (approximately $4,831,625) will be subsidized by the central government. RMB 10 million has been released to the Company and the rest will be disbursed in accordance with construction progress. The construction of the incineration plant which has an annual capacity of 9,000 tons is under construction and the Company completed the incineration workshop in January 2009. The new incinerator is specially equipped with a tail gas cleansing system and an online monitoring system in order to ensure all emissions are in compliance with environmental standards. In addition, the Expansion Project will include capacity expansion of a hazardous waste landfill, an industrial effluent treatment system and an organic solvent recycling system. The Expansion Project will also be equipped with a new research & development center.
"We are pleased to receive the national subsidy for our capacity expansion in Dalian," said Mr. Jinqing Dong, the Company's Chief Executive Officer. "Once we fully ramp-up, the Expansion Project will provide twice the capacity as that of the current plant, and the Expansion Project will centralize hazardous waste treatment processes, increasing our operational efficiency."
The current Expansion Project is one of fifty-five hazardous waste treatment centers subsidized by the central government and one of two centers in Liaoning province. Management expects to complete the construction of the remaining storage and processing facilities during the fourth quarter of 2009.
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. For more information, please visit: http://www.chinaciwt.com .
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
CCG Investor Relations:
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com or
Mr. Gary Chin
Tel +1-646-213-1909
Web: http://www.ccgirasia.com
