HONG KONG, Aug. 13 /Xinhua-PRNewswire-FirstCall/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today announced that its associated company, Zhejiang Tianlan Desulfurization and Dust-Removal Co. Ltd. in Zhejiang, China ("Blue Sky") has recently been awarded four contracts totally US$ 7.3 million by various companies in China for the months of July and August 2007. The contracts cover design, manufacture, supply, and commissioning of desulfurization equipment for various applications.
The four contracts are for eleven desulfurization equipment for boilers ranging from 65 tons/hour to 220 tons/hour of steam for applications in textile, paper, fertilizer, and cogeneration (heat and power) plants in Shandong, Wuhan, and Shanxi.
Blue Sky, found in 2000, is a fast growing company which provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants.
T C Leung, Chairman and CEO of the Company, commented. "As the world's largest burner of coal, China has to spend tremendous efforts to achieve the nation's sulfur dioxide reduction target. This creates a huge market potential for flue gas desulfurization (FGD) equipment. As an associated company, Blue sky will be a profit contributor for our company, it will help us boost profit but not the revenues for the 2nd half of 2007 and for coming years. It will also help us make inroads into the air pollution control market in China."
Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2006.
CONTACT:
Euro Tech Holdings Company Limited, Hong Kong
T.C. Leung, Chairman and CEO, or Jerry Wong, CFO
Tel: +852-2814-0311
Fax: +852-2873-4887
Website: http://www.euro-tech.com
Blue Sky's Website: http://www.tianlan.com.cn
