LianDi Clean Technology Inc. Announces $3 Million Contract with Sinopec Mitsubishi Chemical

2010-11-04 15:55 924

BEIJING, Nov. 4, 2010 /PRNewswire-Asia-FirstCall/ -- LianDi Clean Technology Inc. (OTC Bulletin Board: LNDT), ("LianDi" or the "Company"), a provider of clean technology, downstream flow equipment, engineering services and software to China's leading petroleum and petrochemical companies, today announced it has been awarded four contracts to supply 222 valves to Sinopec Mitsubishi Chemical Polycarbonate Limited ("Sinopec Mitsubishi Chemical"), a subsidiary of Sinopec. The Company expects to deliver product to Sinopec Mitsubishi Chemical in the first half of 2011.

LianDi will supply all the valves in Sinopec Mitsubishi Chemical's new polycarbonate production facilities that will incorporate Japan Mitsubishi Chemical's proprietary melting method technology. In partnership with its international suppliers Metso and Leser, LianDi will provide the critical components to Sinopec Mitsubishi Chemical's first polycarbonate production lines as Sinopec looks to capture the increasing domestic demand for polycarbonate and bisphenol A. Polycarbonates, due to their resilient and transparent properties, have become a popular material for manufacturers of consumer and industrial products such as eye glasses, car brakes, and Blu-ray discs.

"We are delighted to be chosen as an equipment supplier for Sinopec Mitsubishi Chemical's inaugural polycarbonate project," began Mr. Jianzhong Zuo, Chairman, Chief Executive Officer and President of the Company. "This win signifies the strong relationship we have with Sinopec and the high quality of our products. We look forward to working with Sinopec and its subsidiaries to provide innovative, cost-effective solutions."

The combined value of the contracts is estimated to be approximately $3 million. The Company will ship its first product in the first quarter of 2011 and complete the contract by the middle of next year.

About LianDi Clean Technology Inc.

LianDi was established in July 2004 to serve the largest Chinese petroleum and petrochemical companies. Through its four operating subsidiaries, Hua Shen Trading (International) Ltd., Petrochemical Engineering Ltd., Bright Flow Control Ltd. and Beijing JianXin Petrochemical Engineering Ltd., the Company distributes a wide range of customized valves and equipment and provides associated value-added technical and integration service. The Company also develops and markets proprietary optimization software for the polymerization process. In addition, LianDi is focused on the large, rapidly growing, clean technology market for oil refineries, projected to reach over $1 billion in the next 10 years. This market is expected to benefit from favorable Chinese government policies, including tax benefits and other incentives.

Cautionary Statement Regarding Forward-Looking Information

This press release may contain certain "forward-looking statements" relating to the business of LianDi and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the impact of the proceeds from the private placement on the Company's short term business and operations; the general ability of the Company to achieve its commercial objectives, including the ability of the Company to sustain growth; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( )

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Source: LianDi Clean Technology Inc.
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Keywords: Chemical