SHENYANG, China, July 27 /PRNewswire-Asia/ -- NF Energy Saving Corp. (OTC Bulletin Board: NFEC) ("NF Energy" or the "Company"), a leading energy saving services provider for China's power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries, announced today that it has signed a two year unsecured credit facility with a domestic bank to borrow up to RMB 40 million ($5.88 million).
Under the agreement, NF Energy will be able to draw up to a maximum of RMB 40 million ($5.88 million) over a 24 month period ending June 28, 2012. Outstanding balances under the facility will accrue interest at a rate of 1.3 times the Bank of China benchmark lending rate. Any amounts of principal repaid may be redrawn during the 24 month period. Drawings under the facility will be used to complete NF Energy's new manufacturing plant, increasing capacity from 6,000 tons to 20,000 tons per year, and for general corporate purposes.
"We are extremely pleased to have access to the capital markets at this critical juncture in our company's corporate history," commented Mr. Gang Li, NF Energy's CEO. "The financing will enable us to continue to execute on our strategic growth objectives as we seek to finish the construction of our new manufacturing facility. In addition, we believe the credit facility will further help the Company to promote future business development."
About NF Energy Saving Corporation
NF Energy Saving Corporation (OTCBB: NFEC) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. The Company's customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, wind power, and nuclear power), water supply, and heat supply industries. The majority of revenues are from energy efficient flow control equipment and energy efficiency projects. For more information, visit http://www.nfenergy.com
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For more information, please contact:
Company Contact:
Ms. Lihua Wang, Director & CFO
Tel: +86-24-8563-1159
Email: wlh@nfenergy.com
NF Energy Saving Corp.
Web: http://www.nfenergy.com ;;
Investor Relations Contact:
Mr. Mark Collinson, Partner
Email: mark.collinson@ccgir.com
Tel: +1-310-954-1343
CCG Investor Relations
Web: http://www.ccgirasia.com
