omniture

NF Energy Saving Corp. Signs Contract with PT. Multinas Indonesia

2010-08-23 19:06 1249
Further expands NF Energy's distribution network overseas

    SHENYANG, China, Aug. 23 /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 contract with PT. Multinas Indonesia for technical consultancy services and energy saving drying and cooling equipment.

    NF Energy expects to generate U.S. GAAP revenue of $290,000 from the contract. Pursuant to the contract, NF Energy will provide technical consultancy services which will compromise approximately 50% of the total revenue, as well as energy saving drying and cooling equipment which will account for the remaining 50% of the total revenue. 

    NF Energy will help PT. Multinas Indonesia analyze energy audits, diagnostics, and applications of vibration technology in its sugar processing, renovating and reconstructing the firm's production line. The project's primary objective is to reduce the facility's energy consumption by up to 20%, while significantly lowering environmental pollution. 

    Headquartered in Surabaya, Indonesia, PT. Multinas Indonesia is both a trading company and a provider of engineering services for the sugar, petrochemical and fertilizer industries throughout Indonesia through its branch offices in Jakarta and Palembang. 

    "Because sugar manufacturing is energy-intensive as it requires furnaces to generate electricity and provide steam for the drying process, refiners are continuously looking for ways to improve efficiency in order to enhance their profitability," noted NF Energy's CEO Mr. Gang Li. "We are extremely excited about this opportunity with PT. Multinas as we believe our expertise in providing energy efficient products and solutions will result in significant operational cost savings for PT. Multinas, improving their competitive position in the sugar processing market. Moreover, the agreement represents another milestone for NF Energy as we continue to expand our geographic footprint and diversify our sources of revenue."

    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

    Safe Harbor Statement 

    The statements contained herein that are not historical facts are considered "forward-looking statements." Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the efficacy of investment in research and development are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov.

    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

Source: NF Energy Saving Corp.
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