BEIJING, Nov. 18 /PRNewswire-Asia/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that engineers, manages and monitors municipal sewer systems, natural waterways and other water resources, announced today that it has received a $1 million Phase One contract for procuring and installing process equipment for a wastewater treatment plant in Jinjing Newtown in Baodi District of Tianjin Municipality in Northern China.
The Jinjing Newtown wastewater treatment plant will ultimately require a total investment of RMB47.68 million (approximately US$7 million) from the Chinese government. The 215,000 square foot treatment plant will have a daily capacity of 10,000 metric tons. Tri-Tech will install advanced rotating fiber-disc, chlorination and dosing systems.
The Phase One contract covers process equipment procurement, installation, trial runs and performance checks. All process equipment to be procured and installed by Tri-Tech will be in accordance with China National Standards (CNS), the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) to assure a maximum operating life time and the highest performance. Tri-Tech expects to complete the Phase One installation and trial run by the end of 2009.
Tri-Tech CEO Warren Zhao said, "We are pleased to secure the Phase One contract for the Jinjing Newtown wastewater treatment project. We believe this will put us in a favorable position to bid for Phase Two of the project. Baodi District is geographically surrounded by Beijing, Tianjin and Tangshan, encompassing a population of 37 million within a radius of 100 kilometers. This accounts for 60% of the total population in Beijing, Tianjin and Hebei province. The construction of wastewater treatment plants such as the one in Jinjing Newtown is a top priority for the Baodi government. We continue to seize the opportunity and to secure more contracts in this region."
In an unrelated matter and in response to several calls received by the company, the company wishes to state that the announced purchase yesterday of a Tampa-based distribution company called Tri-Tech was not related in any way to the operation of Tri-Tech Holding.
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China's municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-tech owns seven software copyrights and two technological patents and employs 108 people. Please visit http://www.tri-tech.cn for more information.
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This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, performance under contracts, implementation of contractual terms as currently contemplated, future expansion decisions by the government, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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