Contracts Cover 11 Projects in Five Provinces
BEIJING, Feb. 2 /PRNewswire-Asia-FirstCall/ -- 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 11 new contracts for flood control and river monitoring worth RMB8.7 million (approximately US$1.27 million).
The awards include six mountain torrent forecast pilot projects from the Flood Control and Drought Relief Bureaus of the Guangxi Zhuang Autonomous Region, the Inner Mongolia Autonomous Region, Heilongjiang province and Chongqing municipality and five river monitoring projects in Yunnan province.
Tri-Tech will provide mountain torrent information collection systems and early warning systems as well as hydrological monitoring equipment, installation, debugging and after-sale services in two counties in Guangxi, two counties in Chongqing, Qiqihar City in Heilongjiang and Chifeng City in Inner Mongolia.
The five river monitoring projects are in the cities of Honghe, Wenshan, Yuxi, Puer and Xishuangbanna in Yunnan Province. These projects include purchasing both software and hardware needed for the remote hydrological monitoring system, installation and integration, debugging and testing, technical training and after-sale services.
The data terminal for the hydrological monitoring station system in all 11 projects will use Tri-Tech's patented YY-RTU-2000 Telemetry Unit. Tri-Tech expects to complete the projects before the end of March 2010.
Mr. Warren Zhao, CEO of Tri-Tech Holding, said, "In 2009, the Chinese government allocated RMB200 million (approximately US$29 million) to fund its Mountain Torrent Forecast Plan in 103 pilot counties that are frequently devastated by mountain torrents. In October 2009, Tri-Tech won eight bids for the pilot projects and we have now won six additional bids, which represent the largest market share awarded so far in this sector. We are also excited that we have successfully secured five contracts as part of the government's newly initiated river monitoring initiative, which lays good groundwork for competing for more projects. We expect to continue building our business in China's natural waterways control."
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 references to the successful completion of the project referenced herein and other 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, 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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