BEIJING, April 20 /PRNewswire-Asia/ -- LianDi Clean Technology Inc. (OTC Bulletin Board: LNDT, formerly OTC Bulletin Board: RMSI), ("LianDi" or "the Company"), a leading provider of clean technology, downstream flow equipment, engineering services and software to China's leading petroleum and petrochemical companies, today announced that it has changed its name from Remediation Services, Inc. to LianDi Clean Technology Inc. effective April 21, 2010. In connection with this name change, as of the open of business on April 21, 2010 the Company has the following new trading symbol: "LNDT."
The purpose of the name change is to better reflect LianDi's position and growth strategy as a leading provider of clean technology to China's growing petroleum and petrochemical industries. The Company participates in the large, rapidly growing, clean technology market for oil refineries, projected to reach almost $1 billion over the next 10 years. This market is expected to benefit from favorable Chinese government policies, including tax benefits for the next three years.
LianDi distributes a wide range of petroleum and petrochemical valves and equipment, including unheading units for the delayed coking process (unheading units are used in delayed coking to "unhead" or open the coke drum for the removal of the residual coke), and provides associated value-added technical services; provides systems integration services; and develops and markets proprietary optimization software for the polymerization process. The Company is a pioneer in modernizing China's delayed coking industry and will be the first to install totally enclosed DeltaGuard unheading units in the fall of 2010.
"Rapidly increasing petroleum consumption in China, coupled with the growing focus on clean technology in the petroleum and petrochemical industries, will generate significant growth opportunities for our company," stated Mr. Jianzhong Zuo, chairman, chief executive officer and president of the Company. "Our new corporate name reinforces our focus on serving the needs of our many valued domestic and international petroleum and petrochemical customers as China increases its crude oil imports and expands oil production domestically, and as refiners require clean solutions for refining oil."
China's net oil imports reached 4.1M bbl/d in 2009, making it the second largest net oil importer in the world. As of January 2009, crude oil refining capacity in China was 6.4 million bbl/d at 53 facilities. China's National Energy Administration's (NEA) goal is to raise refining capacity to 8.8 million bbl/d by 2011. As China diversifies its crude oil import sources and expands oil production domestically, refiners will require the best solution for refining inferior domestic and imported crude oil.
About LianDi Clean Technology Inc.
LianDi was established in July 2006 to serve the largest Chinese petroleum and petrochemical companies. Through its four operating subsidiaries, HuaShen 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 Clean Technology 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 Clean Technology Inc. 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 (http://www.sec.gov )
