China Industrial Waste Management's Dalian Dongtai Subsidiary Signed a Contract with a World-class Shipbuilding Company Located in Dalian
25 Jan 2010
PR Newswire Asia
DALIAN, China, Jan. 25 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTC Bulletin Board: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, announced today that the Company's 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dalian Dongtai) has signed a major waste management contract with one of the top five shipbuilding companies in Dalian.
Per the contract, Dalian Dongtai will dispose and treat a variety of wastes generated by the shipbuilding company at a predetermined unit price for each type of waste. According to the shipbuilder's annual production plan, the total volume of waste is estimated to be 30,000 tons per year which will bring the company approximately $2.0 million of revenue annually.
"We are pleased to announce that Dalian Dongtai has become a much more prominent brand in the waste management industry in China," said Mr. Jinqing Dong, Chief Executive Officer. "There are several large scale shipbuilders in the area and Dalian is becoming a world shipbuilding capital. Our firm is uniquely prepared to meet the waste collection, transportation and processing needs of the builders, repair firms and the other supporting players. We have the technology and the capacity to move aggressively into this important space."
About China Industrial Waste Management, Inc.
China Industrial Waste Management, Inc. is engaged in the collection, treatment, disposal and recycling of industrial wastes principally in Dalian and surrounding areas in Liaoning Province, People's Republic of China through its 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dongtai") and other indirect subsidiaries. Dongtai treats, disposes of and/or recycles many types of industrial wastes, and recycled waste products used by customers as raw material to produce chemical and metallurgical products. In addition, Dongtai treats or disposes industrial waste through incineration, burial or water treatment, and provides environmental protection services, technology consultation, pollution treatment services, waste management design processing services, waste disposal solutions, waste transportation services, onsite waste management services, and environmental pollution remediation services. For more information, please visit the Company's website (http://www.chinaciwt.com ).
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements are valid only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
For more information, please contact:
Company Contact: Ms. Guo Xin, CFO Tel: +86-411-8581-1229 Email: hellenguo@chinaciwt.com
Mr. Zhang Dazhi, Company Secretary Tel: +86-411-8259-5339 Email: darcy.zhang@chinaciwt.com Web: http://www.chinaciwt.com
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