Tri-Tech Holding Announces $15 Million Line of Credit With Bank of Hangzhou
Beijing, China – October 28, 2010 – Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that provides leading turn-key solutions in China for water resources, water and wastewater treatment, industrial safety and the pollution control markets, announced today that its subsidiary Tri-Tech (Beijing) Co. Ltd. has signed a letter of intent for a line of credit with Beijing Branch, Bank of Hangzhou.
The bank intends to grant Tri-Tech a total line of credit for RMB100 million (approximately US$15 million). Tri-Tech will initially draw RMB4000 million (approximately US$6million).
Mr. Peter Dong, CFO of Tri-Tech Holding said, “We plan to use this line of credit partially to complete several new projects including the Xinjiang Kuitun Wastewater Treatment Plant and to fund working capital requirements associated with research and development of our products and technologies.”
Mr. Warren Zhao, CEO of Tri-Tech Holding said "We are very pleased with the confidence in Tri-Tech shown by the Bank of Hangzhou and their willingness to fund our strategic growth in water resources management services, water treatment and pollution control. This provides us with the ability to expand and grow our business in a non-dilutive manner.
“The line of credit for RMB100 million will enable us to bid on more project opportunities going forward. This credit line also will strengthen our financial flexibility and will optimize our capital structure.”
About Bank of Hangzhou
Founded in 1996 and headquartered in Hangzhou City of Zhejiang Province, the Bank of Hangzhou is a leading joint-equity commercial bank with high quality assets, strong profitability and strength throughout China with hundreds of branches. In 2010, Bank of Hangzhou was ranked No. 395 of the top 1000 banks in the world based on its tier one capital and was ranked second in competitive strength for large-sized Chinese commercial banks in 2009 by the Magazine of Chinese Bankers.
About Tri-Tech Holding Inc.
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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 negotiation of contracts related to the project;
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.