Tri-Tech Holding Announces Completion of Multiple Wastewater and Water Control Projects
BEIJING, Jan. 5, 2011 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that provides turn-key solutions in China for water resources, water and wastewater treatment, industrial safety and the pollution control markets, announced today the completion and recent handover ofmultiple projects for municipal wastewater, solid waste treatment, tail gas control, flood monitoring and control.
Tri-Tech CEO Mr. Warren Zhao said, "The completion of these projects on time and within budget underscores our ability to execute complex contracts simultaneously across China, especially the successful completion ofthe water recycling plant in Dongli Economic Development Zone, the sewage treatment plant in Xinle City, Hebei province, and the sanitary waste landfill in Xinle City. These three Build and Transfer model municipal infrastructure projects demonstrate Tri-Tech's ability to develop a sustainable growth business model. Thetransfer of these projects will generate substantial payback and cash flow for Tri-Tech.
"In the next three to five years, the Ministry of Water Resources and its subordinate units are scheduled to implement mountain flood prevention projects for the remaining 1,700 counties as part of the program initiated in year 2006. This creates significant market opportunities. By completing these mountain flood prevention and early warning systems, our company has increased its experience in project implementation and has sought to improve our reputation and relationships with our customer base. I believe this lays a solid market foundation for pursuing future projects," Mr. Zhao said.
l On December 14, 2010, the major recycled water treatment project in Tianjin Dongli Economic Development Zone constructed by Tri-Tech's operating affiliate Tranhold was completed and passed operating trials, discharge water quality tests and other inspection procedures. Following operational training for the owners, the project was officially transfered to the Tianjin Dongli Economic Development Zone. The project wasformally started in December 2009.
l The upgrade of the Wastewater Treatment Plant in Xinle City, Hebei Province has been completed by Tranhold. The project completed the trial operation, discharge water quality test and other inspection procedures in June 2010. Recently following the training for operating personnel, the project was transferredto Xinle Municipal Government. Construction of this project formally began in January 2010.
l Tri-Tech's subsidiary, Tri-Tech (Beijing), has completed the construction of a sanitary landfill project in Xinle City, Hebei Province. On October 26, 2010, the project went through the trial operation, environmental monitoring and other inspection procedures. After the owners underwent hands-on training, the project was officially transferred to Xinle city. The project was formally started in March 2010.
l The construction of tail gas treatment project of Jiangsu Taicang Interface Modular Carpet China) Co., Ltd. has been completed by Tri-Tech (Beijing), a subsidiary of Tri-Tech. On November 21, 2010, the project went through the trial operation, environmental monitoring and other inspection procedures. The project wasformally started on April 13, 2010.
l Tri-Tech subsidiary Yanyu completed construction and acceptance of 11 pilot mountain torrent monitoring andforecasting systems in Guizhou, Qinghai, Hebei, Anhui and Heilongjiang provinces. The mountain torrentmonitoring and forecasting programs for six counties in Guangxi, Chongqing, Sichuan and Gansu provinces were completed and moved into the acceptance stage.
l Seven projects for Phase I of a hydrological testing project in flood-prone areas in five counties in Yunnan and Guizhou provinces constructed by Yanyu, Tri-Tech operating affiliate in December 2009 have been completed, and have passed local authorities' acceptance. In addition, the small river basin hydrologic monitoring systems in flood prone areas for Anhui and Hunan provinces have been completed and are in the process of receiving official acceptance. Stage II of the Flood Control and Drought Relief Command System in Guizhou province was completed and is entering into acceptance stage.
Mr. Zhao added, "We are grateful to our engineering and project management team for the completion of these projects. Since our IPO on Nasdaq in September 2009, our company has continued to pursue and implement new projects and strives to provide high-quality and efficient services within the project deadlines.
"We remain committed to growing our business on the basis of quality first. We will constantly improve the capacity of project implementation teams and, as always, provide our customers with the highest quality services," Mr. Zhao said.
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. The company is also moving into the industrial pollution control market. Tri-Tech owns 15 software copyrights andtwo technological patents and employs 220 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.