Tri-Tech Holding Awarded $960,000 in Mountain Torrent Forecast Contracts
Contracts Cover Eight Projects in Four Provinces
Beijing, China – October 26, 2009 – Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that engineers, manages and monitors municipal sewer systems, natural waterways and other Chinese water resources, announced today that it has received contracts valued at approximately $960,000 for eight mountain torrent forecast pilot projects from the Flood Control and Drought Relief Bureaus of Hebei, Anhui, Qinghai and Guizhou Provinces.
In October 2006, the Chinese government approved the Mountain Torrent Forecast Plan proposed by the Ministry of Water Resources and the Ministry for Environmental Protection. Accordingly, in 2009, the Chinese government allocated RMB200 million (approximately US$29 million) to fund projects in 103 pilot counties, which are frequently devastated by mountain torrents.
In June 2009, the China State Flood Control and Drought Relief Headquarters initiated pilot projects for the 103 counties. Tri-Tech won the bids in seven counties and one municipality in Hebei, Anhui, Qinghai and Guizhou provinces.
In Qianxi County in Hebei Province and in Tongren County and the municipality of Xining in Qinghai Province, Tri-Tech will provide integrated engineering services and non-structural measures, including establishment of monitoring and early warning systems, mountain torrent forecast systems, flood control preplans and education for local residents on mountain torrent prevention. In Yuexi County in Anhui Province and Kaiyang, Puding, Wangmo and Jinsha counties in Guizhou Province, Tri-Tech will provide a mountain torrent information collection system and early warning systems as well as hydrological monitoring equipment, installation, debugging and after-sale services.
The data terminal for the hydrological monitoring station system in all eight projects will use Tri-Tech’s patented YY-RTU-2000 Telemetry Unit. Tri-Tech expects to complete the projects before the end of 2010.
Mr. Warren Zhao, CEO of Tri-Tech Holding, said, “With an area of 23,411 square kilometers benefiting a population of 4.34 million, these eight projects are among the initial pilot contracts awarded for mountain torrent forecast. We are excited that we successfully secured these eight contracts, which represent a 16% market share, as only half of the 103 counties have invited public bids so far. With increased investment and support from the Chinese government for mountain torrent forecast, we expect to continue building our business in support of this important sector.”
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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Tri-Tech Holding Inc. has based these forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include 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.