Tri-Tech Holding Wins$1.72 Million Flash Flood Early Warning Contracts for Five Chinese Provinces
Beijing, China – November 18, 2011 – Tri-Tech Holding Inc. (Nasdaq: TRIT),which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that its subsidiary, Beijing Yanyu Water Tech Co. Ltd. (Yanyu), has been awarded contracts for flash flood early warning projects in ten counties and cities across Fujian, Jilin, Hubei, Sichuan and Shanxi provinces. The projects are valued at RMB 10.9 million or $1.72 million.
According to the contracts, the company will establish flash flood monitoring and forecasting systems in five counties in Fujian Province, two counties in Sichuan Province and three total counties and cities spread across Jilin, Hubei and Shanxi provinces. Each system includes an information collection sub-system, an early warning sub-system and an information dissemination platform. The project involves production or procurement of equipment, software development, integration and installation of the system and after-sales service. These projects should be completed at different points in time from late December 2011 to March 2012.
Mr. Warren Zhao, CEO of Tri-Tech Holding commented: “Since March 2011, Yanyu has achieved remarkable results in the business of flash flood monitoring and forecasting. Yanyu has been awarded projects of flash flood monitoring and forecasting in 37 counties and cities across 13 provinces including Inner Mongolia, Hunan, Anhui, Shandong, Gansu, Heilongjiang, Yunnan, Fujian, Jilin, Hubei, Sichuan, Hebei and Shanxi and one municipality, Beijing. These projects are valued at RMB79.61 million or $12.54 million. Especially during the second quarter, Yanyu aggressively pursued flash flood monitoring and forecasting projects and earned contracts collectively valued at $7 million. During the third quarter, we finished and delivered flash flood forecasting system projects in Inner Mongolia Autonomous Region and Gansu and Anhui provinces. We also finished projects for six counties in Heilongjiang Province in mid-August, and projects in Shandong, Hunan and Beijing by the end of September. Projects in Shanxi, Hebei and Yunnan are on track to be finished as scheduled.”
“Currently, bidding invitations for most projects under the first round of the flash flood and monitoring program initiated by the Ministry of Water Resources (MWR),have been closed and those projects have begun construction. In September, the MWR launched a new round of bidding invitations for the flash flood monitoring program for 500 counties nationwide. We have actively participated in the new round of bidding, meanwhile establishing our marketing branches and strengthening project execution capabilities. We expect to continue the growth of our market share in the sector.”
About Tri-Tech Holding Inc.
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 such as project payments, results of marketing efforts 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.