Tri-Tech Holding Wins $1.87 Million Production Security System Project For Shaanxi Oil Field Industrial Park
Company Says Industrial Strategic Initiatives Are On Track
Beijing, China – September 28, 2011 – Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that provides leading turn-key solutions in China for the water resources, water and wastewater treatment, industrial safety and pollution control markets, announced today that its affiliate, Beijing Satellite Science & Technology Co., Ltd. (BSST), won a public bid to provide operations and security television monitoring systems for the Jingbian Energy and Chemical Industrial Park in Jingbian County, Shaanxi Province. The total contract amount is $1.87 million.
The industrial park is being built by and for the Yanchang Petroleum Group. The park will house six petroleum refining and petroleum post-processing plants, which are currently under construction. The six plants are designed to produce millions of tons of intermediate petroleum products per year. BSST will provide the closed circuit television system to help provide production security.
BSST will provide and equip two CCTV systems for the plants. One will monitor plant production and operations. The other will be used for perimeter security. BSST will provide design, all materials and equipment procurement as well as system integration, installation, commissioning and operator technical training. BSST expects the project to be fully completed by May 2013.
Tri-Tech President Mr. Gavin Cheng said, "The industrial CCTV system combines distance image technology and environmental monitoring functions. It can be used to monitor and record operations of all production units as well as leakage and spillage of flammable or explosive gases and liquids. It will also be used in detecting equipment malfunctions and helping to prevent accidents as well as detecting unauthorized personnel and vehicles in the plants’ operational areas. With the system, production safety will be secured and safety production management will be improved to ensure a safe and well-organized operating environment for the whole industrial park.”
Tri-Tech Holding CEO Mr. Warren Zhao added, “We are pleased that BSST has secured its second production safety project with the Yanchang Petroleum Group. Earlier this year, BSST signed its first contract with Yanchang Petroleum Group to construct the Yan'an Emergency Command and Control Center. That project is on schedule for completion in October 2011. We believe the new BSST contract with Yanchang Petroleum Group was in recognition of the quality service provided during the initial project implementation.
“In addition to pushing our existing projects toward completion, we have also focused on seeking new projects internationally. For instance, we have pursued industrial wastewater treatment opportunities in the United States, Canada and Mexico with our Wisconsin-based J&Y Water Division of Tri-Tech. We are also aggressively participating in business development and opportunity tracking in India and the Middle East. Several projects that we have bid on are approaching the final steps of bid evaluation and we expect to know the outcomes shortly. We will, of course, share our key successes with investors as they happen.”
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 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.