Tri-Tech Holding Wins $1M Bid for Sinopec Natural Gas Field Project
Beijing, China – Sept. 20, 2010 – Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that engineers, manages and monitors municipal sewer systems, natural waterways and other water resources, announced today that its affiliate, Beijing Satellite Science & Technology Co. (BSST), has won a RMB 6.9 million (approximately $1.03 million) bid from the China Petroleum & Chemical Corporation (Sinopec) for a Phase II turnkey project of a 800M TETRA Network Communications System for use in natural gas operations in the Puguang gas field in Sichuan Province.
The Phase II installation is an expansion of the Phase I system implemented by BSST in 2009.
This turnkey project includes engineering, procurement, installation and commissioning. The system is used in daily production activities, gas pipeline inspections and repairs, and emergency response communications. It also provides a wireless backup channel for gas field communications as a safety measure. The vendor of 800M TETRA Network System components is the European Aeronautic Defence and Space Company (EADS). BSST expects to complete the project in August 2011.
Tri-Tech President Gavin Cheng said, "Based on the successful completion of Phase I, we were pleased to win the Phase II expansion project. BSST applied the EADS 800M TETRA Network System in Phase I and completed the project in 2009. This was the first time we have applied the digital trunk network communication system in a gas field production role and for emergency response communications. With this project we have taken our prospects for contracts in the natural gas sector to the next level using the TETRA Network System.”
Tri-Tech CEO Warren Zhao added, “In only a month as a Tri-Tech affiliate, BSST has already been awarded a large gas field safety production project. This is an important further step in demonstrating Tri-Tech’s expanding capabilities in the industrial pollution and safety control market, and it underscores our reasons for the strategic acquisition of BSST. We expect Tri-Tech to receive more awards like this.”
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 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.