Tri-Tech Holding Wins Bid for $1.46 million Recycled Water Project in Tianjin
Beijing, China – June 1, 2011 – Tri-Tech Holding Inc. (NASDAQ: TRIT), a premier Chinese company that provides leading turn-key solutions in China for water resources, water and wastewater treatment, industrial safety and the pollution control markets, announced today that the company has won the bid for the Tianjin Airport Economic Zone Wastewater Treatment Plant expansion project, the first stage of upgrading the quality of recycled water produced from the wastewater treatment plant. The contract is valued at RMB9.49 million, or $1.46 million, all of which Tri-Tech expects to recognize as revenue during 2011.
Tri-Tech will be responsible for the design, procurement of complete equipment, installation, commissioning and project management services for the upgrade. The project is expected to be operational by the end of 2011.
In the first stage, the expected daily treatment capacity will be 7,500 tons of recycled water that meets Class 1A standards as per the National Discharge Standard of Pollutants for Urban Wastewater Treatment Plants. The plan calls for production of no less than 5,000 tons of upgraded recycled water per day. The upgraded recycled water will be used as industrial process water for industrial plants in the Tianjin Airport Economic Zone. The project will use an advanced treatment process composed of a submerged ultra filtration system and a reverse osmosis system. The upgraded recycled water will surpass the National Urban Wastewater Recycling water quality standards.
Mr. Weidong Bi, vice president of Tri-Tech, said, "In the 12th Five-Year Plan, the Chinese government has stressed the need for national energy conservation, emission reductions, industrial water constraints and water reuse. We expect that the industrial water quota will be tightly controlled. Presently, the Ministry of Water Resources has raised its targets for national and provincial urban wastewater treatment and reuse. The recycling rate of the treated urban wastewater is now targeted at 10% by 2015, compared to an 8.5% goal originally set in 2010. Through the implementation of projects like this, use of water resources in industrial parks will be enhanced and the comprehensive use of functional industrial parks will be improved."
Mr. Warren Zhao, CEO of Tri-Tech, said, "This project further consolidates Tri-Tech’s business in one of our traditional areas of operations. It also strengthens our market presence and ability to seek out similar projects in Tianjin, Hebei and the West China. With the national promotion of industrial parks and a corresponding maturity in industrial park infrastructure and supporting energy conservation policies implemented in companies engaged in, we expect more opportunities from industrial parks in water treatment and reuse projects. We are increasing our marketing efforts to compete for more projects of this kind."
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 payment therefor 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.