Tri-Tech Wins Contract for $3.83 Million Flash Flood Monitoring and Forecasting Project in Heilongjiang Province
Beijing, China – June 8, 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 its affiliate, Beijing Yanyu Water Tech Co., Ltd. (Yanyu), has won flash flood monitoring and forecasting projects in six districts and counties in Yichun City, Heilongjiang Province. The contract value is RMB24.82 million or $3.83 million.
Tri-Tech will establish flash flood monitoring and early warning systems including production, software development, equipment procurement, system integration, installation and commissioning, technical training, technical services, equipment commissioning and after sales services. All projects are expected to begin in mid-June 2011 and be completed by mid-August 2011. Tri-Tech expects to recognize all revenues from the project in 2011.
Yanyu General Manager Mr. Yongzhen Zhuang said, "With the expanded application of Yanyu’s flash flood early warning system country wide, a growing number of users and system integrators have chosen to use our monitoring and warning platform, proven RTU and intelligent voice alarm products. In the meantime, we continue to expand our product sales reach and we are working closely with local partners as well as local system integrators to further expand our market share."
Mr. Warren Zhao, CEO of Tri-Tech, said: "Following our successful bid for flash flood control projects in six counties of Anhui, Gansu and Shandong provinces, Yanyu has won the bid for six districts and counties in Yichun City of Heilongjiang Province. This demonstrates the efficiency of Yanyu’s marketing team. China’s flash flood prevention program is currently in full swing. After the drought in the southern region of the country in the spring of this year, heavy rainfall has created significant risk of geological disasters. Yanyu is actively participating in flash flood prevention measures for monitoring and warning systems of non-engineering construction projects in different provinces. We are confident that through our advanced monitoring and flash flood warning systems, we will be able to reduce losses in disaster-prone areas and enhance the security and well being of the people living in those areas.”
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, completion and payment for the projects discussed in this release, 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.