Beijing, China – December 11, 2012 – 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 it has secured several contracts for wastewater treatment, high-rising building water supply equipment procurement and flash flood forecasting projects. The aggregate value of all contracts is approximately $3.2 million (approximately RMB 20.15 million).
According to the contracts, the company will provide water supply system procurement services for three real estate development projects and one new university project in Beijing, and wastewater treatment system procurement services for a new subway station in Beijing, and flash flood early warning and forecasting systems for several counties in Guangxi, Fujian and Hubei provinces. Tri-Tech expects to complete all the water supply projects between the end of December 2012 and April 2013 and to complete the flash flood forecasting projects between March 2013 and August 2013.
Mr. Gavin Cheng, Joint CEO of Tri-Tech Holding said, “We are pleased to share news of these contracts with our shareholders. In addition, we have made noticeable progress in expanding our market presence in water and water resources management in the fourth quarter. At the same time we are seeking new business opportunities, we are also working with a top quality advisory firm to streamline our organizational structure to reduce our costs and expenses while maintaining efficiency. We believe these efforts will help us control our operational expenses. We continue to improve our accounts receivable, particularly for several large projects. We have received cash advances for our Buxar and Begusarai projects from BUIDCo, the customer of the Indian Bihar sewage systems projects, in mid-October and mid-November, respectively. The Bihar projects are currently being implemented as scheduled, and we anticipate further cash payments as the projects continue to move forward.”