CleanTech Innovations, Inc. Approved for High-Tech Status, Receives 10% Income Tax Reduction for 3 Years

NEW YORK, Sept. 29 /PRNewswire/ -- CleanTech Innovations, Inc. (OTC Bulletin Board: EVCP; website: www.ctiproduct.com; "CleanTech"), a U.S. company and a market leader in China's clean technology solutions in the wind and utilities industries, announced today that CleanTech has received the High-Tech status granted by the Chinese government.

The High-Tech status allows CleanTech to qualify for a 15% annual corporate income tax rate, rather than the standard 25%. The 15% rate applies from January 2010 through December 2012 and with an option for renewal at the end of 2012. The 10% income tax reduction will enhance the Company's earnings for 2010 through 2012.  

Ms. Bei Lu, Chairman & CEO of CleanTech commented: "CleanTech is focused on delivering high quality wind towers to our customers which are the largest state grids in China. We have experienced robust customer demand and significant earnings growth in the 3rd quarter which ends on September 30. We look forward to reporting record 3rd quarter financial results."

About CleanTech Innovations, Inc.

CleanTech Innovations, Inc. (OTC Bulletin Board: EVCP; website: www.ctiproduct.com) is a U.S. registered public company with primary operations in China. CleanTech designs and manufactures high performance clean technology products that promote renewable energy generation, energy savings and pollution reduction. CleanTech's products include wind turbine towers, bellows expansion joints and pressure vessels, which are broadly used in the wind power, steel, coking, petrochemical, high voltage electricity transmission and thermoelectric industries. CleanTech is a market leader in the domestic production of expansion joints used in Coke Dry Quenching, an advanced clean solution system being installed in the coking and steel industries across China for its ability to reuse waste heat, improve coke quality and reduce pollutants. CleanTech's longstanding customers include Toshiba, ABB, China State Grid, HuaNeng Energy, Sinosteel and other global industrial leaders. CleanTech is focused on continuously developing innovative products that will improve efficiencies, reduce pollution and reduce costs associated with wasted energy.

Safe Harbor Statement

All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect CleanTech Innovations' current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in CleanTech Innovations' filings with the Securities and Exchange Commission.

SOURCE CleanTech Innovations, Inc.

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