China Industrial Waste Management, Inc. Receives Additional Government Subsidy of RMB 5 Million for Capacity Expansion Project
DALIAN, China, July 6 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTC Bulletin Board: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced that its 90% owned subsidiary, Dalian Dongtai Industrial Waste Treatment, Co., Ltd. received a national subsidy of RMB 5 million (approximately $0.7 million) as funding to complete the capacity expansion project for a centralized hazardous waste treatment facility (the "Expansion Project") in Dalian, Liaoning Province, China. This subsidy is the second installment of a series to be disbursed by the government as the Expansion Project progresses.
As previously disclosed, Dalian Dongtai Industrial Waste Treatment, Co., Ltd. embarked on the Expansion Project in July 2008. The total cost of the Expansion Project is estimated to be RMB 110 million (approximately $16.2 million), of which RMB 33 million (approximately $4.9 million), or 30%, is expected to be subsidized by the central government. Including the RMB 10 million that was disbursed to the Company in July 2009, there has now been a total of RMB 15 million in subsidies given to the Company relating to the Expansion Project.
The Expansion Project is part of the nation's hazardous waste treatment initiative that is subsidized by the central government. This facility will be one of two such plants in Liaoning Province. Management anticipates the Company will complete the construction of the remaining storage and processing facilities during the fourth quarter of 2010.
"We are very appreciative to have received the second installment of the government subsidy for our capacity expansion project in Dalian that is now 70% complete," said Mr. Jinqing Dong, the Company's Chief Executive Officer. "The facility will be state-of-the-art and feature twice the capacity of our current plant. Further, we will deliver quality services for a wider range of customers in the region to satisfy the rapidly growing demand. In conclusion, we believe that this project clearly demonstrates our capabilities to manage capital waste management engineering projects."
About China Industrial Waste Management, Inc.
China Industrial Waste Management, Inc. is engaged in the collection, treatment, disposal and recycling of industrial wastes principally in Dalian and surrounding areas in Liaoning Province, People's Republic of China through its 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dongtai") and other indirect subsidiaries. Dongtai treats, disposes of and/or recycles many types of industrial wastes, and recycled waste products used by customers as raw material to produce chemical and metallurgy products. In addition, Dongtai treats or disposes of industrial waste through incineration, burial or water treatment, and provides environmental protection services, technology consultation, pollution treatment services, waste management design processing services, waste disposal solutions, waste transportation services, onsite waste management services, and environmental pollution remediation services. For more information, please visit the Company's website ( http://www.chinaciwt.com ).
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the launch and successful operation of the Dongtai Organic Waste Treatment Project, the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward- looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
For more information, please contact:
Company Contact:
Ms. Guo Xin, Chief Financial Officer
Tel: +86-411-8581-1229
Email: [email protected]
Mr. Zhang Dazhi, Director of Investor Relations
Tel: +86-411-8259-5339
Email: [email protected]
Web: http://www.chinaciwt.com
CCG Investor Relations:
Mr. Athan Dounis, Account Manager
Tel: +1-646-213-1916
Email: [email protected]
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: [email protected]
Web: http://www.ccgirasia.com
SOURCE China Industrial Waste Management, Inc.
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