Euro Tech Holdings Company Limited Reports Ballast Water Treatment Systems ("BWTS") Contract Awarded

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Apr 28, 2021, 08:00 ET

HONG KONG, April 28, 2021 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) reported that the company has recently received a contract worth about US$ 0.8 million from a port client in Jiangsu Province, China. This project covers design, manufacture, supply and commissioning of a ballast water port solution system with 2,000 cubic meters per hour treatment capacity with explosion proof requirement and is expected to complete before the end of August 2021.

The accumulation of sales orders for port solutions in last six months is worth about US$ 2 million based on four contracts received from port clients in East China. As the first pioneer to commence on commercial ballast water port reception treatment service in the Asia Pacific region, it is expected that the company will receive more potential leads from China and Southeast Asia.

About BWTS

BWTS are an imminent requirement by IMO to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. IMO's Ballast Water Management Convention entered into force for new-built vessels on September 8, 2017 after ratification by 52 States, representing 35.1441% of world merchant shipping tonnage. In July 2017, IMO decided that the phase-in period for ballast water system retrofits started on 8 September 2019.

The company obtained type approval certificate from China's Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour in 2016.

The IMO convention stipulates that type approval for revised G8 requirements must be obtained for all BWTS installed on or after October 28, 2020, and the company have been in compliance with such requirements.

The ballast water port solution system is a system installed in port to offer ballast water treatment services for ocean going ships without their own BWTS and for those with damaged BWTS.

Forward Looking Statements

Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and Mainland China, doing business in Mainland China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2019.

Website: http://www.euro-tech.com

SOURCE Euro Tech Holdings Company Limited