NF Energy Saving Corp. Certified as 'Energy Services Company' by China Energy Sector Regulator

SHENYANG, China, Sept. 28 /PRNewswire-Asia/ -- NF Energy Saving Corp. (OTC Bulletin Board: NFEC) ("NF Energy" or the "Company"), a leading energy saving services provider for China's power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries, today announced that it has received certification as a recognized "Energy Service Company" by the National Development and Reform Commission (NDRC), one of China's main economic planning agencies.

The certification qualifies NF Energy to bid on energy conservation reconstruction projects that enjoy preferential benefits from the government of China, including income tax deductions, value-added tax and business tax exemptions, government-encouraged financing and direct government subsidies. In an effort to promote energy efficiency and curb environmental pollution, Chinese policymakers have adopted the energy service company (ESCO) model as a way to promote energy efficiency investment commercially. Energy service companies, or ESCOs, are businesses that help industries save money by using less energy and employ a financing technique that uses cost savings from reduced energy consumption to repay the cost of installing energy saving equipment, a business model known as Energy Performance Contracting (EPC).

China's Ministry of Finance recently announced 2 billion RMB investment package to support ESCO-financed energy conservation projects in energy-intensive industries, including construction, transportation, and public institutions. Energy conservation projects which save the energy equivalent of 500 tons of standard coal or more are eligible to receive subsidies. The central government will finance projects at 240 yuan per ton of coal equivalent (tce) saved, while provincial-level governments will subsidize projects at a minimum of 60 yuan per tce saved.

"NF Energy's management team has extensive experience executing EPC projects, having successfully operated more than 350 such projects, including participating in the first ever EPC project during the implementation of the World Bank / Global Environment Facility (GEF) Project on Promoting Energy Conservation in 1998," commented Mr. Gang Li, NF Energy's Chief Executive Officer. "As a result of the certification, the Company will have access to projects that benefit from central government and bank financing, and our customers will enjoy income tax, turnover tax and additional tax incentives, making energy conservation projects more attractive and affording opportunities for enhanced environmental compliance and return on investment."

About NF Energy Saving Corporation

NF Energy Saving Corporation (OTCBB:NFEC) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. The Company's customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, wind power, and nuclear power), water supply, and heat supply industries. The majority of revenues are from energy efficient flow control equipment and energy efficiency projects. For more information, visit http://www.nfenergy.com

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    For more information, please contact:

    Company Contact:
     Ms. Lihua Wang, Director & CFO
     NF Energy Saving Corp.
     Tel:   +86-24-8563 1159
     Email: [email protected]
     Web:   http://www.nfenergy.com

    Investor Relations Contact:
     Mr. Mark Collinson, Partner
     CCG Investor Relations
     Tel:   +1-310-954-1343
     Email: [email protected]
     Web:   http://www.ccgirasia.com

SOURCE NF Energy Saving Corporation

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