NF Energy Saving Corporation Announces 2009 Annual Financial Results

SHENYANG, China, March 30 /PRNewswire-Asia/ -- NF Energy Saving Corporation (OTC Bulletin Board: NFEC; "NF Energy"), a Chinese leader in providing integrated energy conservation solutions, reported financial results for the year ended December 31, 2009.

    2009 Annual Results Highlights:
    -- Revenues increased to $20.3 million for the year ended December 31,
       2009, up 28% from $15.8 million for the last year.
    -- Gross profit increased to $6.6 million for the year ended December 31,
       2009, up 50% from $4.4 million for the last year.
    -- Net income was $4.8 million, or $0.36 per fully diluted share, up 30%
       from $3.7 million for the last year.

2009 Annual Results

Revenues were $20.3 million for the year ended December 31, 2009, as compared to $15.8 million for the year ended December 31, 2008. Total revenues increased by $4.5 million, a 28% increase, for the year ended December 31, 2009, as compared to total revenues for the year ended December 31, 2008. The overall gross profit for the Company was $6.6 million, or 50% increase, for the year ended December 31, 2009, as compared to $4.4 million for the year ended December 31, 2008. Net income increased by $1.1 million to $4.8 million for the year ended December 31, 2009.

Fourth Quarter 2009 Results

For the three months ended December 31, 2009, revenues were $5.1 million, up 24% from $4.1 million from the same period last year. Gross profit was $1.7 million, up 42% from the same period 2008. Net profit was $1.3 million, up 38% from the same period 2008.

"Despite a difficult economic year, NF Energy has achieved strong financial performance in 2009," said Mr. Gang Li, President & CEO of NF Energy Saving Corporation. "Sales of our patent protected, high-quality customized flow-control systems continue to grow at a solid rate last year. Our consulting services and partners have expanded greatly and now include many industrial giants such as GE, Schneider Electric and Osaka Gas. Driven by the Chinese government's continuous support to the energy service industry, we expect sound organic growth of our energy efficiency and emission reduction consulting services business in 2010 and beyond."

About NF Energy Saving Corporation

Website: http://www.nfenergy.com

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 current revenues are primarily from its energy saving flow control products. Headquartered in Shenyang city of China, the Company currently has 225 employees and several proprietary energy saving technologies and patents.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipate," "optimistic," "intend," "will" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

    For more information, please contact:

    American Capital Ventures
     Howard Gostfrand
     Tel:   +1-305-918-7000
     Email: [email protected]
     Web:   http://www.amcapventures.com

SOURCE NF Energy Saving Corporation

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