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: hellenguo@chinaciwt.com
Mr. Zhang Dazhi, Director of Investor Relations
Tel: +86-411-8259-5339
Email: darcy.zhang@chinaciwt.com
Web: http://www.chinaciwt.com
CCG Investor Relations:
Mr. Athan Dounis, Account Manager
Tel: +1-646-213-1916
Email: athan.dounis@ccgir.com
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
SOURCE China Industrial Waste Management, Inc.