DALIAN, China, Aug. 9 /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 the Company's 90%-owned subsidiary
Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dalian Dongtai") signed
a major waste management contract with a national petrochemical firm located
in Liaoning Province (the "Customer").
Under the terms of the contract, beginning on September 1, 2010, Dalian
Dongtai will treat and dispose of the industrial waste sludge and slag
generated by the Customer's production over the next 30-months, which the
Customer estimates will total approximately 40,000 tons. Based on this
expected volume, Dalian Dongtai anticipates it will generate an additional
$3.65 million in revenues from this Customer over the life of the 30-month
contract.
"We are pleased to announce this major contract win," said Mr. Jason Dong,
Chief Executive Officer. "Our selection by this prestigious customer is a
testament to our leadership position and strong reputation in Liaoning
Province. We expect this contract to significantly boost our financial
performance and we anticipate that this will be the first of many
opportunities in the petrochemical industry."
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:
Mr. Darcy Zhang
Director of Investor Relations & Corporate Secretary
Tel: +86-411-8259-5339
Email: darcy.zhang@chinaciwt.com
Web: http://www.chinaciwt.com
CCG Investor Relations:
Mr. Athan Dounis, Account Manager
Phone: +1-646-213-1916
Email: athan.dounis@ccgir.com
Web: http://www.ccgirasia.com
SOURCE China Industrial Waste Management, Inc.