SmartHeat Inc. Announces $500,000 Initial Contract to Supply Digital Heat Meters to Chinese Municipality
Monday April 27, 6:55 am ET
NEW YORK, April 27 /PRNewswire-Asia/ -- SmartHeat Inc. (Nasdaq: HEAT - News), (website: www.smartheatinc.com ), a market leader in China's clean technology energy savings industry today announced that the Company has signed an initial contract to supply heat meters to a municipality located in China's northwest regions.
The Chinese government has recently mandated heat and power companies across China to precisely measure heat usage by their customers through broad adoption of heat meters. Chinese businesses and households are required to install four types of meters at each location which measure heat, electricity, gas and water.
James Jun Wang, CEO of SmartHeat, commented: "SmartHeat's three product lines - PHEs, PHE Units and digital heat meters complement one another and collectively create synergistic benefits for our clients. Customers that purchase our energy savings equipment are also potential customers for our digital heat meters. SmartHeat's series of advanced digital heat meters provide comprehensive heat consumption information to users and precisely measure the volume of heat usage, an important revenue gauge for utility companies. We anticipate record sales from heat meters in 2009."
About SmartHeat Inc.
SmartHeat Inc. (www.smartheatinc.com) is a NASDAQ Global Market listed (Nasdaq: HEAT - News) US company with its primary operations in China. SmartHeat is a market leader in China's clean technology energy savings industry. SmartHeat manufactures standard plate heat exchangers, custom plate heat exchanger units and digital heat meters. SmartHeat's energy savings products directly address air pollution problems in China where massive coal burning for cooking and heating purposes is the only source of economical heat energy in China. With broad product applications, SmartHeat's products significantly reduce heating costs, increase energy use and reduce air pollution. SmartHeat's customers include global Fortune 500 companies as well as municipalities and industrial/residential users. China's heat transfer market is currently estimated at approximately $2.4 billion with double-digit annual growth according to China Heating Association.
Safe Harbor Statement
All statements in this press release that are not historical are forward- looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. SmartHeat's actual results may differ from its projections. Further, preliminary results are subject to normal year-end adjustments. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect SmartHeat's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in SmartHeat's filings with the Securities and Exchange Commission.