SmartHeat Inc. Wins $3 Million Contract to Supply Clean Tech Energy Savings Equipment to Chinese Municipality
On Thursday May 28, 2009, 6:55 am EDT
NEW YORK, May 28 /PRNewswire-Asia/ -- SmartHeat Inc. (Nasdaq: HEAT - News; website: www.smartheatinc.com), a mrket leader in China's clean technology energy, savings industry today announced that the Company has won a $3 million contract with a Chinese municipality to supply SmartHeat's energy savings products to the Inner Mongolia regions in China.
The contract was won by SmartHeat in a bidding process against its local and international competitors. SmartHeat believes its superior technology and high level of customer service were instrumental in securing this order. SmartHeat's winning bid reflects the Company's technical advantage and exceptional after sales services despite the fact that SmartHeat's product pricing is among the highest in the marketplace, allowing it to maintain healthy margins in a competitive environment.
SmartHeat's energy savings equipment will be installed to significantly improve heat energy efficiency and reduce CO2 emissions that provide heating in approximately 60,000 households within this municipality.
James Jun Wang, CEO of SmartHeat, commented: "SmartHeat is well positioned to benefit from China's growing demand for clean technology energy savings products. Superior services and product quality increasingly play a key role in customer requirements. SmartHeat has stood out as a brand for product excellence. SmartHeat anticipates receiving additional orders from various municipal governments across China as the country's massive economic stimulus plan creates significant liquidity and purchasing power among our clients in the government sector."
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.
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