China Energy Recovery Completes a New $3.3 Million Project for a Repeat Customer
January 06 2009 - 7:00AM
PR Newswire (US)
SHANGHAI, China, Jan. 6 /PRNewswire-Asia/ -- China Energy Recovery,
Inc. (OTC Bulletin Board: CGYV; "CER"), a leader in the waste heat
energy recovery sector of the industrial energy efficiency
industry, announced today that it has successfully completed an EPC
(Engineering, Procurement and Construction) project (the "Project")
for a new specialty sulfuric acid plant, operated by Jiahua
Chemical ("Jiahua"), in late December 2008. The Project is a
showcase of the customers' recognition of CER's strong engineering
capability in undertaking complex EPC projects for the main
production facilities integrated with waste heat recovery systems.
The Project has employed new processes and technological
applications to produce 35,000 tons of Analytical Reagent ("AR")
sulfuric acid and 37,000 tons of liquid sulfur trioxide ("SO3").
The revenue associated with the Project for CER amounts to roughly
RMB22.8 million (approximately $3.3 million at the average exchange
rate of 2008). China Energy Recovery's CEO and Chairman of the
Board, Mr. Qinghuan Wu, stated, "We are very proud that Jiahua
Chemical chose to work with us again. This EPC project again
demonstrates our customers' trust and satisfaction of our
engineering capability which has brought to them high efficiency in
both manufacturing of main products and energy use while achieving
environmental protection goals." This is the second EPC project
that was awarded by the same customer and an add-on to Jiahua's
main sulfuric acid plant which has 400,000 tons of annual
production capacity and features an integrated waste heat recovery
system. CER completed the EPC project for the main plant and the
waste heat recovery system in 2004. With CER's recovery system, the
waste energy recovered at the plant is converted into electricity
with 8.2 MW of power generation capacity. This has enabled Jiahua
to achieve a high level of energy efficiency and environmental
protection, which can be quantified as (i) annual saving of roughly
17,700 tons of coal (coal equivalent) that would otherwise be
required to produce the same amount of power and (ii) the reduction
of 47,100 tons of carbon dioxide emission each year. What is Waste
Heat Energy Recovery? Industrial facilities release significant
amounts of excess heat into the atmosphere in the form of hot
exhaust gases or high-pressure steam. Energy recovery is the
process of recovering vast amounts of that wasted energy and
converting it into usable heat energy or electricity, dramatically
lowering energy costs. Energy recovery systems are also capable of
capturing harmful pollutants that would otherwise be released into
the environment. It is estimated that if energy currently wasted by
all the U.S. industrial facilities could be recovered, it could
produce power equivalent to 20% of U.S. electricity generation
capacity without burning any additional fossil fuel, and could help
many industries to meet stringent environmental regulations. About
China Energy Recovery, Inc. CER is an international leader in
designing, manufacturing and installing waste heat energy recovery
systems which provide facilities with greater energy efficiency.
The company's primary focus is on the Chinese market. CER's
technology captures industrial waste energy to produce low-cost
electrical power, enabling industrial manufacturers to reduce their
energy costs, shrink their emissions footprint, and generate
sellable emissions credits. CER has deployed its systems throughout
China and in such international markets as Egypt, Turkey, Korea,
Vietnam and Malaysia. CER focuses on numerous industries in which a
rapid payback on invested capital is achieved by its customers,
including: chemical, petro-chemicals, refining (including Ethanol
refining), coke processing, and the manufacture of paper, cement
and steel. CER continues to invest in R&D and plans to build
China's first state-of-the-art energy recovery system research and
fabrication facility to allow it to meet the increased demand for
its products and services. For more information on CER, please
visit: http://www.chinaenergyrecovery.com/s/Home.asp . Information
on CER's website does not comprise a part of this press release.
Forward-Looking Statement Disclaimer This press release includes
"forward-looking statements" within the meaning of the Securities
Litigation Reform Act of 1995, as amended. All statements, other
than statements of historical fact, included in the press release
that address activities, events or developments that CER believes
or anticipates will or may occur in the future are forward-looking
statements. These statements are based on certain assumptions made
based on experience, expected future developments and other factors
that CER believes are appropriate under the circumstances. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of CER and may
not materialize, including, without limitation, the efficacy and
market acceptance of CER's products and services, and CER's ability
to successfully complete orders and collect revenues therefrom.
Investors are cautioned that any such statements are not guarantees
of future performance. Actual results or developments may differ
materially from those projected in the forward-looking statements
as a result of many factors. Furthermore, CER does not intend (and
is not obligated) to update publicly any forward-looking
statements, except as required by law. The contents of this release
should be considered in conjunction with the warnings and
cautionary statements contained in CER's filings with the SEC,
including CER's Current Report on Form 8-K filed with the
Securities and Exchange Commission on April 21, 2008. For more
information, please contact: Media Sean Mahoney Tel:
+1-310-867-0670 Email: Investor Relations Jim Blackman Tel:
+1-713-256-0369 Email: DATASOURCE: China Energy Recovery, Inc.
CONTACT: Media - Sean Mahoney, +1-310-867-0670, or ; Investor
Relations - Jim Blackman, +1-713-256-0369, or Web site:
http://www.chinaenergyrecovery.com/s/Home.asp
Copyright