PINGDINGSHAN, China,
May 4, 2016 /PRNewswire/
-- Yulong Eco-Materials Limited (NasdaqCM: YECO), an
eco-friendly building products and construction waste management
company, today announced that the Department of Transportation of
Henan Province (the "Department")
has published the technical code governing the use of recycled
construction waste materials in building roadbed in the
province. Yulong has been instrumental in preparing the code
with Henan Communication Science and Technology Research Institute,
Ltd.
With its publication, the technical code is now the standard for
the road construction industry in Henan
Province, and will allow the Company to begin selling its
recycled waste as roadbed material for highways, expressways and
other road paving projects in Henan.
Currently the Company is working closely with two municipal
agencies in Zhengzhou, the Highway
Bureau and the Urban and Rural Construction Committee, to set up
procedures by which road and highway builders will use recycled
waste in place of sand and stone to build roadbeds within the city
limit. Several companies are already in the process of adopting
recycled waste for their current and new road construction
projects.
Additionally, the Company is actively negotiating with several
large local road and highway builders, and currently expects to
announce the signing of contracts to sell its recycled waste to
these builders.
Mr. Yulong Zhu, Yulong's CEO,
noted, "The ability to sell our recycled construction waste for use
in roadways is a significant step forward for our business. We have
been recycling construction waste in the cities of Zhengzhou and Shangqiu and have currently
stored over 5 million cubic meters of recycled materials. With
the publication of the technical code, we estimate that we can
generate at least $6 million annually
for the next five years from the sale of the recycled
materials.
"It is estimated that Zhengzhou
alone will build over 340 kilometers of new highways and over 1,000
kilometers of new main roads, and upgrade over 1,000 kilometers of
existing roads, over the next 5 years. We estimate that over
50 million cubic meters of recycled materials will be required to
complete these projects, which could potentially generate over
$100 million in revenue. Based on our
current construction waste processing capacity, we expect to
produce approximately 6 million cubic meters of recycled waste
annually. As previously announced, we plan to expand our
recycling capacity to keep up with the anticipated
demand."
About Yulong Eco-Materials
Yulong is a vertically integrated manufacturer of eco-friendly
building products and a construction waste management company
located in the city of Pingdingshan in Henan Province, China. The Company is currently Pingdingshan's
leading producer of fly-ash bricks and concrete as well as the
exclusive provider of construction waste management services for
the cities of Pingdingshan and Shangqiu.
Forward-Looking Statements
This press release contains forward-looking statements,
particularly as related to, among other things, the business plans
of the Company, statements relating to goals, plans and projections
regarding the Company's financial position and business strategy.
The words or phrases "plans," "would be," "will allow," "intends
to," "may result," "are expected to," "will continue,"
"anticipates," "expects," "estimate," "project," "indicate,"
"could," "potentially," "should," "believe," "think," "considers"
or similar expressions are intended to identify "forward-looking
statements." These forward-looking statements fall within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934 and are subject to the safe
harbor created by these sections. Actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of risks and uncertainties. Such
forward-looking statements are based on current expectations,
involve known and unknown risks, a reliance on third parties for
information, transactions or orders that may be cancelled, and
other factors that may cause our actual results, performance or
achievements, or developments in our industry, to differ materially
from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially from anticipated results
include risks and uncertainties related to the fluctuation of
local, regional, and global economic conditions, the performance of
management and our employees, our ability to obtain financing,
competition, general economic conditions and other factors that are
detailed in our periodic reports and on documents we file from time
to time with the Securities and Exchange Commission. Statements
made herein are as of the date of this press release and should not
be relied upon as of any subsequent date, and the Company
specifically disclaims any obligation, to update any
forward-looking statements to reflect occurrences, developments,
unanticipated events or circumstances after the date of such
statement.
Contact:
Investor Relations Counsel:
The Equity Group Inc.
Lena Cati
Vice President
212-836-9611 / lcati@equityny.com
www.theequitygroup.com
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SOURCE Yulong Eco-Materials Limited