WUXI, China, Dec. 2, 2014 /PRNewswire/ -- Cleantech
Solutions International, Inc. ("Cleantech Solutions" or "the
Company") (NASDAQ: CLNT), a manufacturer of metal components and
assemblies used in various clean technology and manufacturing
industries and textile dyeing and finishing machines, today
announced that on November 28, 2014
it received a purchase order for a total purchase price of
RMB13.3 million (approximately
$2.2 million) from a subsidiary of
China Petroleum and Chemical Corporation ("Sinopec"). The
purchase order covers parts and equipment including heat
exchangers, coolers, reboilers, condensers and prefractionating
columns used in offshore oil refineries.
Pursuant to the purchase order, Cleantech Solutions has received
an advance payment of approximately RMB2.0
million ($0.3 million), or 15%
of the purchase price, will receive an additional 75% of the
purchase price upon delivery, and will receive the remaining 10%
within three months of delivery subject to successful installation
and testing at the customer's site. The Company expects to
deliver the equipment in March
2015.
"This purchase order represents the first order we have received
from the oil and gas industry since we became a certified supplier
of parts and equipment to Sinopec and China National Petroleum
Corporation ("CNPC"). We are pleased to extend our business
into a new end market with favorable prospects for growth driven by
environmental imperatives that encourage petroleum companies to
reduce emissions and upgrade their facilities. We are hopeful
that this order will be the first of many significant orders from
the oil and gas industry as our reputation for supplying precision
products to this sector grows," said Mr. Jianhua Wu, Chairman and CEO of Cleantech
Solutions.
About Cleantech Solutions International
Cleantech Solutions is a manufacturer of metal components and
assemblies, primarily used in clean technology and other industries
and dyeing and finishing equipment for the textile industry and
forging products, and a supplier of fabricated products and
machining services to a range of clean technology customers.
The Company's website is www.cleantechsolutionsinternational.com.
Any information on the Company's website or any other website is
not a part of this press release.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies. These forward looking statements are often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions. Such forward
looking statements involve known and unknown risks and
uncertainties that may cause actual results to be materially
different from those described herein referred to in this press
release as anticipated, believed, estimated or expected. The
Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including our ability to deliver and install
the equipment referred to in this press release and to receive
additional orders from the oil and gas industry and those discussed
in the Company's periodic reports that are filed with the
Securities and Exchange Commission and available on its website,
including factors described in "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in our Form 10-K for the year ended December 31, 2013 and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" in
our Form 10-Q for the quarter ended September 30, 2014. All forward-looking
statements attributable to the Company or to persons acting on its
behalf are expressly qualified in their entirety by these factors
other than as required under the securities laws. The Company does
not assume a duty to update these forward-looking
statements.
Company Contact:
Cleantech Solutions International, Inc.
Adam Wasserman, CFO
E-mail: adamw@cleantechsolutionsinternational.com
Web: www.cleantechsolutionsinternational.com
Elaine Ketchmere, CFA
Compass Investor Relations
Phone: +1-310-528-3031
E-mail: eketchmere@compass-ir.com
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SOURCE Cleantech Solutions International, Inc.