WUXI, China, Dec. 10, 2014 /PRNewswire/ -- Cleantech Solutions
International, Inc. ("Cleantech Solutions" or "the Company")
(NASDAQ: CLNT), a manufacturer of metal components and assemblies
used in in various manufacturing industries, including clean
technology, textile dyeing and finishing machines, and oil and gas
refineries, today announced that it received two purchase orders in
early December for a total purchase price of RMB44.9 million (approximately $7.3 million) from customers in the wind power
industry.
Pursuant to one of the purchase orders, Cleantech Solutions will
supply shafts to a major wind turbine and electric machinery
manufacturer in China, for a
purchase price of approximately RMB27.0 (approximately $4.4 million). Cleantech Solutions has received
an advance payment of approximately RMB5.5
million (approximately $0.9
million), or 20% of the purchase price, will receive an
additional 70% upon delivery, and will receive the remaining 10%
within three months after delivery provided that there are no
technical problems with the equipment. The Company expects to
deliver the equipment in May
2015.
Pursuant to the second purchase order, Cleantech Solutions will
supply gearbox casings for wind power equipment to one of the
largest industrial blower manufactures in China, for RMB17.9
million (approximately $2.9
million). Cleantech Solutions has received an advance
payment of approximately RMB3.6
million (approximately $0.6
million), or 20% of the purchase price, will receive an
additional 70% upon delivery, and will receive the remaining 10%
within three months after delivery provided that there are no
technical problems with the equipment. The Company expects to
deliver the equipment in March
2015.
"We believe that the recent push by China's leadership to support wind power
spurred these orders. Although China's wind power industry still has
significant issues to address in terms of system integration, we
are cautiously encouraged by the government's support and hope that
it will drive additional demand for our products," 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 the parts and components referred to in this
press release and to receive additional orders from the wind power
industry and those factors 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.