WUXI, China, Jan. 5, 2015 /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 its operating company, Wuxi
Huayang Heavy Industries, Co., Ltd.
("Heavy Industries"), formerly known as Wuxi Huayang Electrical
Power Equipment Co., Ltd., a variable interest entity whose
financial results are consolidated with those of the Company,
received a purchase order in late December for a purchase price of
RMB80.5 million (approximately
$13.0 million) from a large
state-owned enterprise based in Xinjiang, China. The purchase order covers parts and
equipment including washing, distillation, purifying, dehydration,
refining and other columns, along with storage containers, heat
exchangers and carbonation reactors that will be used in a large
scale project that transforms glycol calcium carbide furnace
tail gas into ethylene glycol.
Pursuant to the purchase order, Heavy Industries received an
advance payment of approximately RMB8.1
million ($1.3 million), or 10%
of the purchase price, will receive an additional 80% of the
purchase price upon delivery, and will receive the remaining 10%
within six months of delivery provided that there are no technical
problems with the equipment. The Company expects to begin
delivering the equipment in April
2015.
"We are excited to start the year by expanding our geographic
footprint into Xinjiang. We believe that this new order from a
large state-owned enterprise for a major chemical project reflects
our growing reputation as a high quality supplier of precision
products for manufacturers in a broad range of industries
throughout China," 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 in a timely manner
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.