WUXI, China, June 16, 2016 /PRNewswire/ -- Cleantech
Solutions International, Inc. ("Cleantech Solutions" or "the
Company") (NASDAQ: CLNT), today announced that on June 13, 2016, its variable interest entity, Wuxi
Huayang Dyeing Machinery Co., Ltd. ("Huayang Dyeing"), entered into
an agreement to purchase patent technology from Chengdu Textile
College.
Under the terms of the agreement, Huayang Dyeing will make a
RMB16.0 million (US$2.5 million) one-time payment to Chengdu
Textile College for a utility model patent covering
ozone-ultrasonic textile dyeing equipment. Patent No.
201520850086.7 was issued on April 20,
2016 by China's State
Intellectual Property Office and is valid for ten years from the
date of issuance.
"We are focused on reinvigorating our dyeing equipment business
and investing in R&D to improve our competitive position. We
believe this new patent technology will allow us to develop next
generation dyeing and finishing equipment that will appeal to
textile manufacturers in China as
well as Southeastern Asia,
particularly Vietnam and
Bangladesh," said Mr. Jianhua Wu, Chairman and CEO of Cleantech
Solutions.
About Cleantech Solutions International
Cleantech Solutions, through its affiliated companies and
subsidiaries, manufactures and sells textile dyeing and finishing
machines and sells forged products and fabricated products to a
range of clean technology customers including high precision forged
rolled rings and related components.
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 as anticipated, believed, estimated or expected.
Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
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 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,
2015 and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our Form 10-Q for the
quarter ended March 31, 2016. 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 Contacts:
Cleantech Solutions International, Inc.
Ryan Hua, Vice President of
Operations
E-mail: ryanhua@cleantechsolutionsinternational.com
+86-510-8339-7559
Web: www.cleantechsolutionsinternational.com
Compass Investor Relations
Elaine Ketchmere, CFA
Email: eketchmere@compass-ir.com
+1-310-528-3031
www.compassinvestorrelations.com
SOURCE Cleantech Solutions International, Inc.