WUXI, Jiangsu Province,
China, Nov.
15, 2016 /PRNewswire/ -- Cleantech Solutions
International, Inc. ("Cleantech Solutions" or "the Company")
(NASDAQ: CLNT) today announced its financial results for the three
and nine months ended September 30,
2016.
"In the third quarter of 2016, China continued to face economic headwinds
along with limited availability of credit. This, combined
with government actions requiring textile manufacturers in
Zhejiang province to temporarily
cease operations in order to improve air quality ahead of the G20
Summit held in Hangzhou this
September of 2016, further suppressed demand in our core dyeing
equipment segment resulting in fewer orders for the
quarter. Furthermore, our forged rolled rings and related
components saw another period of declining revenue and operating
losses and we generated no revenue in the quarter from the
petroleum and chemical equipment segment. In view of their
performance thus far in 2016, we are evaluating the viability of
both segments on an ongoing basis," said Mr. Jianhua Wu, Chairman and CEO of Cleantech
Solutions. "During the quarter, we reached a settlement over a
contract dispute with a former customer in the petroleum and
chemical segment and made a payment of approximately $5.6 million to resolve this matter. With
this issue behind us, we can now focus our attention on our core
dyeing machine business and pursuing other strategic opportunities
to help improve the long-term prospects of the Company."
Third Quarter 2016 Results
Revenue for the third quarter of 2016 decreased by 66.9% to
$4.0 million, compared to
$12.0 million for the same period of
2015.
The Company experienced a significant decline in sales of forged
rolled rings and related components to customers in the wind power
and other industries and to dyeing and finishing equipment
customers compared to the comparable quarter last year.
Furthermore, the Company had no sales of equipment to customers in
the petroleum and chemical industries and currently has no orders
for these products. As previously reported, the Company lost
its largest customer for 2015, which was in the petroleum and
chemical equipment segment, which claimed that the Company breached
its obligations under the purchase order.
- Revenue from the dyeing and finishing equipment segment
decreased by 52.8% to $4.0 million,
compared to $8.4 million for the
third quarter of 2015. The decrease was primarily related to the
challenging economic conditions and limited availability of credit
in China. In addition, the
business was also affected by government actions requiring textile
manufacturers in Zhejiang province
to temporarily cease operations in order to improve air quality
ahead of the G20 Summit which took place in Hangzhou this September of 2016. Additionally,
the Company experienced a slowdown in shipments of its low-emission
airflow dyeing machines as many companies in the dyeing industry
had already upgraded to new models and did not require additional
equipment, and orders for new low-emission airflow dyeing machines
slowed down in 2016.
- Revenue from the sale of forged rolled rings and related
products to the wind power and other industries fell by 97.7% to
$32,000 compared with $1.4 million for the comparable period of the
prior year. The significant decrease was mainly due to reduced
demand for construction of wind power facilities, which was the
Company's principal customer base during the quarter, due to the
effects of lower oil and gas prices and the continuing tightness of
credit China.
- The Company had no revenue from sales of equipment to customers
in the petroleum and chemical industries, compared to $2.2 million for the comparable period last
year. Revenue in this segment is highly dependent upon
the Company's ability to sell to a very small number of Chinese
petrochemical companies, whose purchasing policies affect both
revenue and gross margin for this segment. In December 2015, the Company received a notice of
contract termination in writing from the Company's largest customer
in 2015 that alleged breach of contract for late delivery of
product and for delivery of product with quality defects. In the
third quarter of 2016, the contract dispute was resolved and the
Company made the payment of approximately $5.6 million to this customer. The Company
does not expect any further revenues from this customer in the
future.
Gross profit for the third quarter of 2016 was $0.5 million, compared to gross profit of
$2.0 million for the same period in
2015. Gross margin was 12.8% during the third quarter of 2016
compared to 16.6% for the same period a year ago. The decline in
gross margin for the third quarter of 2016 was primarily
attributable to a decline in gross margin from the dyeing and
finishing equipment segment due to reduced scale of operations,
which is reflected in the allocation of fixed costs, mainly
consisting of depreciation, to cost of revenues, as well as lower
selling prices in order to compete with other airflow dyeing
machinery providers and a slight increase in raw material
costs.
Operating expenses increased 12.8% to $0.8 million, compared to $0.7 million in the comparable period last
year. The increase was primarily due to higher depreciation
and research and development expenses, which were partially offset
by decreases in selling, general and administrative expenses
associated with reductions in personnel and stricter cost
controls.
Loss from operations was $0.3
million, compared to operating income of $1.3 million in the same period of 2015.
Net loss for the third quarter of 2016 was $0.4 million, or $(0.07) per basic and diluted share, compared to
net income of $0.9 million, or
$0.23 per basic and diluted share, in
the third quarter of 2015.
Nine Month Results
For the nine months ended September 30,
2016, revenue was $13.0
million compared to $42.9
million in the first nine months of 2015. Gross profit was
$0.9 million, down from $7.8 million in the first nine months of 2015.
Gross margin was 7.1%, compared to 18.1% in the first nine months
of 2015. Operating loss was $1.6
million compared to operating income of $4.8 million in the first nine months of 2015.
Net loss for the first nine months of 2016 was $1.9 million, or $(0.41) per basic and diluted share, compared to
net income of $3.4 million, or
$0.86 per basic and diluted share, in
the first nine months of 2015.
Financial Condition
As of September 30, 2016,
Cleantech Solutions held cash and cash equivalents of $11.9 million compared to $18.8 million at December
31, 2015. Accounts receivable were $15.7 million compared to $15.8 million at December
31, 2015. Inventories were $3.0
million compared to $1.8
million at December 31,
2015. The Company had $2.9
million in short-term bank loans payable at September 30, 2016, down slightly from
$3.1 million at December 31, 2015. Working capital was
$25.9 million at September 30, 2016 compared to $24.9 million at December
31, 2015. Stockholders' equity was $77.5 million at September
30, 2016.
In the first nine months of 2016, the Company used $4.6 million in cash flow from operations,
primarily due to losses for the period and the payment of the
$5.6 million accrued liability
associated with the resolution of the aforementioned contract
dispute. The Company used $2.4
million in cash flow from investing activities, primarily
due to the purchase of patent technology use rights covering
ozone-ultrasonic textile dyeing equipment.
Business Outlook
"Although we expect challenging conditions in China to persist, we are focused on improving
the competitive position of our core dyeing machine business.
Our R&D team is making progress on next generation dyeing and
finishing equipment based on our recently acquired ozone-ultrasonic
patent technology. This new equipment will reduce energy
consumption and emissions even more than our existing
environmentally friendly airflow dyeing machines, and we expect it
to be well received by textile manufacturers in China and Southeast
Asia when we introduce it next year," Mr. Wu
concluded.
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 September 30, 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
Web: www.compassinvestorrelations.com
CLEANTECH
SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
For the Nine Months
Ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
$
|
3,977,592
|
|
|
$
|
12,025,433
|
|
|
$
|
12,958,359
|
|
|
$
|
42,862,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
REVENUES
|
|
|
3,470,292
|
|
|
|
10,023,347
|
|
|
|
12,032,048
|
|
|
|
35,094,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
|
507,300
|
|
|
|
2,002,086
|
|
|
|
926,311
|
|
|
|
7,767,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
271,991
|
|
|
|
160,564
|
|
|
|
806,864
|
|
|
|
672,656
|
|
Selling, general and
administrative
|
|
|
430,634
|
|
|
|
537,601
|
|
|
|
1,496,370
|
|
|
|
2,206,587
|
|
Research and
development
|
|
|
111,840
|
|
|
|
23,935
|
|
|
|
196,478
|
|
|
|
81,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
|
|
814,465
|
|
|
|
722,100
|
|
|
|
2,499,712
|
|
|
|
2,960,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM
OPERATIONS
|
|
|
(307,165)
|
|
|
|
1,279,986
|
|
|
|
(1,573,401)
|
|
|
|
4,807,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
9,074
|
|
|
|
11,633
|
|
|
|
31,057
|
|
|
|
30,150
|
|
Interest
expense
|
|
|
(54,339)
|
|
|
|
(61,131)
|
|
|
|
(165,515)
|
|
|
|
(175,102)
|
|
Foreign currency
transaction (loss) gain
|
|
|
(1)
|
|
|
|
-
|
|
|
|
175
|
|
|
|
(11)
|
|
Other (expense)
income
|
|
|
(2)
|
|
|
|
-
|
|
|
|
391
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Expense,
net
|
|
|
(45,268)
|
|
|
|
(49,498)
|
|
|
|
(133,892)
|
|
|
|
(144,963)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME BEFORE
INCOME TAXES
|
|
|
(352,433)
|
|
|
|
1,230,488
|
|
|
|
(1,707,293)
|
|
|
|
4,662,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
TAXES
|
|
|
7,103
|
|
|
|
326,357
|
|
|
|
176,518
|
|
|
|
1,289,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME
|
|
$
|
(359,536)
|
|
|
$
|
904,131
|
|
|
$
|
(1,883,811)
|
|
|
$
|
3,373,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
LOSS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME
|
|
$
|
(359,536)
|
|
|
$
|
904,131
|
|
|
$
|
(1,883,811)
|
|
|
$
|
3,373,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
LOSS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized foreign
currency translation loss
|
|
|
(315,181)
|
|
|
|
(4,217,933)
|
|
|
|
(2,157,652)
|
|
|
|
(3,415,632)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
LOSS
|
|
$
|
(674,717)
|
|
|
$
|
(3,313,802)
|
|
|
$
|
(4,041,463)
|
|
|
$
|
(42,497)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME PER
COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.07)
|
|
|
$
|
0.23
|
|
|
$
|
(0.41)
|
|
|
$
|
0.86
|
|
Diluted
|
|
$
|
(0.07)
|
|
|
$
|
0.23
|
|
|
$
|
(0.41)
|
|
|
$
|
0.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
5,188,443
|
|
|
|
3,943,725
|
|
|
|
4,593,558
|
|
|
|
3,939,486
|
|
Diluted
|
|
|
5,188,443
|
|
|
|
3,943,725
|
|
|
|
4,593,558
|
|
|
|
3,939,486
|
|
CLEANTECH
SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
11,913,240
|
|
|
$
|
18,790,370
|
|
Restricted
cash
|
|
|
266,388
|
|
|
|
647,080
|
|
Notes
receivable
|
|
|
115,453
|
|
|
|
132,497
|
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
|
15,716,179
|
|
|
|
15,823,859
|
|
Inventories, net of
reserve for obsolete inventories
|
|
|
2,978,728
|
|
|
|
1,827,084
|
|
Advances to
suppliers
|
|
|
1,028,939
|
|
|
|
1,038,884
|
|
Deferred tax
assets
|
|
|
214,977
|
|
|
|
220,895
|
|
Prepaid expenses and
other
|
|
|
858,043
|
|
|
|
992,055
|
|
|
|
|
|
|
|
|
|
|
Total Current
Assets
|
|
|
33,091,947
|
|
|
|
39,472,724
|
|
|
|
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, net
|
|
|
37,274,206
|
|
|
|
51,753,964
|
|
|
|
|
|
|
|
|
|
|
OTHER
ASSETS:
|
|
|
|
|
|
|
|
|
Equipment held for
sale
|
|
|
8,708,602
|
|
|
|
-
|
|
Intangible assets,
net
|
|
|
5,584,027
|
|
|
|
3,382,071
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
84,658,782
|
|
|
$
|
94,608,759
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Short-term bank
loans
|
|
$
|
2,923,810
|
|
|
$
|
3,081,332
|
|
Bank acceptance notes
payable
|
|
|
194,921
|
|
|
|
647,080
|
|
Accounts
payable
|
|
|
3,157,039
|
|
|
|
3,489,815
|
|
Accrued liability for
claimed sale contract dispute
|
|
|
-
|
|
|
|
5,562,365
|
|
Accrued
expenses
|
|
|
295,121
|
|
|
|
798,714
|
|
Advances from
customers
|
|
|
408,956
|
|
|
|
433,050
|
|
VAT and service taxes
payable
|
|
|
109,143
|
|
|
|
269,284
|
|
Income taxes
payable
|
|
|
77,643
|
|
|
|
259,987
|
|
|
|
|
|
|
|
|
|
|
Total Current
Liabilities
|
|
|
7,166,633
|
|
|
|
14,541,627
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
7,166,633
|
|
|
|
14,541,627
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
|
Preferred stock
($0.001 par value; 10,000,000 shares authorized; 0 share issued and
outstanding at September 30, 2016 and December 31, 2015)
|
|
|
-
|
|
|
|
-
|
|
Common stock ($0.001
par value; 50,000,000 shares authorized; 5,236,486 and 3,943,986
shares issued and outstanding at September 30, 2016 and December
31, 2015, respectively)
|
|
|
5,236
|
|
|
|
3,944
|
|
Additional paid-in
capital
|
|
|
35,268,521
|
|
|
|
33,803,333
|
|
Retained
earnings
|
|
|
35,123,965
|
|
|
|
37,007,776
|
|
Statutory
reserve
|
|
|
3,555,468
|
|
|
|
3,555,468
|
|
Accumulated other
comprehensive income - foreign currency translation
adjustment
|
|
|
3,538,959
|
|
|
|
5,696,611
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity
|
|
|
77,492,149
|
|
|
|
80,067,132
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
84,658,782
|
|
|
$
|
94,608,759
|
|
CLEANTECH
SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended
|
|
|
|
|
September
30,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(1,883,811)
|
|
|
$
|
3,373,135
|
|
Adjustments to
reconcile net (loss) income from operations to net cash (used in)
provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
4,458,972
|
|
|
|
6,166,899
|
|
Amortization of
intangible assets
|
|
|
107,918
|
|
|
|
71,966
|
|
Stock-based
compensation and fees
|
|
|
582,740
|
|
|
|
285,560
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Notes
receivable
|
|
|
13,679
|
|
|
|
(142,843)
|
|
Restricted
cash
|
|
|
(4,037)
|
|
|
|
-
|
|
Accounts
receivable
|
|
|
(320,591)
|
|
|
|
2,546,105
|
|
Inventories
|
|
|
(1,217,043)
|
|
|
|
250,193
|
|
Prepaid and other
current assets
|
|
|
186,417
|
|
|
|
21,114
|
|
Advances to
suppliers
|
|
|
(18,133)
|
|
|
|
(85,798)
|
|
Accounts
payable
|
|
|
(242,558)
|
|
|
|
(168,462)
|
|
Accrued
expenses
|
|
|
(5,927,351)
|
|
|
|
(487,275)
|
|
VAT and service taxes
payable
|
|
|
(155,022)
|
|
|
|
(323,532)
|
|
Income taxes
payable
|
|
|
(177,782)
|
|
|
|
(574,783)
|
|
Advances from
customers
|
|
|
(12,664)
|
|
|
|
369,986
|
|
|
|
|
|
|
|
|
|
|
NET CASH (USED IN)
PROVIDED BY OPERATING ACTIVITIES
|
|
|
(4,609,266)
|
|
|
|
11,302,265
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Purchase of patent
use rights
|
|
|
(2,431,892)
|
|
|
|
-
|
|
Purchase of property
and equipment
|
|
|
(14,290)
|
|
|
|
(12,573)
|
|
|
|
|
|
|
|
|
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
|
|
(2,446,182)
|
|
|
|
(12,573)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
2,963,868
|
|
|
|
4,545,012
|
|
Repayments of bank
loans
|
|
|
(3,039,865)
|
|
|
|
(4,382,690)
|
|
Decrease (increase)
in restricted cash
|
|
|
372,384
|
|
|
|
(113,625)
|
|
(Decrease) increase
in bank acceptance notes payable
|
|
|
(440,780)
|
|
|
|
113,625
|
|
Proceeds from sale of
common stock
|
|
|
753,400
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY
FINANCING ACTIVITIES
|
|
|
609,007
|
|
|
|
162,322
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE ON CASH AND CASH EQUIVALENTS
|
|
|
(430,689)
|
|
|
|
(615,575)
|
|
|
|
|
|
|
|
|
|
|
NET (DECREASE)
INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
(6,877,130)
|
|
|
|
10,836,439
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS - beginning of period
|
|
|
18,790,370
|
|
|
|
7,835,791
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS - end of period
|
|
$
|
11,913,240
|
|
|
$
|
18,672,230
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
Cash paid
for:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
165,515
|
|
|
$
|
175,102
|
|
Income
taxes
|
|
$
|
164,182
|
|
|
$
|
1,863,955
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING
AND FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Stock issued for
future services
|
|
$
|
76,340
|
|
|
$
|
-
|
|
Stock issued for
accrued liabilities
|
|
$
|
54,000
|
|
|
$
|
-
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cleantech-solutions-international-reports-third-quarter-2016-results-300363102.html
SOURCE Cleantech Solutions International, Inc.