NF Energy Saving Corporation Wins Bidding on Phase I of the Largest Gas-fired Power Plant Project in Shanghai
December 01 2009 - 8:30AM
PR Newswire (US)
US GAAP revenue of US$540,000 to be recognized in Q2 2010 SHENYANG,
China, Dec. 1 /PRNewswire-Asia/ -- NF Energy Saving Corporation
(OTC Bulletin Board: NFEC; "NF Energy"), a Chinese leader in energy
efficient flow control systems, today announced the Company won
bidding on Phase I of the largest gas-fired power plant project in
Shanghai. Products will be delivered in May 2010 and US GAAP
revenue of US$540,000 is to be recognized in Q2 2010. This
gas-fired power plant is an important project in Shanghai. Its
total investment is RMB5.5 billion (US$0.8 billion). Being the
largest gas-fired power plant in Shanghai after completion, it is
equipped with 4 x 350MW gas-steam combined cycle units, which will
achieve 1,600MW electric output. It will highly improve the
electricity supply in Shanghai and optimize power structure. The
use of clean energy of natural gas will reduce the city's reliance
on coal. This project is especially meaningful to Shanghai in
respect of meeting the growing electricity demand as well as
balancing of Shanghai natural gas market. Mr. Li Gang, Chairman and
CEO of NF Energy, commented, "We are pleased to win bidding on this
important gas-fired power plant project in Shanghai. Our products
have demonstrated strong competitiveness in clean energy market as
well as the traditional energy market." About NF Energy Saving
Corporation Website: http://www.nfenergy.com/ NF Energy Saving
Corporation (OTCBB: NFEC) is a China-based provider of integrated
energy conservation solutions utilizing energy-saving equipment,
technical services and energy management re-engineering project
operations to provide energy saving services to clients. The
current revenues are primarily from its energy saving flow control
products. Headquartered in Shenyang city of China, the Company
currently has 220 employees and several proprietary energy saving
technologies and patents. Safe Harbor Statement This press release
contains certain statements that may include 'forward- looking
statements' as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,
expects, anticipate, optimistic, intend, will" 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 and available from the Securities and Exchange
Commission. All forward-looking statements attributable to the
Company or 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. For more information, please contact:
Howard Gostfrand American Capital Ventures Tel: +1-305-918-7000
Email: Web: http://www.amcapventures.com/ DATASOURCE: NF Energy
Saving Corporation CONTACT: Howard Gostfrand of American Capital
Ventures, +1-305-918-7000, or Web site: http://www.nfenergy.com/
http://www.amcapventures.com/
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