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
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:
American Capital Ventures
DATASOURCE: NF Energy Saving Corporation
CONTACT: Howard Gostfrand of American Capital Ventures, +1-305-918-7000,
Web site: http://www.nfenergy.com/
NF Energy Saving Corp. (NASDAQ:NFEC)
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