-- Four energy saving BOT projects expected to generate annual US GAAP revenue in excess of $10 million
SHENYANG, China, Dec. 15 /PRNewswire-Asia/ -- NF Energy Saving Corporation (OTC Bulletin Board: NFEC; "NF Energy"), a Chinese leader in providing integrated energy conservation solutions, today announced it has expanded its cooperation agreement with GE to include four energy saving (Build Operate Transfer) BOT projects based on the Strategic Cooperation Agreement signed in July 2009. Upon completion, the four energy saving BOT projects are expected to generate annual US GAAP revenue in excess of $10 million.
The four energy saving BOT projects include:
-- A blast-furnace gas power generation project for a large iron and steel
group, of which, the annual production capacity is 8 million tons of
-- A cow manure power generation project;
-- A chicken manure power generation project;
-- A pig manure power generation project.
GE will provide advanced technology as well as supply power generation equipment to NF Energy. The total investment of the projects is approximately $16.2 million. The construction period is expected to last six months and operation period will be between 8-20 years.
Mr. Li Gang, Chairman and CEO of NF Energy, commented, "We believe expanding our relationship with GE on energy saving projects in China further highlights the value of our product and service offerings. Additionally, these projects will not only generate significant economic returns, but also result in improved environmental benefits."
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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