BEIJING, Aug. 25 /PRNewswire-Asia-FirstCall/ -- LianDi
Clean Technology Inc. (OTC Bulletin Board: LNDT), ("LianDi" or the
"Company"), a provider of clean technology, downstream flow
equipment, engineering services and software to China's leading petroleum and petrochemical
companies, today announced the signing of a new software contract
with PetroChina Company Limited totaling approximately $13 million.
"We are delighted PetroChina has chosen our software for its
command centers," stated Mr. Jianzhong
Zuo, Chairman, Chief Executive Officer and President of the
Company. "This major contract with one of China's largest companies, indeed one of the
largest companies in the world, reinforces the market acceptance of
the technical capabilities of our software. We look forward to
working with PetroChina to help further improve its operating
efficiencies across other parts of its workflow."
LianDi will implement its proprietary logistics optimization
software to automate various parts of PetroChina's oil production
process, including production planning, logistics, demand
forecasting and scheduling management. By installing LianDi's
software across multiple parts of its operations, including oil
refining and oil distribution, PetroChina will have better access
to more data across several parts of its business. The Company will
install the software platform across logistics dispatch command
centers in six provinces, as well as provide specific programming
implementation services.
Management expects to complete the current contract, totaling
approximately $13 million in
revenues, in 12 months. The Company intends to discuss deploying
software and services to additional PetroChina facilities located
in other provinces once the six pilot deployments are
operational.
In fiscal year 2010, the Company generated total software sales
of $6.4 million, 33% higher than in
2009. In the first quarter of fiscal 2011, which ended on
June 30, 2010, the Company's software
sales increased 300% year-over-year to $2.8
million. Gross margins on total software sales have
historically been 85%-95%, significantly higher than the Company's
average of 25%-35%.
About LianDi Clean Technology Inc.
LianDi was established in July
2004 to serve the largest Chinese petroleum and
petrochemical companies. Through its four operating subsidiaries,
Hua Shen Trading (International) Ltd., Petrochemical Engineering
Ltd., Bright Flow Control Ltd. and Beijing JianXin Petrochemical
Engineering Ltd., the Company distributes a wide range of
customized valves and equipment and provides associated value-added
technical and integration services. The Company also develops and
markets proprietary optimization software for the polymerization
process. In addition, LianDi is focused on the large, rapidly
growing, clean technology market for oil refineries, projected to
reach over $1 billion in the next 10
years. This market is expected to benefit from favorable Chinese
government policies, including tax benefits and other
incentives.
About PetroChina Company Limited
PetroChina Company Limited primarily engages in the exploration,
production, and sale of crude oil and natural gas primarily in
the People's Republic of China.
The company operates in four segments: Exploration and Production,
Refining and Chemicals, Marketing, and Natural Gas and Pipeline.
The Exploration and Production segment explores, develops,
produces, and sells crude oil and natural gas. As of December 31, 2009, it had 11,263 million barrels
of proved reserves of crude oil; and 63,244 billion cubic feet of
proved reserves of natural gas. The Refining and Chemicals segment
refines crude oil and petroleum products; and produces and markets
petrochemical products, derivative petrochemical products, and
other chemical products. This segment's product line comprises
processed crude oil, gasoline, kerosene, diesel, ethylene,
synthetic resins, synthetic fiber materials, polymers, synthetic
rubber, and urea. The Marketing segment engages in the marketing of
refined products and trading business. As of December 31, 2009, it operated 17,262 service
stations. The Natural Gas and Pipeline segment involves in the
transmission of natural gas, crude oil, and refined products, as
well as in the sale of natural gas. As of December 31, 2009, its pipelines measured a total
length of 50,627 kilometers, including 28,595 kilometers of natural
gas, 13,164 kilometers of crude oil, and 8,868 kilometers of
refined product pipelines. The company was founded in 1988 and is
headquartered in Beijing, the People's
Republic of China. PetroChina Company Limited is a
subsidiary of China National Petroleum Corporation.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking
statements" relating to the business of LianDi and its subsidiary
companies. All statements, other than statements of historical fact
included herein are, "forward-looking statements," including
statements regarding: the impact of the proceeds from the private
placement on the Company's short term business and operations; the
general ability of the Company to achieve its commercial
objectives, including the ability of the Company to sustain growth;
the business strategy, plans and objectives of the Company and its
subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. 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
(http://www.sec.gov )
For more information, please contact:
Company:
Joe Levinson, VP of Corporate Communications
Tel: +1-646-884-0829
Email: joe.levinson@china-liandi.com
Investor Relations:
HC International, Inc.
Ted Haberfield, Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
SOURCE LianDi Clean Technology Inc.
Copyright . 25 PR Newswire