BEIJING, Nov. 4, 2010 /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 it has been awarded four contracts to
supply 222 valves to Sinopec Mitsubishi Chemical Polycarbonate
Limited ("Sinopec Mitsubishi Chemical"), a subsidiary of Sinopec.
The Company expects to deliver product to Sinopec Mitsubishi
Chemical in the first half of 2011.
LianDi will supply all the valves in Sinopec Mitsubishi
Chemical's new polycarbonate production facilities that will
incorporate Japan Mitsubishi Chemical's proprietary melting method
technology. In partnership with its international suppliers Metso
and Leser, LianDi will provide the critical components to Sinopec
Mitsubishi Chemical's first polycarbonate production lines as
Sinopec looks to capture the increasing domestic demand for
polycarbonate and bisphenol A. Polycarbonates, due to their
resilient and transparent properties, have become a popular
material for manufacturers of consumer and industrial products such
as eye glasses, car brakes, and Blu-ray discs.
"We are delighted to be chosen as an equipment supplier for
Sinopec Mitsubishi Chemical's inaugural polycarbonate project,"
began Mr. Jianzhong Zuo, Chairman,
Chief Executive Officer and President of the Company. "This win
signifies the strong relationship we have with Sinopec and the high
quality of our products. We look forward to working with Sinopec
and its subsidiaries to provide innovative, cost-effective
solutions."
The combined value of the contracts is estimated to be
approximately $3 million. The Company
will ship its first product in the first quarter of 2011 and
complete the contract by the middle of next year.
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 service. 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.
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:
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Investor Relations:
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HC International,
Inc.
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Ted Haberfield,
Executive VP
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Tel:
+1-760-755-2716
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Email:
thaberfield@hcinternational.net
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SOURCE LianDi Clean Technology Inc.