BEIJING, Jan. 4, 2011 /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 established a new subsidiary,
HongTeng WeiTong Technology, Ltd. ("HongTeng"), to focus on
developing new software modules for petrochemical companies.
LianDi hired Dr. Jian Feng Yang
in December 2010 to lead HongTeng.
Dr. Yang has nearly 20 years of experience in the petrochemicals
industry, having worked for a subsidiary of Sinopec and
Beijing University of Chemical
Technology. He will lead a team of 30 employees, including four
employees with PhDs, to develop new software applications and
technologies for production safety at petrochemical manufacturers.
In addition, HongTeng will work in conjunction with System Kikou
Co., Ltd. ("System Kikou") on the recently completed alliance for
automated oil sludge services. This should both improve the
functionality of this product offering and the sale price as we
expect to introduce this product to the market beginning in
April 2011.
"We are pleased to have Dr. Yang spearhead our new software
subsidiary," began Mr. Jianzhong
Zuo, Chairman, Chief Executive Officer and President of the
Company. "By establishing HongTeng, we expect to accelerate our
efforts to develop new software applications for large
petrochemical clients such as China National Petroleum and Sinopec.
HongTeng will complement and leverage the team established in
September to develop new resource management software products,
while providing a conduit for generating additional high margin
revenues from our installed customer base."
As a nationally authorized software enterprise, HongTeng
qualifies for income tax exemptions for the first two years,
starting in calendar year 2011, and a 12.5% income tax rate for the
three years after. Management expects the majority of the 2011
financial contributions from HongTeng to come from System Kikou
before its new software products contribute more meaningfully to
revenues in 2012.
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:
HC International,
Inc.
Ted Haberfield,
Executive VP
Tel:
+1-760-755-2716
Email:
thaberfield@hcinternational.net
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SOURCE LianDi Clean Technology Inc.