Quantcast
Last updated on April 16, 2014 at 17:34 EDT

SmartHeat Inc. Announces National High Tech Enterprise Status and 10% Reduction in Corporate Income Taxes for 3 Years

December 11, 2008

NEW YORK, Dec. 11 /PRNewswire-Asia/ — SmartHeat Inc.
(OTC Bulletin Board: SMHT.OB), a market leader in China’s “green” technology,
environmentally friendly energy savings industry, today announced that the
Company has been granted ‘National High Tech Enterprise’ status by the Chinese
government valid for 3 years. Through this national level high-tech
certification, SmartHeat’s technology and products are formally recognized as
market leaders in China’s energy savings industry. Moreover, as a result of
this certification, SmartHeat automatically receives a 3-year, 10% corporate
income tax reduction to 15% annually beginning in 2008. China’s normal
corporate income tax is a flat 25%.

Under the current National High Tech certification program, SmartHeat is
able to apply for renewal every 3 years. If approved, the Company will
continue to enjoy tax reductions among other benefits.

SmartHeat also believes it will benefit from various economic initiatives
in a favorable market environment in 2009. Specifically, the Chinese
government recently announced a $580 billion economic stimulus plan, which
heavily focuses on infrastructure development. Under the plan approximately
$58 billion has been earmarked to make ecological/environmental improvements
by encouraging the broad adoption of energy savings equipment by both private
and government entities.

James Wang, Chief Executive Officer of SmartHeat, commented: “Today’s
award reflects SmartHeat’s leadership position with significant technological
advantages in China’s heat energy savings industry. We look forward to
benefiting from the Chinese government’s economic stimulus plan. SmartHeat is
dedicated to reducing pollution through our advanced heat energy savings
products.”

About SmartHeat Inc.

SmartHeat Inc. is a US company with its primary operations in China.
SmartHeat is a market leader in China’s “green” technology heat energy saving
industry. SmartHeat manufactures plate heat exchangers and compact plate heat
exchanger units — the technology that helps to capture and recycle waste heat
thus reducing fossil fuel related costs and pollution. SmartHeat’s products
and technology have broad residential and industrial applications. China’s
heat transfer market is currently estimated at approximately $2.4 billion with
double-digit annual growth according to China Heating Association.

Safe Harbor Statement

All statements in this press release that are not historical are
forward-looking statements made pursuant to the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. There can be no
assurance that actual results will not differ from the company’s expectations.
SmartHeat’s actual results may differ from its projections. Further,
preliminary results are subject to normal year-end adjustments. You are
cautioned not to place undue reliance on any forward-looking statements in
this press release as they reflect SmartHeat’s current expectations with
respect to future events and are subject to risks and uncertainties that may
cause actual results to differ materially from those contemplated. Potential
risks and uncertainties include, but are not limited to, the risks described
in SmartHeat’s filings with the Securities and Exchange Commission.

    Contact Information:
     James Wang
     CEO
     SmartHeat Inc.
     Tel: 011-86-13701368262
     Email: info@SmartHeatinc.com

SOURCE SmartHeat Inc.


Source: newswire