China Energy Recovery Completes US$1.42 Million Contract for Hubei Yangfeng Group
SHANGHAI, Oct. 13 /PRNewswire-Asia/ --
-- CER recovery systems provide nearly 24MW clean thermo energy capacity
annually with savings of 57,100 tons of coal and 151,700 tons of CO2
China Energy Recovery, Inc. (OTC Bulletin Board: CGYV) (ISIN: US16943V2060;
“CER”), a leader in the waste heat energy recovery sector, today announced the
completion of two waste heat recovery systems for Hubei Yangfeng Group
(“Yangfeng”), a leading phosphate fertilizer producer in
contract value for the CER systems is
million
recognized by CER in Q3 2009, according to US GAAP (see below for revenue
recognition details).
The completed systems are designed to generate 120 tons of steam per hour,
which translates into nearly 24MW of thermo power generation capacity. These
systems will help Yangfeng achieve an estimated annual saving of up to 57,100
tons of coal (coal equivalent) and reduce carbon dioxide emissions by up to
151,700 tons.
Yangfeng is one of
which is used widely in agriculture. Globally,
of phosphate fertilizers and is also the largest market for these basic goods.
“We are very pleased to have completed these waste heat recovery systems
for Yangfeng, which is an important repeat customer of CER,” said Mr. Qinghuan
Wu, Chairman and CEO of China Energy Recovery.
“
is substantial,” Mr. Wu said. “With Chinese government’s regulations
mandating greater environmental protection and energy savings, it is becoming
crucial for fertilizer producers to include waste heat recovery systems in
their facilities. This is a market segment we have been focusing on and
expect to have continued growth.”
The contract value presented above includes a 17% value added tax (“VAT”)
and a 5% retainage for product warranty purpose. According to US GAAP, VAT
and the retainage are excluded for revenue recognition purpose for the current
period and the retainage will be recognized as deferred revenue. The numbers
presented represent values based on current exchange rates. Changes in the
currency exchange rates would result in a commensurate change in contract
value.
What is Waste Heat Energy Recovery?
Industrial facilities release significant amounts of excess heat into the
atmosphere in the form of hot exhaust gases or high-pressure steam. Energy
recovery is the process of recovering vast amounts of that wasted energy and
converting it into usable heat energy or electricity, dramatically lowering
energy costs. Energy recovery systems are also capable of lowering heat
pollution and capturing harmful pollutants that would otherwise be released
into the environment. It is estimated that if energy currently wasted by all
the U.S. industrial facilities could be recovered, it could produce power
equivalent to 20% of U.S. electricity generation capacity without burning any
additional fossil fuel, and could help many industries to meet stringent
environmental regulations.
About China Energy Recovery, Inc.
CER is an international leader in designing, manufacturing and installing
waste heat energy recovery systems which provide facilities with greater
energy efficiency. The company’s primary focus is on the Chinese market.
CER’s technology captures industrial waste energy to produce low-cost
electrical power, enabling industrial manufacturers to reduce their energy
costs, shrink their emissions footprint, and generate sellable emissions
credits. CER has deployed its systems throughout
international markets as
numerous industries in which a rapid payback on invested capital is achieved
by its customers, including: chemical, paper manufacturing, refining
(including methanol refining), etc. CER continues to invest in R&D and plans
to build
fabrication facility to allow it to meet the increased demand for its products
and services. For more information on CER, please visit:
http://www.chinaenergyrecovery.com/s/Home.asp . Information on CER’s website
does not comprise a part of this press release.
Forward-Looking Statement Disclaimer
This press release includes “forward-looking statements” within the
meaning of the Securities Litigation Reform Act of 1995, as amended. All
statements, other than statements of historical fact, included in the press
release that address activities, events or developments that CER believes or
anticipates will or may occur in the future are forward-looking statements.
These statements are based on certain assumptions made based on experience,
expected future developments and other factors that CER believes are
appropriate under the circumstances. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond the control
of CER and may not materialize, including, without limitation, the efficacy
and market acceptance of CER’s products and services, CER’s ability to execute
on its business plan and strategies and CER’s ability to successfully complete
orders and collect revenues therefrom. Investors are cautioned that any such
statements are not guarantees of future performance. Actual results or
developments may differ materially from those projected in the forward-looking
statements as a result of many factors. Furthermore, CER does not intend (and
is not obligated) to update publicly any forward-looking statements, except as
required by law. The contents of this release should be considered in
conjunction with the warnings and cautionary statements contained in CER’s
filings with the Securities and Exchange Commission, including CER’s Annual
Report on Form 10-K filed with the Securities and Exchange Commission on
30, 2009
For more information, please contact:
Adam Friedman
Adam Friedman Associate
Tel: +1-212-918-2529 ¡Ã18
Email: adam@adam-friedman.com
Cindy Cheng
China Energy Recovery, Inc.
Tel: +86-21-5556-0020 x503
Email: ir@haie.com
SOURCE China Energy Recovery, Inc.