RINO International Corp. Secures $8.1 Million Loan from Pudong Development Bank of Shanghai for Shougang BOT Desulphurization Project
Corp. (Nasdaq: RINO), which through its subsidiaries and controlled affiliates
(collectively, the “Company” or “RINO”), designs, manufactures, installs and
services proprietary and patented wastewater treatment, desulphurization
equipment, and high temperature anti-oxidation systems for iron and steel
manufacturers in
the Company secured an
BOT (Build-Operate-Transfer) desulphurization project with Shougang Jingtang
Iron & Steel Co., Ltd.
The project loan, provided by Pudong Development Bank of
four-year term which commenced on
principal of the loan is payable quarterly. The interest rate, initially set
at 6.9%, is based upon the Chinese Central Bank Rate plus a fixed margin, and
can be adjusted only once annually to reflect changes in the underlying
Central Bank Rate. Additionally, the loan carries no prepayment penalties. The
loan is for the construction phase of the BOT contract, which covers the
design, construction and installation of two Semi-Dry Flue Gas
Desulphurization (“FGD”) units. Upon construction completion and final
customer approval, RINO will commence the 10-year operating contract. The
commencement date is expected to be in the fourth quarter of 2010.
“We are very pleased to secure this loan from Pudong Development Bank of
President and CEO of RINO International. “
company of Shougang Jingtang, is
means it has excellent credit quality. To support accelerated adoption of FGD
systems by steel producers, the government is encouraging the BOT model which
benefits both small and larger players by enabling them to spread capital
expenditures over a period of time and attain the best technology at the
‘lowest cost of use’. This is similar to how many Fortune 500 companies like
General Electric, Caterpillar and Hewlett Packard, facilitate customer
equipment deployments and speed adoption. By leveraging bank financing to
cover construction costs, RINO is able to increase its sales while not
impacting our working capital position, thus increasing our return on invested
capital. We plan to pursue additional BOT projects with the goal of
incorporating operating agreements into as many as possible, where our team
can effectively manage the equipment.”
About RINO International Corporation
RINO International Corporation, through its direct and indirect
subsidiaries, including Innomind Group Limited, Rino Investment (Dalian) Co.,
Ltd. (“Rino Investment”) and Rino Investment’s wholly owned subsidiary, Dalian
Rino Heavy Industries Co., Ltd., together with Dalian Innomind Environment
Engineering Co., Ltd., its contractually-controlled affiliate, Dalian RINO
Environmental Engineering Science and Technology Co., Ltd. (“Dalian Rino”) and
Project Design Co., Ltd., Dalian Rino Environmental Construction &
Installation Project Co., Ltd. and RINO Technology Corporation, is a leading
provider of environmental protection equipment for the iron and steel industry
in
proprietary and patented wastewater treatment, flue gas desulphurization
equipment, and high temperature anti-oxidation systems, which are all designed
to reduce either industrial pollution and/or improve energy utilization.
RINO’s manufacturing facility maintains the ISO 9001 Quality Management System
and ISO 14001 Environment Management System certifications, in addition to
receiving numerous government and industry awards. Additional information
about the Company is available at the Company’s website:
http://www.rinogroup.com .
Cautionary Statement Regarding Forward-Looking Information
Certain statement in this press release and conference presentation may
contain forward-looking information about the Company. Forward-looking
statements are statements that are not historical facts. These statements can
be identified by the use of forward-looking terminology such as “believe,”
“expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or
“anticipate” or the negative thereof or comparable terminology, and statements
which may include discussions of strategy, and statements about industry
trends future performance, operations and products of each of the entities
referred to above. Actual performance results may vary significantly from
expectations and projections as a result of various factors, including,
without limitation, the risks set forth “Risk Factors” contained in the
Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
For more information, please contact:
For the Company:
Harold Epps
Tel: +1-949-888-6630
Email: harold.epps@rinogroup.com
Investors:
Matt Hayden
HC International, Inc.
Tel: +1-561-245-5155
Email: matt.hayden@hcinternational.net
SOURCE RINO International Corp.