BEIJING, April 20, 2012 /PR Newswire/ --
Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that it has secured contracts for flash flood early warning and small river hydrologic monitoring projects in five provinces in China. The projects total approximately $7.02 million (approximately RMB 44.25 million).
According to the contracts signed by Tri-Tech's affiliate, Beijing Yanyu Water Tech Co. Ltd., the company will provide flash flood monitoring and forecasting systems for eleven districts, counties and cities in Heilongjiang, Fujian and Guizhou provinces. Each system includes an information collection module, an early warning module and an information dissemination platform. In addition, the company will implement part of small river hydrological monitoring systems for Anhui and Shanxi provinces. The scope of the work includes automatic collection and communication systems for rainfall and water level information. The company will be involved in the production or procurement of equipment, software development, installation and debugging of the systems and technical trainings to customers. These projects are scheduled for completion at different times from the end of May through the end of July 2012.
Mr. Warren Zhao, Joint CEO of Tri-Tech Holding Inc., commented, 'As continued government policy support and fund allocation to water conservancy demonstrate, China's water conservation industry is booming in 2012. As a leading solution provider in the industry, our company saw unprecedented growth in its flash flood early warning and small river systems business during the first quarter of 2012. By the time of this announcement, we have secured $16.5 million in flash flood early warning and small river hydrological monitoring system project contracts, already more than the total contract value we were awarded in all of 2011.
'As backlog from our water resources management business accumulated with growing sales, we focused on increasing the efficiency of the project implementation. As an update of the projects we were awarded for 20 countries and cities in Hunan, Henan, Hubei, Liaoning and Fujian from January to the mid of February in 2012: all major equipment for these projects has been delivered to project sites for installation and debugging. In order for the flash flood early warning and forecasting systems to function properly during the flood season, local governments are increasing and accelerating project bids. We anticipate our backlog from the business will continue to increase in the upcoming quarters as we seek to participate in new project bids.'
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for municipalities and private sectors in China and international markets. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the Chinese government in managing its water resources. The company is also moving into the industrial pollution control market. Tri-Tech owns 39 software copyrights and 11 product patents, and employs 330 people. Please visit http://www.tri-tech.cn for more information.
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This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of the project referenced herein (including any potential future projects related thereto) and other statements concerning plans, objectives, goals, strategies, future events such as project payments, results of marketing efforts or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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