SHANGHAI, Aug. 25 /PRNewswire-Asia/ -- -- Plant site selected to be within an industrial park in Jiangsu Province -- Strong government support, including preferential land selection with its own railroad extension and $2.23 million government R&D grant -- New plant will be a world-class one to differentiate CER from its competition and provide for sustained growth
China Energy Recovery, Inc. (OTC Bulletin Board: CGYV) (ISIN: US16943V2060;
"CER"), a leader in the waste heat energy recovery sector of the industrial
energy efficiency industry, today announced the completion of its first steps
in its strategic initiative to expand production capacity for its sustained
growth. After months of site searching, CER has reached the major terms for
the building site of its new manufacturing plant, which is located in an
industrial park in Yangzhou City,
The new plant will be a world-class, state-of-the-art facility and will be
dedicated to developing and manufacturing large-sized and sophisticated waste
heat recovery systems and other related energy efficiency equipment to meet
the increasing demands from both
Because CER's business activities fall within the Chinese government's
industry guidelines, the local government will provide strong support to the
company with various preferential policies that include a government R&D grant.
The grant is estimated at
At completion, the proposed new facility could provide the company with
production capacity equivalent to about
"We are excited about the strong support for our business and expansion plans from the local government. It is a clear reflection of the Chinese government's determination to promote and support the projects and businesses that facilitate energy efficiency and emission reduction with concrete measures based on the nation's long-term guidelines," commented Mr. Qinghuan Wu, Chairman and CEO of China Energy Recovery. "With the increasing market demands and the government's driving force, the new plant, once completed, will lay a solid foundation for our future continued, accelerated growth and for our goal of becoming a world leader in the energy recovery field."
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
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
For more information, please contact: Cindy Cheng Tel: +86-21-5556-0020 x503 Email: ir@haie.com
SOURCE China Energy Recovery, Inc.