BEIJING, Dec. 11, 2012 /PRNewswire-FirstCall/ -- 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 several contracts for wastewater treatment, high-rising building water supply equipment procurement and flash flood forecasting projects. The aggregate value of all contracts is approximately $3.2 million (approximately RMB 20.15 million).
According to the contracts, the company will provide water supply system procurement services for three real estate development projects and one new university project in Beijing, and wastewater treatment system procurement services for a new subway station in Beijing, and flash flood early warning and forecasting systems for several counties in Guangxi, Fujian and Hubei provinces. Tri-Tech expects to complete all the water supply projects between the end of December 2012 and April 2013 and to complete the flash flood forecasting projects between March 2013 and August 2013.
Mr. Gavin Cheng, Joint CEO of Tri-Tech Holding said, "We are pleased to share news of these contracts with our shareholders. In addition, we have made noticeable progress in expanding our market presence in water and water resources management in the fourth quarter. At the same time we are seeking new business opportunities, we are also working with a top quality advisory firm to streamline our organizational structure to reduce our costs and expenses while maintaining efficiency. We believe these efforts will help us control our operational expenses. We continue to improve our accounts receivable, particularly for several large projects. We have received cash advances for our Buxar and Begusarai projects from BUIDCo, the customer of the Indian Bihar sewage systems projects, in mid-October and mid-November, respectively. The Bihar projects are currently being implemented as scheduled, and we anticipate further cash payments as the projects continue to move forward."
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for municipalities and private sectors in China and abroad. 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 approximately 474 people. Please visit 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 projects referenced herein 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.
Tri-Tech Holding Inc.
SOURCE Tri-Tech Holding Inc.