Tri-Tech Holding Wins $2.8M Chengdu Water Works Equipment Service Contract
BEIJING, Jan. 9, 2013
BEIJING, Jan. 9, 2013 /PRNewswire/ --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
the company won an equipment procurement and servicing contract for the phase
1 project of Chengdu No. 7 Water Works under construction in Sichuan Province.
The contract value totaled $2.8 million (approximately RMB17.6 million).
According to the contract, Tri-Tech will be responsible for design,
procurement, installation, operation troubleshooting and maintenance of all
automated control equipment and instruments for two water intakes, source
water pipes, treated water pipes and operation of water purification
facilities for the phase 1 of Chengdu No. 7 Water Works project. Tri-Tech
expects the project will be completed by the end of April 2013.
With a total investment of RMB370 million by Chengdu Municipal Waterworks Co.
Ltd., the project construction is expected to be completed by the end of 2013.
Phase 1 will have pre-treatment capacity of 500,000 tons per day, and the full
extension capacity will be 1 million tons per day. The water works will be the
largest one in the City of Chengdu after its completion and will ease pressure
on the city's residential water supply.
Mr. Gavin Cheng, CEO of Tri-Tech Holding commented on the contract, "We are
pleased that Tri-Tech secured this new water treatment plant contract by
strong cooperation between our sales and project teams. Like our Ordos
project, this Chengdu Water Works is a large-scale water plant project that
will provide us extensive experience in construction management of water
treatment plants. In connection with our strategic business realignment, we
evaluated the Chengdu project and chose to bid only for the equipment
procurement and service portion of the project, rather than the complete water
plant construction which we expect will tie up a significant amount of capital
over a relatively long construction period. We believe execution of the
equipment service contract will not harm our cash flow; to the contrary, we
expect our cash flow will benefit from the short four-month project cycle. We
are going to continue exploring such types of municipal water project, which
have favorable cash payment cycles. As we leverage our expertise in these
kinds of projects, we are also seeking opportunities to partner with
well-established Chinese water businesses to develop the domestic and
About Tri-Tech Holding Inc.
Tri-Tech is an innovative provider of consulting, engineering, procurement,
construction and technical services. The Company supports government, state
owned entities and commercial clients by providing efficiency oriented
solutions focused on treatment of water and waste water, management of water
resources and water-efficient irrigation, as well as industrial emission and
safety controls. With 39 software copyrights, 11 product patents, and
proximately 430 employees in China, the U.S. and India, Tri-Tech's
capabilities span the cycle of innovation. Please visit www.tri-tech.cn for
An online investor kit including a company profile, presentations, press
releases, current price quotes, stock charts and other valuable information
for investors is available at www.tri-tech.cn/ir. To subscribe to future
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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 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
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uncertainties and risks including, but not limited to, product and service
demand and acceptance, changes in technology, economic conditions, the impact
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by or on behalf of the company, are expressly qualified by the cautionary
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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.
+86 10 57323666
SOURCE Tri-Tech Holding Inc.
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