Cleantech Solutions Receives $2.0 Million in New Orders for Airflow-Dyeing
WUXI, China, June 20, 2013
WUXI, China, June 20, 2013 /PRNewswire-FirstCall/ -- Cleantech Solutions
International, Inc. ("Cleantech Solutions" or "the Company") (NASDAQ: CLNT), a
manufacturer of metal components and assemblies, primarily used in the wind
power, solar and other clean technology industries and dyeing and finishing
equipment to the textile industry, today announced that the Company has
received purchase orders totaling RMB 12.2 million (approximately $2.0
million) for 21 airflow-dyeing machines from a new domestic customer.
Cleantech Solutions has received an advance payment of approximately $0.4
million, or 20% of the purchase price, will receive an additional 70% of the
purchase price upon delivery, and will receive the remaining 10% within six
months of delivery. The Company expects to begin delivering the units in
The Company's airflow-dyeing machines use flowing air rather than water, which
is used in the traditional dyeing process. The Company believes that its
airflow technology reduces input costs, creates fewer wrinkles and less damage
to the textile, and produces a reduced level of emissions.
"We expect strong order flow in our airflow dyeing machine business to
continue through the rest of 2013," said Mr. Jianhua Wu, Chairman and CEO of
Cleantech Solutions. "We are in the process of expanding capacity to meet
anticipated demand and will begin marketing our new line of after-treatment
products to existing customers later this year."
About Cleantech Solutions International
Cleantech Solutions is a manufacturer of metal components and assemblies,
primarily used in clean technology industries. The Company supplies forging
products, fabricated products and machining services to a range of clean
technology customers, primarily in the wind power sector and supplies dyeing
and finishing equipment to the textile industry. Cleantech Solutions is
committed to achieving long-term growth through ongoing technological
improvement, capacity expansion, and the development of a strong customer
base. The Company's website is www.cleantechsolutionsinternational.com. Any
information on the Company's website or any other website is not a part of
this press release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the
business of the Company and its subsidiary and affiliated companies. These
forward looking statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions. Such forward
looking statements involve known and unknown risks and uncertainties that may
cause actual results to be materially different from those described herein
and in the conference call referred to in this press release as anticipated,
believed, estimated or expected. Investors should not place undue reliance on
these forward-looking statements, which speak only as of the date of this
press release, including the ability of the Company to generate meaningful
profit margins from the sale of the products or to meet the timetable
described in this press release or to generate sufficient volume to justify
increasing our production capacity. The Company's actual results could differ
materially from those anticipated in these forward-looking statements as a
result of a variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange Commission
and available on its website, including factors described in "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition and Results
of Operations" in our Form 10-K for the year ended December 31, 2012 and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in our Form 10-Q for the quarter ended March 31, 2013. All
forward-looking statements attributable to the Company or to persons acting on
its behalf are expressly qualified in their entirety by these factors other
than as required under the securities laws. The Company does not assume a duty
to update these forward-looking statements.
Investor Relations Contact:
CCG Investor Relations
Cleantech Solutions International, Inc.
Ms. Elaine Ketchmere, CFA
Mr. Adam Wasserman, Chief Financial Officer
SOURCE Cleantech Solutions International, Inc.
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