China Recycling Energy Corporation Announces Strategic Cooperation with CGN
Energy Service Co., Ltd.
XI'AN, China, Sept. 18, 2013
XI'AN, China, Sept. 18, 2013 /PRNewswire-FirstCall/ --China Recycling Energy
Corp. (NASDAQ: CREG; "CREG" or "the Company"), a leading industrial
waste-to-energy solution provider in China, today announced that it has
entered a strategic cooperation agreement (the "Cooperation Agreement") with
China Guangdong Nuclear (CGN) Energy Service Co., Ltd. in recycling energy
CGN Energy Service Co., Ltd. and the Company intend to invest in selected
constructing projects and are willing to jointly develop more recycling energy
projects. Both parties will have regular communication, share projects, and
work on equity cooperation plans.
"We are happy to build up such a strategic partnership with CGN Energy Service
Co., Ltd. We believe that such communication and cooperation will benefit us
with more forward-looking vision and being more competitive in recycling
energy markets," commented Mr. Guohua Ku, Chairman and CEO of CREG.
About China Recycling Energy Corp.
China Recycling Energy Corp. (NASDAQ: CREG or "the Company") is based in
Xi'an, China and provides environmentally friendly waste-to-energy
technologies to recycle industrial byproducts for steel mills, cement
factories and coke plants in China. Byproducts include heat, steam, pressure,
and exhaust to generate large amounts of lower-cost electricity and reduce the
need for outside electrical sources. The Chinese government has adopted
policies to encourage the use of recycling technologies to optimize resource
allocation and reduce pollution. Currently, recycled energy represents only an
estimated 1 percent of total energy consumption and this renewable energy
resource is viewed as a growth market due to intensified environmental
concerns and rising energy costs as the Chinese economy continues to expand.
The management and engineering teams have over 20 years of experience in
industrial energy recovery in China. For more information about CREG, please
About CGN Energy Service Co., Ltd.
CGN Energy Service Co., Ltd. was established in October 2010, a wholly
subsidiary of a very large state-owned enterprise and clean energy group,
China Guangdong Nuclear Power Holding Co., Ltd. with a registered capital of
RMB 10.2 billion. CGN Energy Service Co., Ltd. is engaged in providing
services of energy saving, emission reduction, and efficient energy
utilization across China and even the world, intends to satisfy the
requirement nowadays for energy saving and environmental protection of the
government and enterprises. CGN Energy Service Co., Ltd. is the deputy
chairman of the ESCO Committee of China Energy Conservation Association, and
it is recorded at the National Development and Reform Commission and the
Ministry of Finance of the People's Republic of China.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating
to the business of China Recycling Energy Corp. and its subsidiary companies.
All statements, other than statements of historical fact included herein are
"forward-looking statements." These forward-looking statements are often
identified by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations reflected
in these forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may prove to be
incorrect. Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. 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 at
http://www.sec.gov. All forward-looking statements attributable to the Company
or 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.
For more information, please contact:
Mr. David Chong
Chief Financial Officer
China Recycling Energy Corp.
SOURCE China Recycling Energy Corp.
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