Euro Tech Holdings Company Limited Reports 2013 Year-End Results

       Euro Tech Holdings Company Limited Reports 2013 Year-End Results

PR Newswire

HONG KONG, April 29, 2014

HONG KONG, April 29, 2014 /PRNewswire/ -- Euro Tech Holdings Company Limited
(Nasdaq: CLWT) today reported financial results for the 12-month period ended
December 31, 2013 ("Fiscal 2013").

The Company's revenues for Fiscal 2013 were approximately $18,602,000, an
approximate of 14% decrease compared to approximately $21,645,000 in the
Company's fiscal year ended December 31, 2012 ("Fiscal 2012"). The net loss
for Fiscal 2013 was approximately $18,000, as compared to net loss of
approximately $429,000 for Fiscal 2012.

The decrease of the company's revenues was mainly due to decrease in revenues
from engineering activities as a result of keen competition from companies
offering similar services, that we believe to be of lower quality than our
services in China.

Despite the decrease in revenues, and research and development costs of
approximately US$425,000 spent for Ballast Water Treatment Systems
("BWTS"),it was a nearly break-even position of small net loss of
approximately US$18,000 for Fiscal 2013 as a result of the reduction in
selling and administrative expenses and the income contributions of
approximately US$325,000 from the affiliates, Blue Sky and Jia Huan.

Mr. T.C. Leung, Chairman and CEO of the company commented, "We are positive
that we will obtain the formal certificate for our 300 Cubic Meters per hour
BWTSfrom China's Classification Society by the end of June of 2014. In the
meantime, we also look for investors or partners to develop other sizes of our
BWTS so that we have a wide range to meet different requirements of our
potential customers. We are optimistic about the near-term business potential
and its contributions to us in the coming years."

"In the wake of the Chinese Premier's speech to fight against air pollution
vigorously, we believe our two affiliates in air pollution control business,
namely; Blue Sky and Jia Huan will consequently be benefited. They will not
only make substantial contributions to us in the coming years, but also fund
our further business development in BWTS in case we cannot find external
investors."

"As China wants to tap its huge shale gas resources and copy the American
success in developing shale gas industry, the potential of fracking water
treatment in China is huge. We are looking for strategic partners and also a
suitable personnel to develop this quite a long-term but lucrative business."

About BWTS

BWTSis an imminent requirement by The International Maritime Organization
("IMO") to prevent the biological unbalance caused by the estimated 12 billion
tons of ballast water transported across the seas by ocean-going vessels when
their ballast water tanks are emptied or refilled. In 2012, ballast water
discharge standard became a law in the US. Any vessel constructed in December
2013 or later will need to comply when entering US waters, and existing
vessels will follow shortly after. The market potential for retrofits and new
installations of BWTS in these old and new ocean-going vessels is enormous.

About fracking water

In Shale-gas drilling operations, a huge amount of water is injected deep
underground, along with sand and chemicals to fracture shale rock and extract
the embedded natural gas. Some of that water returns to the surface
immediately after the fracturing (fracking). The rest comes back over the
course of months and years. The result is that each well brings up a large
amount of fracturing wastewater (fracking water) and many companies are after
this wastewater treatment business.

About Blue Sky

Zhejiang Tianlan Environmental Protection Technology Co. Ltd., ("Blue Sky"),
found in 2000, is a fast growing company which provides a comprehensive
service for design, general contract, equipment manufacturing, installation,
testing and operation management of the treatment of waste gases emitted from
various boilers and industrial furnaces of power plants, steel works and
chemical plants.

About Jia Huan

Zhejiang Jia Huan Electronic Co. Ltd. in Zhejiang, China ("Jia Huan"), an
established company, has been in business since 1969. 95% of Jia Huan's
business is related to air pollution control and less than 5% is for water and
wastewater treatment. Jia Huan designs and manufactures automatic control
systems and electric voltage control equipment for electrostatic precipitators
which are major air purification equipment for power plants, cement plants and
incinerators to remove and collect dust and pollutants from the exhaust
stacks.

Certain statements in this news release regarding the Company's expectations,
estimates, present view of circumstances or events, and statements containing
words such as estimates, anticipates, intends, or expects, or words of similar
import, constitute forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements indicate
uncertainty and the Company can give no assurance with regard to actual
outcomes. Specific risk factors may include, without limitation, having the
Company's offices and operations situated in Hong Kong and China, doing
business in China, competing with Chinese manufactured products, competing
with the Company's own suppliers, dependence on vendors, and lack of long term
written agreements with suppliers and customers, development of new products,
entering new markets, possible downturns in business conditions, increased
competition, loss of significant customers, availability of qualified
personnel, negotiating definitive agreements, new marketing efforts and the
timely development of resources. See the "Risk Factor" discussions in the
Company's filings with the Securities and Exchange Commission, including its
Annual Report on Form 20-F for its fiscal year ended December 31, 2013.

CONDENSED STATEMENTS OF OPERATIONS
(Dollar amounts in US$ thousands, except share and per share data)
                                         Year Ended December 31,
                                         2013         2012
Revenues                                 $   18,602 $   21,645
Net Loss attributable to the Company     (18)         (429)
Net Loss Per Share - Basic               (0.01)       (0.21)
                                                    

Weighted Average Number of                           

 Ordinary Shares Outstanding - Basic  2,069,223    2,070,685



SELECTED BALANCE SHEET DATA
(Dollar amounts in US$ thousands, except share and per share data)
                                         As of December 31,
                                         2013          2012
Cash and Cash Equivalents                $ 5,406      $ 7,468
Total Current Assets                     11,831        12,897
Total Assets                             23,878        24,947
Total Current Liabilities                6,001         7,191
Total Liabilities                        6,001         7,191
Total Euro Tech Shareholders' Equity     15,872        15,837

Website: http://www.euro-tech.com

Blue Sky's website: http://www.tianlan.cn/

Jia Huan's website: http://www.jiahuan.com

SOURCE Euro Tech Holdings Company Limited

Website: http://www.euro-tech.com
Website: http://www.tianlan.cn
Website: http://www.jiahuan.com
Contact: Euro Tech Holdings Company Limited, Hong Kong, T.C. Leung, Chairman
and CEO, or Jerry Wong, CFO, Tel: 852-2814-0311, Fax: 852-2873-4887
 
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