Euro Tech Holdings Company Limited Reports Ballast Water Treatment Systems
HONG KONG, June 24, 2014
HONG KONG, June 24, 2014 /PRNewswire/ -- Euro Tech Holdings Company Limited
(Nasdaq: CLWT) today reported that although the company has submitted all
necessary documents to China's Classification Society (CCS) for its 300 Cubic
Meters per hour BWTS certification in May 2014, however, it may take longer
time than expected for CCS to review and approve all the submitted documents
especially the additional documents and technical clarifications requested
recently by them.
The company is in the process of forming a separate company 100% owned by
Yixing PACT Environmental Technology Co. Ltd., ("Pact") for BWTS business.
This new company is not only for the management purpose to separate the marine
industry related business from the industrial wastewater treatment business in
Pact, but also makes it simple for getting external investment opportunities
or co-operations with other parties in future.
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.
Yixing PACT Environmental Technology Co. Ltd., (a majority-owned subsidiary)
based in Shanghai, is a global provider of environmental solutions for
industrial and municipal clients, focusing on water and wastewater treatment.
Pact's capabilities cover design, manufacturing, sourcing, installation and
servicing of water/wastewater treatment, water desalination plants and
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.
Euro Tech Holdings Company Limited, Hong Kong
T.C. Leung, Chairman and CEO, orJerry Wong, CFO
Pact's Website: http://www.pactchina.com
SOURCE Euro Tech Holdings Company Limited
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