SmartHeat Inc. Receives $8 Million Energy Savings Equipment Supply Contracts from Several Chinese Municipalities, Company to Present at Rodman & Renshaw Conference in New York on Nov. 10, 2008
Monday November 10, 7:05 am ET
NEW YORK, Nov. 10 /Xinhua-PRNewswire/ -- SmartHeat Inc. (OTC Bulletin Board: SMHT - News), a market leader in China's "green" technology energy savings industry, today announced that it was awarded energy savings product supply contracts totaling $8 million from several Chinese municipalities. Product shipments to customers are expected to begin in the 4th quarter of 2008.
SmartHeat also announced that the Company's CEO, James Wang has been invited to present at the Rodman & Renshaw investor conference at 10:20 am at the New York Palace Hotel in New York City. The Company's latest PowerPoint presentation is available at its website: www.smartheatinc.com.
James Wang, Chief Executive Officer of SmartHeat commented: "Chinese municipal governments and businesses have increasingly become aware of significant economic and environmental benefits that SmartHeat's energy savings products bring to them. As a market leader in China's heat energy savings industry, global economic slow down should benefit SmartHeat further as customers feel the urgency to take measures that would significantly reduce their heating and energy bills that our products deliver. We look forward to receiving additional customer orders in the remainder of 2008."
SmartHeat previously announced that it will report record 3rd quarter financial results before November 15, 2008.
About SmartHeat, Inc.
SmartHeat, Inc. is a US company with its primary operations in China. SmartHeat is a market leader in China's "green" technology heat energy saving industry. SmartHeat manufactures plate heat exchangers and compact plate heat exchanger units -- the technology that helps to capture and recycle waste heat thus reducing fossil fuel related costs and pollution. SmartHeat's products and technology have broad residential and industrial applications. China's heat transfer market is currently estimated at approximately $2.4 billion with double digit annual growth according to China Heating Association.
Safe Harbor Statement
All statements in this press release that are not historical are forward- looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. SmartHeat's actual results may differ from its projections. Further, preliminary results are subject to normal year-end adjustments. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect SmartHeat's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in SmartHeat's filings with the Securities and Exchange Commission.