SmartHeat Inc. Announces Quality Inspection Approval from Siemens, Anticipates Significant Energy Savings Equipment Sales to Siemens in 2009
Monday January 12, 6:55 am ET
NEW YORK, Jan. 12 /PRNewswire-Asia/ -- SmartHeat Inc. (OTC Bulletin Board: SMHT.OB; http://www.smartheatinc.com/ ), a market leader in China's green technology, environmentally friendly energy savings industry, today announced that the Company has passed rigorous product quality testing performed by a subsidiary of Siemens AG for its energy savings projects in China.
Obtaining product quality approval was a critical step towards receiving supply contracts from Siemens. As a result, SmartHeat anticipates securing significant product supply contracts from Siemens in 2009. SmartHeat looks forward to servicing and supporting Siemens as an integral part of its growth plan in the green energy industry in China.
James Wang, Chief Executive Officer of SmartHeat, commented: "Quality approval from a recognized global leader such as Siemens reflects our commitment towards product excellence. SmartHeat's green technology driven, high quality standards for our broad range of energy savings products continue to attract orders from existing and new clients. A slowing global economic environment creates favorable market opportunities for SmartHeat as customers rush towards investments in energy savings equipment for better overall cost control and a cleaner environment. As a market leader, SmartHeat expects to experience another year of record sales and earnings growth in 2009."
About Siemens AG
According to Siemens' website, Siemens AG operates as an electronics and electrical engineering company worldwide. It operates in three sectors: Industry, Energy, and Healthcare. The Industry Sector's portfolio ranges from industry automation and drives products and services to building, lighting, and mobility solutions and services, as well as system integration and solutions for plant business. www.siemens.com
About SmartHeat Inc.
SmartHeat Inc. (www.smartheatinc.com) 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 standard plate heat exchangers and custom plate heat exchanger units -- technology that helps to capture and recycle waste heat thus reducing fossil fuel related costs and pollution. SmartHeat's products and technology have broad applications. SmartHeat's customers include global Fortune 500 companies as well as municipalities and industrial/residential users. 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.