SmartHeat Inc. Announces Listing on the NASDAQ Global Market, Stock Symbol Remains 'HEAT'
Monday March 9, 6:55 am ET
NEW YORK, March 9 /PRNewswire-Asia/ -- SmartHeat Inc. (Nasdaq: HEAT - News), (website: www.smartheatinc.com ), a market leader in China's clean technology energy savings industry today announced that SmartHeat has been approved to upgrade its listing from the NASDAQ Capital Market to the NASDAQ Global Market, formerly known as the NASDAQ National Market.
SmartHeat expects to commence trading on the NASDAQ Global Market on Tuesday, March 10, 2009 under its current stock symbol, "HEAT."
James Wang, Chief Executive Officer of SmartHeat, commented: "Meeting the more stringent requirements for a NASDAQ Global Market listing is representative of the initial step SmartHeat has taken in building greater corporate value. Our listing on the NASDAQ Global Market can potentially attract a much broader range of individual and institutional investors. We look forward to the greater market exposure and the opportunity to share our energy savings business with the investment community through solid earnings growth in a favorable market environment for our products and services."
About SmartHeat Inc.
SmartHeat Inc. (http://www.smartheatinc.com/) is a NASDAQ Global Market listed (Nasdaq: HEAT - News) US company with its primary operations in China. SmartHeat is a market leader in China's clean technology, energy savings 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.