SmartHeat Inc. Joins Russell 2000, Russell 3000, Russell Global Index and Russell Microcap Index
On Monday June 15, 2009, 6:55 am EDT
NEW YORK, June 15 /PRNewswire-Asia/ -- SmartHeat Inc. (Nasdaq: HEAT - News; website: www.smartheatinc.com), a market leader in China's clean technology, energy savings industry is pleased to announce today that SmartHeat Inc. has been included in at least 4 Russell Indexes, according to 2009 Russell reconstitution listed companies published on June 12, 2009 at www.russell.com.
According to www.russell.com, SmartHeat Inc. is one of 121 stocks added to the Russell 3000? Index in the 2009 Russell indexes reconstitution.
According to www.russell.com, "Over the past 25 years, Russell's innovative methodology has helped their indexes become the benchmarks most used by institutional investors. Currently, institutional investment professionals responsible for over $4.3 trillion in assets use Russell indexes to guide their portfolios."
According to www.russell.com, "On the last trading day in May (this year May 29), all eligible securities globally are ranked by their total market capitalization. Companies whose stocks are listed on eligible stock exchanges in eligible countries and who pass minimum liquidity and other investability rules are considered for inclusion in the indexes. Beginning on June 12, preliminary lists for the additions and deletions to the indexes are communicated to the marketplace. These changes go into effect after the close on Friday June 26, 2009."
James Jun Wang, CEO of SmartHeat, commented: "As a market leader in the rapidly growing clean technology, energy savings industry in China, SmartHeat is pleased to be included in several Russell Indexes where some of the world's highest quality companies are found. We look forward to SmartHeat's continued earnings growth in a favorable market environment."
About SmartHeat Inc.
SmartHeat Inc. (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, custom plate heat exchanger units and heat meters. SmartHeat's products directly address air pollution problems in China where massive coal burning for cooking and heating purposes is the only source of economical heat energy in China. With broad product applications, SmartHeat's products significantly reduce heating costs, increase energy use and reduce air pollution. 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.