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Energy Recovery Leader China Energy
Recovery Completes Two Major Waste Heat Recovery Systems in China
and Signs Contracts for Two Additional Systems for Overseas
Expansion
June 11, 2008
China Energy Recovery, Inc. (OTCBB:CGYV) ("China Energy Recovery" or
"CER"), announced completion of construction of two major waste heat
recovery systems in China. The company is also proud to announce the
signing of contracts for two additional systems to be built for
clients outside of China.
The two just-completed systems in China, one of which has just
started operation and the other which is expected to be commissioned
and online around early August, are capable of generating
approximately 14 MW of electricity and 26.8 MW of directly usable
heat energy through the capture and harnessing of waste-heat. These
two projects are the latest to demonstrate the company's advanced
technology and accelerated growth activity in China. Conversely, the
two new contracts are for systems in Malaysia and the Congo and they
demonstrate the rapid expansion the company is experiencing in other
regions and industries around the world.
"We continue to enjoy tremendous growth and expansion within our
homeland market in China, where our reputation for service and
superior technology has earned us great respect," stated CER's Chief
Executive Officer, Mr. Wu Qinghuan. "However, we are extremely proud
that our reputation has reached outside of China and is growing in
other parts of the world."
The two systems just completed by CER in China were installed at two
different sulfuric acid facilities in Shandong and Sichuan provinces
respectively. Of the two new contracts, the project in Malaysia is
intended for a biofuel combustion system with a planned production
of 3 MW of electricity and 2.9 MW of heat energy. The project in
Congo is for a waste heat recovery system for a sulfuric acid
manufacturing facility and will produce usable heat energy of 51.3
MW that will be used directly.
While a majority of the waste heat recovery systems CER has
installed to date have been for sulfuric acid plants in China, the
company also has extensive experience installing and operating such
systems for other industries such as the steel manufacturing,
cement, paper mills and petro-chemical industries. The emerging
biofuel industry, and the heat generation that can be achieved
through the consumption of biofuel waste products, represent a
valuable new business development area that CER believes has growing
potential.
"We're very confident in our ability to service many different types
of industries with our waste heat recovery systems, and turning
biofuel waste products into additional energy is a great example of
the expanding applications for CER technology in the emerging
alternative fuel industry," continued Mr. Wu Qinghuan. "Our systems
have proven effective under extremely demanding circumstances and in
many different types of industries, and they're proven to deliver
exceptional results. We're looking forward to these opportunities to
expand our services into new regions and to further demonstrate to
the global community the advanced solutions for heat energy recovery
that China Energy Recovery has achieved."
What is Energy Recovery?
Industrial facilities and power plants release significant amounts
of excess heat into the atmosphere in the form of hot exhaust gases
or high pressure steam. Energy recovery is the process of recovering
vast amounts of that wasted energy and converting it into usable
electricity, dramatically lowering energy costs. Energy recovery
systems are also capable of capturing the majority of carbon
emissions and other harmful pollutants that would otherwise be
released into the environment. It is estimated that energy recovery
systems installed in U.S. industrial facilities could produce up to
20% of U.S. electricity needs without burning any additional fossil
fuel, and could help many industries to meet stringent environmental
regulations.
About China Energy Recovery, Inc.
CER is an international leader in energy recovery systems, with a
primary focus on the Chinese market. CER's technology captures
industrial waste energy to produce low-cost electrical power,
enabling industrial manufacturers to reduce their energy costs,
shrink their emissions footprint, and generate sellable emissions
credits. CER has deployed its systems throughout China and in such
international markets as: Egypt, Turkey, Korea, Vietnam and
Malaysia. CER focuses on numerous industries in which a rapid
payback on invested capital is achieved by its customers, including:
chemical, petro-chemicals, refining (including Ethanol refining),
coke processing, and the manufacture of paper, cement and steel. CER
continues to invest in R&D and plans to build China's first
state-of-the-art energy recovery system research and fabrication
facility to allow it to meet the increased demand for its products
and services. For more information on CER, please visit:
http://www.chinaenergyrecovery.com/s/Home.asp. Information on CER's
website does not comprise a part of this press release.
Forward-Looking Statement Disclaimer
This press release includes "forward-looking statements" within the
meaning of the Securities Litigation Reform Act of 1995, as amended.
All statements, other than statements of historical fact, included
in the press release that address activities, events or developments
that the Company believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based on
certain assumptions made based on experience, expected future
developments and other factors that CER believes are appropriate
under the circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of CER and may not materialize, including, without
limitation, the efficacy and market acceptance of CER's products and
services, and CER's ability to successfully complete construction of
the projects in Malaysia and the Congo and to adapt its energy
recovery systems for use in the biofuel industry. Investors are
cautioned that any such statements are not guarantees of future
performance. Actual results or developments may differ materially
from those projected in the forward-looking statements as a result
of many factors. Furthermore, CER does not intend (and is not
obligated) to update publicly any forward-looking statements, except
as required by law. The contents of this release should be
considered in conjunction with the warnings and cautionary
statements contained in CER's recent filings with the SEC, including
CER's Current Report on Form 8-K filed with the Securities and
Exchange Commission on April 21, 2008.
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