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Energy Recovery Leader China Energy Recovery
Announces Two New Signed Contacts For Waste Heat Recovery Systems
July 31, 2008
China Energy Recovery, Inc. (OTCBB:CGYV) ("China Energy Recovery" or
"CER") announced two significant contracts for additional waste-heat
recovery facilities - one in China and the other in Papua New Guinea
- bringing the year-to-date systems orders to 36. These projects
reflect the company's growing position as the industry leader in
waste-heat recovery systems while also demonstrating CER's continued
emergence into the international waste-heat recovery marketplace.
The combined total value of the two contracts is nearly 47,000,000
(RMB), or more than $6.9 Million USD.
"These two projects again demonstrate China Energy Recovery's
superiority in our primary waste-heat recovery systems, and our
strengthening foothold in the international market for heat recovery
energy technology," stated China Energy Recovery CEO, Mr. Qinghuan
Wu. "While we continue to explore new applications for our
technology, and we continue spreading our advanced systems into new
regions, we're seeing a steady pick-up in orders from existing and
new customers that we believe will continue to build our business
throughout 2008 and well through 2009."
The two new systems are both waste-heat recovery systems for
sulfuric acid plants and will be located in Yunnan Province, China
and Papua New Guinea. The Yunnan project can generate both
electricity and heat energy in the form of hot steam that is
directly used by the manufacturing process while the Papua New
Guinea project will primarily generate heat energy in the form of
hot steam.
Both systems have a completion date targeted at late 2009 and will
reduce carbon emissions from their facilities. The carbon reductions
may create an additional revenue stream for CER at a later date.
"2008 is shaping up to be our biggest growth year for CER, ever, and
our international exposure and sales efforts continue to look very
positive," continued Mr. Wu. "Our technology is finally earning a
well-deserved reputation for being an energy-saving and
environmentally friendly 'win-win' for heavy industries. And with
the current economic and environmental difficulties upon all
industries, we feel we're in the right business at the optimal time.
Our prospects for a very solid year and near-future are very
positive."
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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