China Energy Savings (NASDAQ:CESV)
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China Energy Savings Enters Into Agreement to Provide Energy
Savings Products to Chinese Government
Company to Receive 80% of the Energy Savings over Next Five Years
HONG KONG, July 15 /Xinhua-PRNewswire/ -- China Energy Savings Technology, Inc.
(NASDAQ:CESV) announced today that its energy savings subsidiary in China, has
entered into a profit sharing contract for the first phase of a Street Lights
Saver Project in Zhuhai City, China. Under the agreement with the Zhuhai
Municipal Street Lights Administration, the Company will install energy savings
equipment for street lamps in Zhuhai City, helping the region lower energy
costs as China heads into its peak energy season. Under the five- year
agreement, the Company will receive 80% of the energy savings on a monthly
basis.
Under the agreement, the Company will supply its energy saving products to be
used in the streetlights of the city, including the areas surrounding Zhuhai
Avenue, Airport Ring Road, Nanwan Avenue and Xiangsheng Bridge.
"With electricity and energy costs soaring in China, our products offer many
cost advantages to customers such as this Zhuhai streetlights project," said
Sun Li, Chairman and CEO of China Energy Savings. "Under this agreement, the
Zhuhai government will reduce its energy consumption costs by an average of
25%. With companies and municipalities such as Wuhan City, where we recently
entered into a $36 million Letter of Intent to provide our energy saving
products and technology, increasingly focused on reducing costs and relieving
the energy burden on the government, China Energy Savings' products offer a
compelling advantage."
About China Energy Savings Technology
China Energy Savings Technology, Inc., through its subsidiary, Starway
Management Limited, which in turn holds 100% interest of its energy savings
subsidiary in China, engages in the development, manufacture, sale, and
distribution of energy-saving products for use in commercial and industrial
settings in the People's Republic of China. According to test reports by
various PRC authorities including the National Center of Supervision &
Inspection on Electric Light Source Quality (Shanghai) issued in September
2002, Shenzhen Academy of Metrology & Quality Inspection issued in December
2002 and approved by the State Quality Supervision Inspection Department, the
energy saving products of Starway's subsidiaries may provide energy saving
rates ranging from approximately 25% to 45%. The energy saving projects
conducted by Starway's subsidiaries mostly relate to public or street lighting
systems, government administration units, shopping malls, supermarkets,
restaurants, factories and oil fields, etc. There are small and large-scaled
projects: the small-scaled projects relate to restaurants, shops, small
arcades, offices and households through the sale of equipment, and the large-
scaled projects relate to large shopping malls, supermarkets, factories and
public bodies through the provision and installation of equipment over a term
usually extended for years. With the world's energy crisis as the backdrop, and
global oil prices breaking record highs, China's own crisis is growing not only
in size, but in concern as well. Coal prices and energy consumption in China
are also at all-time highs. For these reasons, the company's products are
widely used and highly recommended in China because of the huge energy market
and the excellent prospect of energy savings.
Safe Harbor Statement
As a cautionary note to investors, certain matters discussed in this press
release may be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters involve risks and
uncertainties that may cause actual results to differ materially, including the
following: changes in economic conditions; general competitive factors; the
Company's ability to execute its business model and strategic plans; and the
risks described from time to time in the Company's SEC filings.
For more information, please contact:
John Roskelley, President,
First Global Media
Tel: +1-480-902-3110
Web: http://www.cesv-inc.com/
Email:
DATASOURCE: China Energy Savings Technology, Inc.
CONTACT: John Roskelley, President, First Global Media, +1-480-902-3110,
, for China Energy Savings Technology, Inc.
Web site: http://www.cesv-inc.com/