China Energy Savings Technology Plans to Explore New Business Opportunities and Technologies in Response to the Growing Global E
15 Septiembre 2005 - 9:45AM
PR Newswire (US)
Company To Explore Alternative Energy Opportunities HONG KONG,
Sept. 15 /Xinhua-PRNewswire/ -- China Energy Savings Technology,
Inc. (NASDAQ:CESV), a leading provider of energy saving products in
China, announced today plans for the Company to explore various new
growth opportunities and technology solutions. As oil prices have
recently reached record highs, the Company intends to expand beyond
its current electricity saving products into alternative energy
areas, such as fuel cells, solar power, and micro hydrogen
generation technologies to address China's growing need for energy
conservation and alternative energy solutions for renewable energy
and environmental protection. "We were at the forefront of
developing energy-saving solutions for the electricity shortage
problem in China, and developed our energy saving devices as a
result. That business has been growing rapidly as a result of our
early entry into the market, enabling us to gain a leader
position," said Sun Li, Chairman and CEO of China Energy Savings
Technology, "The global oil price recently reached $70 per barrel
at a time when the fast growing Chinese economy increasingly
depends on imported oil. In recent months, we have seen a dramatic
oil price increase and supply shortage in China. More and more of
our clients are asking us to explore solutions and business
opportunities to tackle this energy crisis." As a result, the
Company today announced the following initiatives: * Form a
committee headed by professionals to look into new technologies and
businesses opportunities inside and outside the company in regards
to the usage of fossil oil; * Actively seek strategic partnerships
for technology licensing and collaboration, product cross-marketing
opportunities and acquisitions while maintaining internal research
and development activities,; * Utilize vast resources and knowledge
of the Company's current board members, advisors and outside
experts to quickly narrow down those commercially feasible
solutions in the area of energy conservation and efficiency as well
as the use of alternative and renewable energy. Appointed Paul
Risberg, its independent director, to act as a liaison to further
discuss cooperation with U.S. companies focused on energy
conservation. Once those opportunities have been identified, the
Company intends to leverage its existing distribution channel and
industry know-how to quickly bring the solution and product to
marketplace. "While we are excited about some potential new
projects to provide solutions to the current high oil price as well
as long term investment in our future product offerings such as
renewable and environmental energy savings solutions, our focus
will continue to be to meeting our customers' demand for our energy
saving products, and to deliver solid financial results for the
balance of 2005," added Mr. Li. About China Energy Savings
Technology China Energy Savings Technology, Inc., through its
ownership interest in Starway Management Limited 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. 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. Contact: Ed Lewis CEOcast, Inc. Tel: +1-212-732-4300
DATASOURCE: China Energy Savings Technology, Inc. CONTACT: Ed
Lewis, CEOcast, Inc., +1-212-732-4300
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