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SOURCE China Recycling Energy Corp.
XI'AN, China, Feb. 26, 2014 /PRNewswire-FirstCall/ -- China Recycling Energy Corp. (NASDAQ: CREG), a leading developer of waste energy recycling projects for power generation in China, today announced its wholly owned subsidiary Xi'an TCH Energy Technology Co., Ltd. has entered into two trust loan agreements with an aggregate amount of US$46.6 million (RMB 285,000,000) from Zhongrong International Trust Co., Ltd. (the "ZRIT") to support the Company's coke dry quenching waste heat power generation projects ("CDQ project").
ZRIT will set up No. 1 and No. 2 of Zhongrong-Green Recycling Energy Collective Capital Trust Plan (the "Trust Plans") to raise funds for two recycling energy projects. Plan No.1 is US$ 24.5 million (RMB 150,000,000) and its proceeds will be loaned to Xi'an TCH for its Zhongtai CDQ Project as announced in the press release issued by CREG on Dec 9, 2013; Plan No. 2 is US$ 22.1 million (RMB 135,000,000) and its proceeds will be loaned to Xi'an TCH for its Rongfeng CDQ Project as announced in the press release issued by CREG on Dec 17, 2013.
Mr. Guohua Ku, the Chairman and CEO of CREG, commented that, "We are very pleased to build this relationship with Zhongrong International Trust Co., Ltd., a well known financial institution with substantial investment experience in recycling energy. This trust loan will provide financial support for our projects in Xuzhou and Tangshan, which are expected to bring increased revenues for the company and maximize our shareholders' value. We will continue to make contribution to the environment protection by conducting technical transformation with the purpose of more efficient energy saving and large carbon emission reduction."
About Zhongrong International Trust Co., Ltd.
Zhongrong International Trust Co., Ltd. was founded in 1987, formerly known as Harbin International Trust Investment Co., Ltd, with registered capital of RMB 1.6 billion. By the end of 2012, its total assets have exceeded RMB 300 billion. On the ceremony of "Wealth Management Cooperation Development Forum & The Fifth China Excellent Trust Company Prize-awarding", the company was awarded as "China Excellent Trust Company", "Best Research and Development Team of the Year 2012" and "Good Financial Management Team of the Year 2012". In "2012 Annual Meeting of 21st Century Global Assets Management & The Fifth China Asset Management Jin Bei Award Ceremony", the company won the "2011-2012 Most Trusted Award" and "2011-2012 Best Risk Control Trust Company".
About China Recycling Energy Corp.
China Recycling Energy Corp. (NASDAQ: CREG or "the Company") is a leading developer of waste energy recycling projects for industrial applications in China. Our waste energy recycling projects allow customers who use substantial amounts of electricity to recapture previously wasted pressure, heat, and gas from their manufacturing processes to generate electricity. We currently offer waste energy recycling systems to companies for use in iron and steel, nonferrous metal, cement, coal and petrochemical plants. We construct our projects at our customer's facility and the electricity produced is used on-site by the customer. We provide an energy-efficient solution aimed at reducing the air pollution and energy shortage problems in China. Our projects capture industrial waste energy to produce low-cost electricity, enabling industrial manufacturers to reduce their energy costs, lower their operating costs and extend the life of primary manufacturing equipment.
The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1 percent of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. Our management and engineering teams have over 20 years of experience in industrial energy recovery in China. For more information about CREG, please visit http://www.creg-cn.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Recycling Energy Corp. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Mr. David Chong
Chief Financial Officer
China Recycling Energy Corp.
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