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8-K - CHINA RECYCLING ENERGY CORP | v177576_8k.htm |
Exhibit 99.1
China
Recycling Energy Corp. Announces Second Expansion of the Low Carbon
Fortune-Energy Recycling No. 1 Collective Capital Trust Plan to Raise $13.69
million
XI'AN,
China, March 16, 2010 -- China Recycling Energy Corp. (OTC Bulletin Board: CREG;
"CREG" or "the Company"), a leading industrial waste-to-energy solution provider
in China, announces the second expansion of the Low Carbon Fortune-Energy
Recycling No. 1 Collective Capital Trust Plan (“Plan”) by Beijing International
Trust Co., Ltd. (“Beijing Trust”), to raise up to 93,120,000 yuan (approximately
$13.69 million) of loan capital to support the Company’s Erdos power generation
projects.
This
expansion is in addition to the 25,000,000 yuan (approximately $3.68 million)
raised on December 18, 2009 during the first expansion of the Plan, and RMB
181,880,000 yuan (approximately $26.75 million) raised on December 3, 2009 upon
the establishment of the Plan.
The
second expansion of the Plan intends to raise up to 93,120,000 yuan
(approximately $13.69 million) in a three phase period, beginning March 11,2010
and ending June 3, 2010.
The
money, if raised, will be a part of the capital trust loan agreement entered
into between Beijing International Trust Co., Ltd. and Erdos TCH Energy Saving
Development Co., Ltd (“Erdos TCH”), a joint venture between Xi’an TCH Energy
Technology Co., Ltd, a subsidiary of the Company, and Erdos Metallurgy Co., Ltd.
on November 19, 2009.
Beijing
Trust will lend the money to Erdos TCH for its waste heat power generation
project phase II and phase III construction and operation, through which Erdos
TCH will recycle heat from groups of furnaces of Erdos Metallurgy’s metal
refining plants to generate power and steam, which will then be sold back to
Erdos Metallurgy Co., Ltd.
About
China Recycling Energy Corp.
China
Recycling Energy Corp. (OTCBB: CREG.OB; "CREG" or "the Company") is based in
Xi’an, China
and provides environmentally friendly waste-to-energy technologies to recycle
industrial byproducts for steel mills, cement factories and coke plants in
China. Byproducts include heat, steam, pressure, and exhaust to generate large
amounts of lower-cost electricity and reduce the need for outside electrical
sources. 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% 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. The 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:
In
China:
Mr. Leo
Wu
Investor
Relations
China
Recycling Energy Corp.
Tel:
86-29-8765-1097
Email:
tch@creg-cn.com
In
USA:
Mr.
Howard Gostfrand
American
Capital Ventures, Inc.
Tel:
305-918-7000
Email:
hg@amcapventures.com
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