XI'AN, China, May 14 /Xinhua-PRNewswire-FirstCall/ -- China Recycling
Energy Corp. (OTC Bulletin Board: CREG) ("CREG" or "the Company"), a
leading industrial waste-to-energy solution provider in China, today
announced its preliminary financials for the first quarter of 2008 and full
year guidance for fiscal year 2008 and 2009.
In the first quarter of 2008, the Company's total revenue was around
US$ 0.56 million. For the full year of 2008, revenue is expected to be in
the range of US$17 million to US$19 million, and net income to be between
US$4.5 million to US$5 million. For full year 2009, revenue will reach the
range of US$33 million and US$36 million, net income excluding non cash
items will be around US$10 million.
"We are very excited about the growth prospect of our businesses in
China, as more and more industrial companies are under tremendous pressure
with mounting utility bills and tightening pollution regulations," said Mr.
Guangyu Wu, CEO of CREG. "We provide a one-stop solution for many
fast-growing Chinese steel mills and cement factories to improve energy
efficiency and expand recycling program."
The company is scheduled to report the first quarter financial results
on May 15, 2008 after the market closes.
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.
SOURCE China Recycling Energy Corp.
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Related links:
http://www.creg-cn.com
CONTACT:
In China, Mr. Zhigang Wu, Investor Relations,
China Recycling Energy Corp., +86-29-8765-1096, or
tch@creg-cn.com; In the U.S., Mr. Valentine Ding, Investor
Relations, Grayling Global, +1-646-284-9412, or vding@hfgcg.com,
all for China Recycling Energy Corp.
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