China Recycling Energy Corp. Announces the Completion of Additional US $3.68 Million for Total of US$30.43 Million in Loan Capit
2009年12月30日 - 10:00PM
PRニュース・ワイアー (英語)
XI'AN, China, Dec. 30 /PRNewswire-Asia-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 the additional successful raise of RMB
25,000,000 yuan (approximately US$3.68 million) on December 18,
2009, in loan support for the Company's Erdos Power Generation
Project. This is in addition to the RMB 181,880,000 yuan
(approximately US$26.75 million) raised on December 3, 2009. The
capital raise marked the completion of the first expansion of the
Low Carbon Fortune-Energy Recycling No. 1 Collective Capital Trust
Plan ("First Expansion of the Plan") by Beijing International Trust
Co., Ltd. ("Beijing Trust") as announced in a press release issued
by China Recycling Energy Corporation on December 8, 2009. Beijing
Trust raised 25,000,000 yuan (approximately US$ 3.68 million)
through the sale of 25,000,000 trust units sold at 1 yuan per unit
which included 20,000,000 category A1 preferred trust units
(approximately US$ 2.94 million) and 5,000,000 category B2
secondary trust units (approximately US$ 0.74 million). The B2
units have been purchased by Xi'an TCH. All amounts raised under
the first expansion are to be loaned to Erdos TCH Energy Saving
Development Co., Ltd ("Erdos TCH"), a joint venture between Xi'an
TCH Energy Technology Co., Ltd. ("Xi'an TCH"), a subsidiary of the
Company and Erdos Metallurgy Co., Ltd. The loan is a part of the
Capital Trust Loan Agreement (the "Agreement") entered into by
Erdos TCH and Beijing Trust on November 19, 2009, and it took
effect on December 3, 2009. Under the Agreement, Beijing Trust will
lend the capital 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. Mr. Guohua Ku,
Chairman and CEO of CREG, commented, "We are very pleased to have
completed the first expansion of the Beijing Trust Agreement with
this additional successful capital raise of US $3.68 Million. This
financing arrangement will allow us to continue the planned rollout
of additional projects with Erdos." 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: In USA: Mr. Howard Gostfrand American
Capital Ventures, Inc. Tel: +1-305-918-7000 Email: DATASOURCE:
China Recycling Energy Corp. CONTACT: In China: Leo Wu, Investor
Relations, China Recycling Energy Corp., +86-29-8765-1097, ; In
USA: Howard Gostfrand, American Capital Ventures, Inc.,
+1-305-918-7000, Web site: http://www.creg-cn.com/
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