05-01-2015

Cleantech Solutions receives $13M equipment order for chemical project in Xinjiang

Cleantech Solutions International, Inc, a manufacturer of metal components and assemblies used in in various manufacturing industries, including clean technology, textile dyeing and finishing machines, and oil and gas refineries, today announced that its operating company, Wuxi Huayang Heavy Industries, Co., Ltd, formerly known as Wuxi Huayang Electrical Power Equipment Co., Ltd., a variable interest entity whose financial results are consolidated with those of the Company, received a purchase order in late December for a purchase price of RMB80.5 million (approximately $13M) from a large state-owned enterprise based in Xinjiang, China. The purchase order covers parts and equipment including washing, distillation, purifying, dehydration, refining and other columns, along with storage containers, heat exchangers and carbonation reactors that will be used in a large scale project that transforms glycol calcium carbide furnace tail gas into ethylene glycol.

Pursuant to the purchase order, Heavy Industries received an advance payment of approximately RMB8.1 million ($1.3M), or 10% of the purchase price, will receive an additional 80% of the purchase price upon delivery, and will receive the remaining 10% within six months of delivery provided that there are no technical problems with the equipment. The Company expects to begin delivering the equipment in April 2015.

"We are excited to start the year by expanding our geographic footprint into Xinjiang. We believe that this new order from a large state-owned enterprise for a major chemical project reflects our growing reputation as a high quality supplier of precision products for manufacturers in a broad range of industries throughout China," said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions.