GUANGZHOU, China, June 28, 2005 (BUSINESS WIRE) -- China Evergreen Environmental Corp. announced the completion of a 20,000 ton per day municipal wastewater treatment facility in Hai Yang City of Shandong Province. The project, contracted on a build-operate-transfer (BOT) basis was completed, on time and within cost parameters, at a total investment of $3.6 million and will generate average revenue of $600,000-650,000 per annum over the total project life of 22 years.
In announcing completion of the project, Mr. Pu Chongliang, chairman of Evergreen commented, "Completion of the HaiYang project is further reflection of our ability to undertake and complete complex water treatment facilities on a cost efficient and timely basis. The pressure on municipalities in China to accelerate the treatment of waste water reflects the enormous environmental needs being created as a result of economic growth and the high levels of urbanization taking place. China Evergreen has consolidated its position as one of China's leading environmental technology groups and stands to benefit from this growth."
From May 1999 until April 2004 when he rose to Evergreen's leadership, Pu was CEO and general manager of Guangdong Xinxinmei Environmental Protection Company, a majority-owned subsidiary of Evergreen.
Pu continued, "In addition to HaiYang, the company is currently involved in two additional BOT projects, one of which is scheduled for completion and commissioning in August, as well as turnkey facilities in Guangdong Province. The company currently has a pipeline of 10 BOT and turnkey projects and has entered into two arrangements to acquire existing BOT projects in Henan Province with a total processing capacity of 130,000 tons/day."
"Given the strength of our project pipeline and revenue coming on stream over the rest of the year, we are confident that our strong financial performance over the past two years will be continued." Pu concluded.
Established in May 2004, Evergreen Asset Group Ltd, organized as a business in the British Virgin Islands, is a leading designer, engineer and developer of wastewater treatment facilities in China. With its proprietary technology resources and project management experience, the company provides both turnkey and BOT (build-operate-transfer) services to a range of industrial companies and municipalities throughout China. The holding company has four majority-owned subsidiaries, Guangdong Xinxinmei Environmental Protection Co. Ltd., Beijing Haotai Shiyuan Water Purification Co. Ltd., Shangdong Haiyang Shenshi Environmental Protection Co. Ltd. and Xianyang Beicheng Water Purification Co. Ltd.
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