China Evergreen announces new municipal wastewater contract
Its wholly owned subsidiary Evergreen Asset Group Ltd. has signed an agreement with the municipal government of Hebei Province to undertake a 90,000 m3/day BOT (build, operate, transfer) municipal wastewater treatment facility...
HONG KONG, Jan. 13, 2005 (BUSINESS WIRE) -- China Evergreen Environmental Corp. announced that its wholly owned subsidiary Evergreen Asset Group Ltd. has signed an agreement with the municipal government of Hebei Province to undertake a 90,000 m3/day BOT (build, operate, transfer) municipal wastewater treatment facility.
The Hebei Hangdan facility, the first of its kind in Hebei Province, one of China's most populated regions, is scheduled to be completed by the end of 2005 and will generate annual revenues for the group of US$3 million under the BOT contract which has a life of 22 years.
In announcing the agreement, Pu Chongliang, chairman of Evergreen Environmental commented: "The need for adequate municipal and industrial wastewater treatment in the heavily populated areas of China as industrial development continues, has become the number one priority for the local government in China. Our track record as a pioneer in this business and reputation for efficiency and technological superiority ensured that Hebei Province came to us when the project was proposed. As the leading designer, engineer and developer of wastewater treatment facilities in China, Evergreen has successfully completed 11 projects since 1999 and currently has an order backlog of over US$50 million for both turnkey and BOT projects."
Hong Kong-based Evergreen Asset Group Ltd. was established in May 2004 as an investment holding company in the wastewater treatment business in the People's Republic of China. The group has successfully developed its own proprietary MHA Biological Treatment Process Technology and GM Bio-Carriers for improved efficiency of wastewater treatment processes. Through its four majority-owned subsidiaries dating back to 1999, it provides wastewater turnkey engineering, equipment and biotechnological distribution -- including its development, management and operation of five water treatment facilities thorugh BOT (build, operate and transfer) arrangements with the Chinese government to a range of industrial companies and municipalities. EAG was acquired by Discovery Investments Ltd. in October 2004, which then changed its name to China Evergreen Environmental Corp.