XI'AN, China, Sept. 18, 2013 /PRNewswire-FirstCall/ -- China Recycling Energy Corp. (NASDAQ: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced that it has entered a strategic cooperation agreement (the "Cooperation Agreement") with China Guangdong Nuclear (CGN) Energy Service Co., Ltd. in recycling energy projects.
CGN Energy Service Co., Ltd. and the Company intend to invest in selected constructing projects and are willing to jointly develop more recycling energy projects. Both parties will have regular communication, share projects, and work on equity cooperation plans.
"We are happy to build up such a strategic partnership with CGN Energy Service Co., Ltd. We believe that such communication and cooperation will benefit us with more forward-looking vision and being more competitive in recycling energy markets," commented Mr. Guohua Ku, Chairman and CEO of CREG.
About China Recycling Energy Corp.
China Recycling Energy Corp. (NASDAQ: 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 percent 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.
About CGN Energy Service Co., Ltd.
CGN Energy Service Co., Ltd. was established in October 2010, a wholly subsidiary of a very large state-owned enterprise and clean energy group, China Guangdong Nuclear Power Holding Co., Ltd. with a registered capital of RMB 10.2 billion. CGN Energy Service Co., Ltd. is engaged in providing services of energy saving, emission reduction, and efficient energy utilization across China and even the world, intends to satisfy the requirement nowadays for energy saving and environmental protection of the government and enterprises. CGN Energy Service Co., Ltd. is the deputy chairman of the ESCO Committee of China Energy Conservation Association, and it is recorded at the National Development and Reform Commission and the Ministry of Finance of the People's Republic of China.
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:
Mr. David Chong
Chief Financial Officer
China Recycling Energy Corp.
SOURCE China Recycling Energy Corp.
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