DALIAN, China, April 26, 2011 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTCQB: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced that its 70%-owned subsidiary, Dalian Zhuorui Resource Recycling Co., Ltd. ("Zhuorui") has commenced trial operations. The trials will last from thirty to sixty days, after which time management will determine if Zhuorui can commence production.
Zhuorui is engaged in the separation and purification of waste catalysts generated from the oil refinery process. Waste catalysts purchased from oil refineries are utilized by Zhuorui to produce ammonium metavanadate, molybdic acid, and nickel powder. Metals contained in the waste catalyst are a scarce resource and the Company expects a significant increase in the selling prices for Zhuorui's final products. The Company may decide to selectively sell some of those products in fiscal year 2011 depending on market conditions.
"We are very pleased to see commencement of trial operations at Zhuorui and look forward to moving to full production," commented Mr. Jinqing Dong, Chairman and Chief Executive Officer of China Industrial Waste Management. "We expect to officially launch this new revenue producing business unit during fiscal year 2011. This will not only allow us to further diversify our environmental businesses, but also complements our core industrial waste treatment business."
About China Industrial Waste Management
China Industrial Waste Management is a leading environmental services and solutions provider in China. The Company is based in Dalian, Liaoning Province, China and has been engaged in the industrial solid waste treatment business since 1991. Today, the Company is the largest industrial solid waste management enterprise in northeastern China. China Industrial Waste Management's main businesses are industrial solid waste treatment and recycling, municipal sewage and sludge treatment, and environmental protection engineering. For more information, please visit the Company's website (www.chinaciwt.com).
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This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
Mr. Darcy Zhang, Corporate Secretary
CCG Investor Relations:
Mr. Athan Dounis
SOURCE China Industrial Waste Management, Inc.