Andatee China Marine Fuel Service Entered Into a 10-Year Energy Performance Contracting (EPC) Agreement in Clean Energy Segme...
27 August 2014 - 11:02PM
Andatee China Marine Fuel Service Corporation
(Nasdaq:AMCF) ("AMCF" or "the Company"), a leading independent
operator engaged in the production, storage, distribution, trading
of blended marine fuel oil for cargo and fishing vessels, as well
as research and development of clean energy solution in China,
today announced that its recently acquired subsidiary, Qingdao
Grand New Energy Co., Ltd. ("Qingdao Grand"), a clean energy
solution provider, entered into an Energy Performance Contracting
(EPC) agreement with Qinghai Sensheng Salt Mining Co., Ltd.
("Qinghai Sensheng"). Qingdao Grand will provide a complete set of
pneumatic water-pump system, developed by Qingdao Grand based on
its patented clean energy technologies, to help with Qinghai
Sensheng's saline lake mine development. This is the first clean
energy EPC project that AMCF signed since it acquired Qingdao Grand
in May 2014.
The Qinghai Sensheng saline lake mining project is located in a
remote area of Qinghai province in China. There is no power grid
available in the mining area. The self-developed pneumatic
water-pump system from Qingdao Grand utilizes available alternative
energy resources, such as solar and wind energy to generate the
compressed air which can be used to power mining equipment. This
EPC project, which requires a total investment of approximately US
$330,000, has an initial term of 10 years with an option to extend
if the project goes well. The construction period of the project is
around two months, and when complete, it will produce no less than
3 million cubic meters (approximately 792 million gallons) of
extraction water every year. The Company expects the payback period
of the project to be around 3 years. The pneumatic water-pump
system has been demonstrated to be safe, clean, low consumption and
zero emission during the operation. The project is expected to be
an effective means for Qinghai Sensheng to improve the efficiency
and cut the cost during the production.
Mr. Wang Hao, Chairman and CEO of AMCF, commented, "We are
delighted to sign this 10-year contract with Qinghai Sensheng after
our recent acquisition of Qingdao Grand. It is a significant
milestone for us in the exploration and development of the clean
energy application segment. The self-developed pneumatic water-pump
system is centered around our proprietary air compression and
storage technology. Our technology not only provides safe and clean
energy solution with zero emission, but also allows our customers
to cut operation costs as well as improve efficiency. We believe
that our technology can be used in many areas, such as pneumatic
oil-pump system, farmland irrigation system and distributed
electricity power generation system." Mr. Wang concluded, "We hope
this cooperation with Qinghai Sensheng is just the beginning of
many more contracts of this nature with our potential clients. I
also believe that the management's decision to expand into clean
technology space will generate consistent and long-term benefits
for our shareholders."
About Andatee China Marine Fuel Services Corporation,
Inc.
Andatee China Marine Fuel Services Corporation, through its
subsidiaries, engages in the production, storage, distribution, and
trading of blended marine fuel oil for cargo and fishing vessels,
as well as research and development of clean energy solution in the
People's Republic of China. It also produces customer specific
products using its proprietary blending technology. The company
sells its products through distributors to retail customers in
Tianjin City, Liaoning, Shandong, Jiangsu, and Zhejiang Provinces.
Andatee China Marine Fuel Services Corporation is based in Dalian,
the People's Republic of China.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." 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,"
"anticipates", "expects" or similar expressions, involving known
and unknown risks and uncertainties including, among others, our
estimates of the Company's ability to enter, establish and
capitalize on market opportunities in the green energy sector, our
ability to effectively incorporate a new business line into our
existing business model, our estimates of the Company's ability to
attain and sustain growth in 2014 and beyond. 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.
These forward-looking statements are based upon our current
expectations and projections about future events and generally
relate to our plans, objectives and expectations for the
development of our business. Although management believes that the
plans and objectives reflected in or suggested by these
forward-looking statements are reasonable, all forward-looking
statements involve risks and uncertainties and actual future
results may be materially different from the plans, objectives and
expectations expressed in this press release. Accordingly,
investors should not place any reliance on forward-looking
statements as a prediction of actual results. You 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 the risk factors discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on the SEC's website (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 risk factors. Other than as required under the securities
laws, the Company does not assume a duty to update these
forward-looking statements.
CONTACT: Thomas Yang
Andatee Marine Fuel Services Corporation Limited
Unit C, No. 68 West Binhai Road, Xigang District
Dalian Liaoning, China
Phone: 011-86411-8240-8219
Facsimile: 011-86411-8368-8835
Website: www.andatee.com