BAODING, China, April 7, 2021 /PRNewswire/ -- IT Tech Packaging,
Inc. (NYSE American: ITP) ("ITP" or "the Company"), a leading
manufacturer and distributor of diversified paper products in
North China, today announced that
it has obtained qualification to supply central heating in
industrial parks after month-long review process for its combined
heat and power generation project utilizing bio mass technology
("Biomass CHP Project").
ITP completed procurement bidding process in February 2021 for its Biomass CHP Project. Tai
Shan Group Co., Ltd., a top boiler manufacturer in China, won the bid. Construction works on the
site have been commenced. With successful operation, the project is
expected to generate annual electricity output of 56.45 million
kw/h, supply annual electricity of 46.29 million kw/h and generate
annual heating steam of 521,100 tons, which are sufficient to meet
the Company's internal power and gas demand for paper production,
as well as to supply industrial gas to enterprises operating in the
industrial parks and to supply heating and electricity to nearby
residential compounds that we expect to bring in significant
revenues to ITP. The Company expects to generate revenue of
RMB114.64 million (approximately
$17.5 million) per year based on the
heating steam's current market price of RMB220 per ton. If the project is connected to
nearby grids , the Company expects to generate RMB42.33 million (approximately $6.5 million ) in revenue per year based on
RMB0.75 kw/h market price of biomass
electricity, according to biomass electricity pricing policies set
by China National Development and Reform Commission. In total, we
estimate to generate an annual revenue of RMB157 million (approximately $24 million) through the Biomass CHP Project.
Mr. Zhenyong Liu, CEO and Chairman of the Company
commented, "For the Biomass CHP Project we make use of biomass
resources (mainly crop straw, forestry waste and pulp residues) for
power generation and heating, which greatly promotes the
development and utilization of renewable resources. The goal is to
help solve problems related to energy shortage, environmental
protection and workforce employment. The renewable energy also fall
under key industries that China
plans to develop. In addition, through the project the Company
expects to expand its business to include high and new technology
business that facilitates environmental protection and diversify
our sources of revenue and ensure our stable modes of
profit-making."
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading
manufacturer and distributor of diversified paper products in
North China. Using recycled paper
as its primary raw material (with the exception of its tissue paper
products), ITP produces and distributes three categories of paper
products: corrugating medium paper, offset printing paper and
tissue paper products. With production based in Baoding and Xingtai
in North China's Hebei Province, ITP is located strategically
close to the Beijing and
Tianjin region, home to a growing
base of industrial and manufacturing activities and one of the
largest markets for paper products consumption in the country. ITP
has been listed on the NYSE American since December 2009.
Safe Harbor Statements
This press release may contain forward-looking statements.
These forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated, including risks outlined in
the Company's public filings with the Securities and Exchange
Commission, including the Company's latest annual report on Form
10-K. All information provided in this press release speaks as of
the date hereof. Except as otherwise required by law, the Company
undertakes no obligation to update or revise its forward-looking
statements.
For more information, please contact:
At the Company Email:
ir@itpackaging.cn
Tel: +86 0312 8698215
Investor Relations:
Janice Wang
+86-138-1176-8559
+1-908-510-2351
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com
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SOURCE IT Tech Packaging, Inc.