China Energy Savings Subsidiary Signs Distribution Agreement With Subsidiary of Emerson Electric Company
11 October 2005 - 1:00AM
PR Newswire (US)
HONG KONG, Oct. 10 /Xinhua-PRNewswire/ -- China Energy Savings
Technology, Inc. (NASDAQ:CESV), a leading provider of energy saving
products in China, announced today that its wholly-owned Chinese
subsidiary Shenzhen Dicken Technology Development Ltd. ("SDTD"),
has entered into a distribution agreement with Emerson Network
Energy Co. Ltd. ("Emerson Network"), a subsidiary of Emerson
Electric Company (NYSE:EMR). Under the agreement, China Energy
Savings will distribute Emerson's Invertor Products throughout
China. "Emerson is the leader in low voltage power saver
manufacturing and one of China's biggest foreign parts suppliers,
while SDTD is the leader in the lighting energy saver market in
China," said Sun Li, Chairman & CEO of China Energy Savings.
"The relationship between these two companies will create powerful
synergies. We strongly believe that if two leading companies work
together, we can gain more market share. For this reason, we have
committed to purchase (estimated $6,200,000 USD) in Invertor
Products for distribution over the next 18 months." "Emerson was
either going to be a competitor, supplier or a partner of ours.
Although in the early stages, we are pleased that they have decided
to work with us," added Mr. Sun. "This new strategic relationship
with the leading international power solutions provider
demonstrates our willingness to cooperate with companies from
abroad as well as local industry leaders. China Energy Savings is
already recognized in the country for its innovative energy
management products. We will continue to look for new ways to bring
into the country the best products offered by international energy
companies and will seek new markets overseas to distribute our
products." About Emerson Network Energy Co. Ltd., a subsidiary of
Emerson Electric Company Emerson Network Power Co., Ltd. is a
subsidiary company of American Emerson Electric Company which was
established in 1890 and has been one of the renowned international
companies. It has 28 sales offices and 29 service centers all over
China. St. Louis-based US Emerson Electric Co., was established in
1890 and has been one of the renowned international companies.
Emerson's expertise covers 5 areas: Process Control; Electronics
and Telecommunications; Industrial Automation; Heating, Ventilation
and Air Conditioning; and Appliance and Tools. Its innovative
solutions have been applied in more than 150 countries. Emerson has
60-plus divisions and 110,000 employees worldwide. It has been
named as one of Industry Weekly's notable 100 Best-Managed
Companies for five consecutive years. Emerson was ranked one of
Global Top 500 and realized USD$15.6 billion sales in FY2004, and
was again named one of "America's Most Admired Companies" by
Fortune magazine. About China Energy Savings Technology China
Energy Savings Technology, Inc., through its ownership interest in
Starway Management Limited engages in the development, manufacture,
sale, and distribution of energy-saving products for use in
commercial and industrial settings in the People's Republic of
China. According to test reports by various PRC authorities
including the National Center of Supervision & Inspection on
Electric Light Source Quality (Shanghai) issued in September 2002,
Shenzhen Academy of Metrology & Quality Inspection issued in
December 2002 and approved by the State Quality Supervision
Inspection Department, the energy saving products of Starway's
subsidiaries may provide energy saving rates ranging from
approximately 25% to 45%. The energy saving projects conducted by
Starway's subsidiaries mostly relate to public or street lighting
systems, government administration units, shopping malls,
supermarkets, restaurants, factories and oil fields, etc. There are
small and large-scaled projects: the small-scaled projects relate
to restaurants, shops, small arcades, offices and households
through the sale of equipment, and the large-scaled projects relate
to large shopping malls, supermarkets, factories and public bodies
through the provision and installation of equipment over a term
usually extended for years. Safe Harbor Statement As a cautionary
note to investors, certain matters discussed in this press release
may be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters involve
risks and uncertainties that may cause actual results to differ
materially, including the following: changes in economic
conditions; general competitive factors; the Company's ability to
execute its business model and strategic plans; and the risks
described from time to time in the Company's SEC filings. Contact:
Ed Lewis CEOcast, Inc. Tel: +1-212-732-4300 DATASOURCE: China
Energy Savings Technology, Inc. CONTACT: Ed Lewis, of CEOcast,
Inc., +1-212-732-4300 Web site: http://www.dicjenhitech.com/
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