HONG KONG, Feb. 13, 2018 /PRNewswire/ -- Euro Tech Holdings
Company Limited (Nasdaq: CLWT) today reported that on 14 August 2017, Blue Sky announced that due to
plans for certain major events, its shares (stock code: 833772)
would be suspended from trading on the New Third Board from
15 August 2017 until 14 November
2017. On 13 November 2017, Blue
Sky further announced that as the major events were still pending,
its shares would continue to be suspended from trading until 13
February 2018. On 1 February
2018, Blue Sky announced that its shares would resume
trading on the New Third Board on 2 February
2018.
At the first General Meeting of 2018 of Blue Sky's shareholders
held on 25 January 2018, it was
resolved that Blue Sky should sell all of its shareholding in its
wholly-owned subsidiary, Zhejiang Tianlan Environmental Engineering
Limited ('Blue Sky Engineering') to two of Blue Sky's
shareholders including the major shareholder. After the General
Meeting, some shareholders and shareholders' representatives
(including the Company) expressed disagreement to the sale, for the
reason inter alia that, Blue Sky Engineering holds an Engineering
Design Qualification Certificate (Class A) ('Engineering
Certificate') in the PRC, and if disposed, Blue Sky would cease
to have the benefit of the Engineering Certificate and be rendered
unable to conduct any engineering design business to the detriment
of Blue Sky.
In light of such disagreement, management of Blue Sky sought the
views of shareholders; and some shareholders and shareholders'
representatives (including the Company) indicated preference for
the termination of the disposal of Blue Sky Engineering. As a
result, the secretary of the board of directors has informed the
Company that Blue Sky would consult the related professional
parties and duly decide and resolve upon this matter in accordance
with the law.
About Blue Sky
Zhejiang Tianlan Environmental Protection Technology Co. Ltd.,
("Blue Sky"), an affiliate of the Company, found in 2000, is a fast
growing company which provides a comprehensive service for design,
general contract, equipment manufacturing, installation, testing
and operation management of the treatment of waste gases emitted
from various boilers and industrial furnaces of power plants, steel
works and chemical plants. Its shares have been listed on the New
Third Board in the People's Republic
of China ("PRC") in November
2015. The New Third Board is a national over-the-counter
market in the PRC regulated by China Securities Regulatory
Commission, and managed by the National Equities Exchange and
Quotations, which serves as a platform for the sale of existing
shares or directed share placements for small and medium-sized
enterprises.
Certain statements in this news release regarding the Company's
expectations, estimates, present view of circumstances or events,
and statements containing words such as estimates, anticipates,
intends, or expects, or words of similar import, constitute forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements indicate uncertainty
and the Company can give no assurance with regard to actual
outcomes. Specific risk factors may include, without limitation,
having the Company's offices and operations situated in
Hong Kong and mainland
China, doing business in
China, competing with Chinese
manufactured products, competing with the Company's own suppliers,
dependence on vendors, and lack of long term written agreements
with suppliers and customers, development of new products, entering
new markets, possible downturns in business conditions, increased
competition, loss of significant customers, availability of
qualified personnel, negotiating definitive agreements, new
marketing efforts and the timely development of resources. See the
"Risk Factor" discussions in the Company's filings with the
Securities and Exchange Commission, including its Annual Report on
Form 20-F for its fiscal year ended December
31, 2016.
CONTACT:
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Euro Tech Holdings
Company Limited, Hong Kong
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T.C. Leung, Chairman
and CEO, or
|
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Jerry Wong,
CFO
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Tel:
852-2814-0311
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Fax:
852-2873-4887
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|
Website:
http://www.euro-tech.com
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SOURCE Euro Tech Holdings Company Limited