PINGDINGSHAN, China,
June 1, 2016 /PRNewswire/ --
Yulong Eco-Materials Limited (NasdaqCM: YECO), an
eco-friendly building products and construction waste management
company, today announced that it received four new assignments
to recycle construction waste in four villages in Zhengdong New District of Zhengzhou City, the provincial capital of
Henan Province.
As the original agreement signed with the district's Municipal
Construction Office in 2015 intends, Yulong is to provide
construction waste recycling service for all the District's 28
administrative villages.
Yulong expects to recycle approximately 1.55 million cubic
meters of construction waste with the new assignments, and generate
approximately $3 million in revenue,
in 6 months. To service the assignments, the Company is utilizing 3
mobile recycling stations, each with designed annual processing
capacity of two million metric tons.
Once recycled, the Company estimates to generate approximately
$3 million of additional revenue from
the sale of the recycled aggregates to local construction
companies. Of note, the recently published new technical code
by the provincial authority, which standardizes the use of recycled
construction waste for roadbed construction, gives Yulong a great
opportunity to sell its recycled aggregates as roadbed materials
for highways, expressways and other high quality road paving
projects in Henan.
The district's Municipal Construction Office expects all its 28
villages to generate more than 15 million cubic meters of
construction waste. If all 28 villages are assigned to
and serviced by Yulong, this project can potentially generate over
$35 million in revenue from waste
recycling, plus additional revenue from the sale of the
recycled aggregate. Thus far, the Company has recycled
approximately 1.1 million metric tons of construction waste from
three villages where the recycling services have been
completed.
Yulong Zhu, the Company's CEO
noted, "When we signed the agreement with the district's Municipal
Construction Office in 2015, our goal was to receive assignments to
provide recycling services to six of the district's villages before
the end of fiscal 2016. We have now obtained assignments to
recycle construction waste from seven villages, one more than our
original plan, and we have already completed our recycling work in
three of these villages. We will continue to offer local government
very cost effective and environmental friendly solutions to manage
and reduce construction waste that is taking up land resources,
polluting underground water and affecting quality of life."
About Yulong Eco-Materials
Yulong is a vertically integrated manufacturer of eco-friendly
building products and a construction waste management company
located in the city of Pingdingshan in Henan Province, China. The Company is currently Pingdingshan's
leading producer of fly-ash bricks and concrete as well as the
exclusive provider of construction waste management services for
the cities of Pingdingshan and Shangqiu.
Forward-Looking Statements
This press release contains forward-looking statements,
particularly as related to, among other things, the business plans
of the Company, statements relating to goals, plans and projections
regarding the Company's financial position and business strategy.
The words or phrases "plans," "would be," "will allow," "intends
to," "may result," "are expected to," "will continue,"
"anticipates," "expects," "estimate," "project," "indicate,"
"could," "potentially," "should," "believe," "think," "considers"
or similar expressions are intended to identify "forward-looking
statements." These forward-looking statements fall within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934 and are subject to the safe
harbor created by these sections. Actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of risks and uncertainties. Such
forward-looking statements are based on current expectations,
involve known and unknown risks, a reliance on third parties for
information, transactions or orders that may be cancelled, and
other factors that may cause our actual results, performance or
achievements, or developments in our industry, to differ materially
from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially from anticipated results
include risks and uncertainties related to the fluctuation of
local, regional, and global economic conditions, the performance of
management and our employees, our ability to obtain financing,
competition, general economic conditions and other factors that are
detailed in our periodic reports and on documents we file from time
to time with the Securities and Exchange Commission. Statements
made herein are as of the date of this press release and should not
be relied upon as of any subsequent date, and the Company
specifically disclaims any obligation, to update any
forward-looking statements to reflect occurrences, developments,
unanticipated events or circumstances after the date of such
statement.
Contact:
Investor Relations Counsel:
The Equity Group
Inc.
Lena Cati
Vice President
212-836-9611 / lcati@equityny.com
www.theequitygroup.com
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SOURCE Yulong Eco-Materials Limited