NEW YORK and HARBIN, China, Sept. 2, 2010 (GLOBE NEWSWIRE) -- American Jianye Greentech Holdings, Ltd. (OTCBB:AJGH), a leading China-based developer, manufacturer and distributor of alcohol-based automobile fuels and civil-use fuels, including methanol, ethanol, and blended fuels, today announced plans to build a second waste conversion facility, this one based in Harbin, China, that will convert municipal waste, construction waste, plant waste and sewage sludge into alcohol-based fuel.
Mr. Haipeng Wang, Chairman and Chief Executive Officer, stated, "We are pleased to announce that we have signed a Memorandum of Understanding with the government of Harbin to build a waste treatment and conversion facility to produce environmentally friendly, alcohol-based clean fuel. We appreciate the trust that the government has placed in our operations and technology. Our management team looks forward to expanding our operations to include the safe and efficient conversion of waste into clean fuel to power Harbin."
Mr. Haipeng Wang continued, "This facility will enable us to produce substantial quantities of ethanol, a key material used in our alcohol-based clean fuels. We are able to produce this ethanol from municipal waste, organic materials, sewage, and sludge. We are well equipped to undertake this project given our strong government support, our research team with 28 experts in the field, and our proven track record in the industry. We believe these factors combined will help to ensure the success of this exciting project."
According to the Memorandum of Understanding, the local government will arrange a U.S. $75 million dollar loan for the construction of the operations center. The new facility will be capable of treating 500,000 tons of waste per year and 450,000 tons of sewage sludge per year, while generating 100,000 tons of alcohol-based fuel and 20MW of power every year. At this rate of production, the conversion facility is expected to generate revenue in excess of U.S. $100 million per year. The facility is projected to take 18 months to complete. American Jianye will supervise the entire project, and will then operate the facility after it is completed.
Mr. Haipeng Wang continued, "Our planned Fujian waste conversion facility remains on track, yet we expect to complete this Harbin facility even sooner. Once complete, this will be the first waste conversion facility in China capable of converting garbage, sludge, and sewage into alcohol-based clean fuel. Moreover, our alcohol-based fuels burn with higher efficiency and significantly lower toxic waste emissions than unleaded gasoline. We are very excited about the significant revenue stream that will result from this new facility."
About American Jianye Greentech Holdings
American Jianye Greentech Holdings, headquartered in Harbin, China, is a leading developer, manufacturer and distributor of alcohol-based fuel. The company's alcohol-based fuels burn with higher efficiency and significantly lower toxic waste emissions than unleaded gasoline. The unique combination of catalysts in the fuel enhance fuel octane rating and engine power, inhibit the premature oxidation of the fuel, help remove sediment in the carburetor, and prevent the erosion of the engine cylinder surface. Additional information about the company is available at: www.americanjianyegroup.com.
This press release contains certain "forward-looking statements" relating to the business of the Company. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors 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 those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.