China Energy Savings Technology's President Reiterates Comments of Chinese President Hu Jintao's Speech on Energy Consumption
06 Septembre 2005 - 3:45PM
PR Newswire (US)
HONG KONG, Sept. 6 /Xinhua-PRNewswire/ -- China Energy Savings
Technology, Inc. (NASDAQ:CESV) commented today on a recent speech
given by the President of China, Hu Jintao. The speech focused on
ways the country can conserve energy. President Jintao delivered
the speech while presiding over a collective study meeting of the
Political Bureau of the Central Committee of the Communist Party of
China. President Jintao, in the speech, stated that "promoting the
saving of energy and resources should be taken as a priority by the
country and viewed as one of the basic principles the government
should follow in the future." The country's President also outlined
a series of steps necessary to achieve these objectives. First, he
said, China should adjust its economic structure and shift economic
growth in a manner so as to introduce advanced technologies while
promoting the development of high-and-new technology industries and
changing the updated growth mode that features high investment,
high consumption, high pollution and low efficiency. Secondly,
China should accelerate the process of building a technology
support system for energy and resources and enhance the study of
important technologies that may affect the development direction of
the energy and resources industries. Third, he said, the current
consumption structure should be optimized through promoting saving
technologies and reasonable consumption ideas so that people may
consume in a saving-oriented way. He also urged the country to
promote a recycling economy that stresses recycling and clean
production and set up a long term mechanism that saves energy and
resources. "We applaud and fully support President Hu's initiatives
on energy conservation as well as the promotion of energy saving
technologies," said Sun Li, Chairman and CEO of China Energy
Savings Technology. "We were in the energy savings business before
it became a mainstream problem. President Hu's speech not only
validates our current business model, but also provides the support
to encourage government entities and the private sector to utilize
products such as we offer. We will leverage our expertise and
leadership position to continue to bring more and better energy
saving products, renewable energies and solutions to the market
place." "Energy shortage is a global crisis," continued Mr. Li, "In
the United States, President George Bush just signed the Energy
Policy Act of 2005 which provides great economic incentives to
businesses and consumers to encourage conservation and energy
efficiency as well as to expand the use of alternative and
renewable energy. President Hu's speech attempts to address similar
issues in China, and we hope that a government policy encouraging
energy savings in the same manner as the U.S. will be launched very
soon in China. That will further enhance the demand for our
electricity saving products, and encourage us to venture into other
energy saving areas. The strong support from the Chinese
government, as demonstrated by President Hu's speech, highlights
the important role that our products will play in the future in
helping China conserve energy." About China Energy Savings
Technology China Energy Savings Technology, Inc., through its 100%
ownership 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. For more information, please contact: Tel:
+1-480-902-3110 Web: http://www.cesv-inc.com/ Email: Ed Lewis
CEOcast, Inc. Tel: +1-212-732-4300 DATASOURCE: China Energy Savings
Technology, Inc. CONTACT: China Energy Savings Technology, Inc.,
+1-480-902-3110, ; or Ed Lewis of CEOcast, Inc., +1-212-732-4300
Web site: http://www.cesv-inc.com/
Copyright