Euro Tech Holdings Reports Contract Awarded to PACT
Euro Tech Holdings (NASDAQ: CLWT) today announced that its subsidiary, PACT Environmental Technology Company Ltd. ("PACT") has recently been awarded a contract worth about US$2.3 million by a German vehicle components manufacturer in Shenzhen, China. This contract covers design, supply, project management,civil construction, equipment installation, and commissioning of a 1,000 tons per day industrial wastewater treatment plant. BWTS (Ballast Water Treatment System) update:
PACT has passed the BWTS land base test in China in September and has to pass a 6 month sea board test in order to get the necessary certifications before launching the system. PACT is now preparing two (300 cubic meters per hour) BWTS ready for sea board test in November. Ballast water treatment is an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going ships when their ballast water tanks are emptied or refilled. The market potential for retrofits and new installations of BWTS in these old and new ocean-going ships is enormous.
Despite the hardship in last two years and worldwide slowdown economy, Euro Tech continues to invest in the Ballast Water Treatment business and is upbeat about this potential business that will generate steady revenues and incomes based on orders from retrofits and new installations from ships in future.
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