2nd Nov 2012 07:00
LED International Holdings Limited
("LED" or the "Company")
Supply contract awarded
The Board of Directors of LED is pleased to announce that the Company's subsidiary, Shenzhen Strongbase New Opto-Electronics Technology Co. Ltd. ("Strongbase New"), has been awarded a contract by Xinjiang Hualong Oilfield Technological Limited Liability Company (Ltd.) (the "Purchaser"), based in Karamay, Xinjiang Province, the People's Republic of China, for the supply of one set of reactance filtering equipment installed in and used by one of China National Petroleum Corporation (Xinjiang Oilfield) ("CNPC Xinjiang") in Karamay (the "Contract"). The projected revenue under the Contract to Strongbase New is RMB1,521,000.00 (approximately £152,000.00).
The Purchaser is a Chinese state-owned enterprise in provisioning of services for major oilfields in the country and the Middle Asia. Under the Contract, Strongbase New will fit out CNPC Xinjiang's one of existing power consumption systems (which are based on traditional power generation equipment) in the oilfield with its reactance filtering equipment. It is expected that Strongbase New's reactance filtering equipment will bring about energy consumption savings of at least 10% to CNPC Xinjiang. The Company expects all works to be completed by no later than 1st December 2012, whereby Strongbase New will have received 90% of the payments under the Contract within one year and begin a 3-year warranty period.
LED's CEO, Stephen Chan, commented, "We are very pleased to secure this supply contract of reactance filtering equipment to CNPC Xinjiang, one of the giant state-owned enterprises in the country, that we consider vital to our successful penetration to the emerging energy-savings market together with continuing implementation of energy management contract business model in China."
**Ends**
For further information:
LED International Holdings Limited | |
Stephen Chan - Chief Executive Officer | +852 2243 3100 |
Allenby Capital Limited | |
Nick Naylor / Alex Price | +44 (0) 20 3328 5656 |
Notes to Editors:
LED International Holdings Limited and its subsidiaries specialize in the development, manufacture and sale of low-powered LED screens, outdoor signs, lamps, lighting and building illumination; and high-powered/medium-powered LED energy efficient indoor and outdoor lighting products.
Under EMC contracts, LED fits energy saving products to the customer's premises, including lighting and reactance filtering equipment supplied by LED, and subsequent savings made by the customer in its electricity bills are then shared between LED and the customer thereby enabling the LED to generate recurring revenue rather than one-off sales revenue.
For more information, please visit: http://www.led-intl.com
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