SHENYANG, China, Aug. 28, 2008 (GLOBE NEWSWIRE) -- NF Energy Saving Corporation of America (OTCBB:NFES), a manufacturer of energy saving equipment and a provider of integrated energy conservation solutions, today announced that the Company has been commissioned by Liaoning Provincial Economic Committee to promote high-efficiency energy saving lamps to end users in Liaoning Province. This indicates Chinese government's endorsement of NFES' leading position in China's energy-saving industry and also creates a new source of revenue for NFES.
As an important part of China's energy saving and pollution reduction policies, the Chinese government plans to install 150 million pieces of high-efficiency energy saving lamps to replace incandescent lamps and other low-efficiency lighting products nationwide during the years 2006 through 2010, or the "Eleventh Five-Year Plan" period. According to the latest statistics, the high-efficiency lighting products are able to reduce electric power costs of 60% to 80% and last 4 to 6 times longer. The installation of 150 million high-efficiency energy saving lamps will result in a reduction of national annual electric power consumption by 29 billion kilowatts, carbon dioxide annual emission by over 29 million tons, and sulfur dioxide annual emission by 290 thousand tons. The government will provide 30% rebate to bulk purchasers and 50% rebate to general citizens.
In 2008, the promotional target of the Chinese government is 50 million high-efficiency energy saving lamps nationwide, and Liaoning provincial government will promote the use of 1 million such energy saving lamps in Liaoning province. NFES is commissioned by Liaoning government to promote 500,000 energy saving lamps to the general public in Liaoning province, which will generate sales revenue of US$685,000 in the Company. Currently, the Company has achieved sales agreements for over 95% of the 500,000 lamps.
"We are honored to be commissioned by Liaoning Provincial Economic Committee to promote high-efficiency energy saving lamps in Liaoning province. This indicates that the government regards our leading position in the energy saving industry," said Mr. Gang Li, the Chairman and CEO of the Company. "Energy conservation and pollution reduction is one of the most important tasks for the Chinese government. China's energy saving market is huge. As one of the earliest energy saving solution providers in China, our Company will try our best to engage in the Chinese government's energy conservation and pollution reduction work. I believe this work will increase our energy saving business and bring returns to our shareholders and investors."
About NF Energy Saving Corporation of America
Website: www.nfenergy.com
NF Energy Saving Corp of America (OTCBB:NFES) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving service to clients. Headquartered in Shenyang city of China, the Company currently has 220 employees and several proprietary energy saving technologies and patents. The management team of the Company has over 10 years of EMC project experience and has completed over 300 successful energy-saving projects.
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