Subsidiary of ReTo Eco-Solutions Wins Bid to Develop RMB1.318 Billion EOD Project
Source: PR Newswire (US)
BEIJING, Aug. 9, 2022 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (Nasdaq: RETO) (the "Company") today announced that the consortium led by the Company's subsidiary REIT Ecological Technology Co., Ltd. ("REIT Eco") has won the bid for the Longxi County Comprehensive Land Management and Logistics Zone (Yangjia River Band) EOD Project, an ecological oriented development project in Longxi County, Gansu Province, China(the "EOD Project").
Pursuant to the bidding documents, the EOD Project involves a total investment of RMB1.318 billion (approximately $195.02 million). REIT Eco and Hainan Shiyuan Tongda Private Equity Fund Management Co., Ltd. will jointly establish a project company in Longxi County, which will be responsible for the investment and financing, project management and operation, and other work required to complete the EOD Project. ReTo and the other shareholder of the project company are expected to receive an annualized return of 12% on their total investment at the end of the three year term of the EOD project.
The EOD Project mainly consists of three parts. First part includes land reclamation and supporting rural road construction, which involves a total of ten sub-projects that span 60,000 mu (approximately 9,884 acres) of land across the Longxi County. The second part involves land acquisition for the Logistics Zone (Yangjia River Band). The third part includes work on land development and municipal infrastructure construction that ensure water and electricity supply, road and communication establishment as well as drainage and other needed land leveling works.
Mr. Hengfang Li, Chairman and CEO of the Company commented, "The Company has been working for many years in the fields of comprehensive land management, soil remediation, mine ecological restoration, solid waste utilization, sewage treatment and domestic waste treatment. With our business growth, the Company strives to become a provider of leading intelligent environmental and ecological solutions and operation services in China."
About ReTo Eco-Solutions, Inc.
Founded in 1999, ReTo Eco-Solutions, Inc., through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company offers a full range of products and services, ranging from the production of environmentally-friendly construction materials, environmental protection equipment, and manufacturing equipment used to produce environmentally-friendly construction materials, to project consulting, design, and installation for the improvement of ecological environments, such as ecological soil restoration through solid waste treatment. Through its subsidiary Hainan REIT Mingde Investment Holding Co., Ltd. and Hainan Yile IoT Technology Co., Ltd., a high-tech enterprise in Hainan Province, the Company provides roadside assistance services to drivers within Hainan Province through its network of tow providers, automotive repair services and other service providers, and is also engaged in the design, development and sales of customized software solutions. For more information, please visit: http://en.retoeco.com.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development such as the implementation of the EOD Project, including its anticipated investment amount and return; product and service demand and acceptance; changes in technology; economic conditions; the growth of the construction industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the "SEC"). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
ReTo Eco-Solutions, Inc.
Angela Hu
Beijing Phone: +86-010-64827328
ir@retoeco.com or 310@reit.cc
Cision View original content:https://www.prnewswire.com/news-releases/subsidiary-of-reto-eco-solutions-wins-bid-to-develop-rmb1-318-billion-eod-project-301602375.html
SOURCE ReTo Eco-Solutions, Inc.
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