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Oct 1 - Tri Tech Issues $7.89 Million in Corporate Bonds
http://finance.yahoo.com/news/tri-tech-issues-7-89-130000224.html
Sep 14 Tech Holding Wins Multiple Contracts in Water, Wastewater Treatment and Pollution Control
http://finance.yahoo.com/news/tri-tech-holding-wins-multiple-130000598.html
I like TRIT, always watching closely.
Bought TRIT this week @6.30 chart has turned bearish short term. Fundamentals look solid and it looks like 2 Americans are on the board.
Also how many low float/low volume Chinese companies have bought a US based co... TRIT bought J&Y Water co. based in Wisconsin last year.
With such a low float and weak volume might have to wait. All the groups that look for Chinese fraud like Muddy Waters,GeoInvesting and Citron have never found anything negative on this co. ,,from what I can tell ..
<<< $TRIT Links! >>> ~ MAC's Quick DD Links without the charts.
PennyStockTweets ~ http://www.pennystocktweets.com/stocks/profile/TRIT
OTC Markets Company Info ~ http://www.otcmarkets.com/stock/TRIT/company-info
OTC Markets Charts ~ http://www.otcmarkets.com/stock/TRIT/chart
OTC Markets Quote ~ http://www.otcmarkets.com/stock/TRIT/quote
OTC Markets News ~ http://www.otcmarkets.com/stock/TRIT/news
OTC Markets Financials ~ http://www.otcmarkets.com/stock/TRIT/financials
OTC Markets Short Sales ~ http://www.otcmarkets.com/stock/TRIT/short-sales
OTC Markets Insider Disclosure ~ http://www.otcmarkets.com/stock/TRIT/insider-transactions
OTC Markets Research Reports ~ http://www.otcmarkets.com/stock/TRIT/research
Google Finance Summary ~ http://www.google.com/finance?q=TRIT
Google Finance News ~ http://www.google.com/finance/company_news?q=TRIT
Google Finance Option chain ~ http://www.google.com/finance/option_chain?q=TRIT
Google Finance Financials ~ http://www.google.com/finance?q=TRIT&fstype=ii#
Google Finance Historical prices Daily ~ http://www.google.com/finance/historical?q=TRIT
Google Finance Historical prices Weekly ~ http://www.google.com/finance/historical?q=TRIT&histperiod=weekly#
Y! < Company >
Y! Profile ~ http://finance.yahoo.com/q/pr?s=TRIT+Profile
Y! Key Stat's ~ http://finance.yahoo.com/q/ks?s=TRIT+Key+Statistics
Y! Headlines ~ http://finance.yahoo.com/q/h?s=TRIT+Headlines
Y! Summary ~ http://finance.yahoo.com/q?s=TRIT
Y! Historical Prices ~ http://finance.yahoo.com/q/hp?s=TRIT+Historical+Prices
Y! Order Book ~ http://finance.yahoo.com/q/ecn?s=TRIT+Order+Book
Y! Message Boards ~ http://messages.finance.yahoo.com/mb/TRIT
Y! Market Pulse ~ http://finance.yahoo.com/marketpulse/TRIT
Y! Technical Analysis ~ http://finance.yahoo.com/q/ta?s=TRIT+Basic+Tech.+Analysis
Y! < Analyst Coverage >
Y! Analyst Opinion ~ http://finance.yahoo.com/q/ao?s=TRIT+Analyst+Opinion
Y! Analyst Estimates ~ http://finance.yahoo.com/q/ae?s=TRIT+Analyst+Estimates
Y! Research Reports ~ http://finance.yahoo.com/q/rr?s=TRIT+Research+Reports
Y! Star Analysts ~ http://finance.yahoo.com/q/sa?s=TRIT+Star+Analysts
Y! < Ownership >
Y! Major Holders ~ http://finance.yahoo.com/q/mh?s=TRIT+Major+Holders
Y! Insider Transactions ~ http://finance.yahoo.com/q/it?s=TRIT+Insider+Transactions
Y! Insider Roster ~ http://finance.yahoo.com/q/ir?s=TRIT+Insider+Roster
Y! < Financials >
Y! Income Statement ~ http://finance.yahoo.com/q/is?s=TRIT+Income+Statement&annual
Y! Balance Sheet ~ http://finance.yahoo.com/q/bs?s=TRIT+Balance+Sheet&annual
Y! Cash Flow ~ http://finance.yahoo.com/q/cf?s=TRIT+Cash+Flow&annual
FINVIZ ~ http://finviz.com/quote.ashx?t=TRIT&ty=c&ta=0&p=d
Investorshub Trades ~ http://ih.advfn.com/p.php?pid=trades&symbol=TRIT
Investorshub Board Search ~ http://investorshub.advfn.com/boards/getboards.aspx?searchstr=TRIT
Investorshub PostStream ~ http://investorshub.advfn.com/boards/poststream.aspx?ticker=TRIT
Investorshub Messages ~ http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=TRIT
Investorshub Videos ~ http://ih.advfn.com/p.php?pid=ihvse&ihvqu=TRIT
Investorshub News ~ http://ih.advfn.com/p.php?pid=news&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_values_IH=&ctl00%24sb3%24stb1=Search+iHub&symbol=TRIT&s_ok=OK&from_month=3&from_day=15&from_year=2012&order=desc&selsrc%5B%5D=prnca&selsrc%5B%5D=prnus&selsrc%5B%5D=zacks&selsrc%5B%5D=money2&selsrc%5B%5D=djn&selsrc%5B%5D=bw&selsrc%5B%5D=globe&selsrc%5B%5D=edgar&selsrc%5B%5D=mwus&force=1&last_ts=1331855999&p_n=1&p_count=&p_ts=1331794260
CandlestickChart ~ http://www.candlestickchart.com/cgi/chart.cgi?symbol=TRIT&exchange=US
Barchart Quote ~ http://barchart.com/quotes/stocks/TRIT?
Barchart Detailed Quote ~ http://barchart.com/detailedquote/stocks/TRIT
Barchart Options Quotes ~ http://barchart.com/options/stocks/TRIT
Barchart Technical Chart ~ http://barchart.com/charts/stocks/TRIT&style=technical
Barchart Interactive Chart ~ http://barchart.com/charts/stocks/TRIT&style=interactive
Barchart Technical Analysis ~ http://barchart.com/technicals/stocks/TRIT
Barchart Trader's Cheat Sheet ~ http://barchart.com/cheatsheet.php?sym=TRIT
Barchart Barchart Opinion ~ http://barchart.com/opinions/stocks/TRIT
Barchart Snapshot Opinion ~ http://barchart.com/snapopinion/stocks/TRIT
Barchart News Headlines ~ http://barchart.com/news/stocks/TRIT
Barchart Profile ~ http://barchart.com/profile//TRIT
Barchart Key Statistics ~ http://barchart.com/profile.php?sym=TRIT&view=key_statistics
OTC: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=TRIT&MarketTicker=OTC&TYP=S
NASDAQ: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=TRIT&MarketTicker=NASD&TYP=S
NYSE: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=TRIT&MarketTicker=NYSE&Typ=S
Marketwatch Profile ~ http://www.marketwatch.com/investing/stock/TRIT/profile
Marketwatch Analyst Estimates ~ http://www.marketwatch.com/investing/stock/TRIT/analystestimates
Marketwatch Historical Quotes ~ http://www.marketwatch.com/investing/stock/TRIT/historical
Marketwatch Financials ~ http://www.marketwatch.com/investing/stock/TRIT/financials
Marketwatch Overview ~ http://www.marketwatch.com/investing/stock/TRIT
Marketwatch SEC Filings ~ http://www.marketwatch.com/investing/stock/TRIT/secfilings
Marketwatch Picks ~ http://www.marketwatch.com/investing/stock/TRIT/picks
Marketwatch Hulbert ~ http://www.marketwatch.com/investing/stock/TRIT/hulbert
Marketwatch Insider Actions ~ http://www.marketwatch.com/investing/stock/TRIT/insideractions
Marketwatch Options ~ http://www.marketwatch.com/investing/stock/TRIT/options
Marketwatch Charts ~ http://www.marketwatch.com/investing/stock/TRIT/charts
Marketwatch News ~ http://bigcharts.marketwatch.com/news/symbolsearch/symbolnews.asp?news=markadv&symb=TRIT&sid=1795093&framed=False
The Lion ~ http://thelion.com/bin/aio_msg.cgi?cmd=search&msg=&si=1&tw=1&tt=1&rb=1&ih=1&fo=1&iv=1&yf=1&sa=1&fb=1&gg=1&symbol=TRIT
Search NYSE ~ http://www.nyse.com/about/listed/lcddata.html?ticker=TRIT
StockTA ~ http://www.stockta.com/cgi-bin/analysis.pl?symb=TRIT&num1=567&cobrand=&mode=stock
StockHouse ~ http://www.stockhouse.com/financialtools/sn_overview.aspx?qm_symbol=TRIT
StockHouse Delayed LII ~ http://www.stockhouse.com/financialtools/sn_level2.aspx?qm_page=46140&qm_symbol=TRIT
AlphaTrade ~ http://tools.alphatrade.com/index.php?t1=mc_quote_module&t2=mc_quote_module2&t3=historical&template=historical2html&sym=TRIT&client_id=2740&a_width=680&a_height=1000&language=english&showVol=1&chtype=8
Reuters ~ http://www.reuters.com/finance/stocks/companyOfficers?symbol=TRIT.PK&WTmodLOC=C4-Officers-5
StockWatch ~ http://www.stockwatch.com/Quote/Detail.aspx?symbol=TRIT®ion=U
Search NASDAQ ~ http://www.nasdaq.com/symbol/TRIT
NASDAQ Divy History ~ http://www.nasdaq.com/symbol/TRIT/dividend-history
NASDAQ Short Interest ~ http://www.nasdaq.com/symbol/TRIT/short-interest
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/TRIT/institutional-holdings
NASDAQ FlashQuotes ~ http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=TRIT&selected=TRIT
NASDAQ InfoQuotes ~ http://www.nasdaq.com/aspx/infoquotes.aspx?symbol=TRIT&selected=TRIT
NASDAQ After Hours Quote ~ http://www.nasdaq.com/symbol/TRIT/after-hours
NASDAQ Pre-Market Quote ~ http://www.nasdaq.com/symbol/TRIT/premarket
NASDAQ Historical Quote ~ http://www.nasdaq.com/symbol/TRIT/historical
NASDAQ Option Chain ~ http://www.nasdaq.com/symbol/TRIT/option-chain
NASDAQ Company Headlines ~ http://www.nasdaq.com/symbol/TRIT/news-headlines
NASDAQ Press Releases ~ http://www.nasdaq.com/symbol/TRIT/news-headlines
NASDAQ Sentiment ~ http://www.nasdaq.com/symbol/TRIT/sentiment
NASDAQ Analyst Summary ~ http://www.nasdaq.com/symbol/TRIT/analyst-research
NASDAQ Guru Analysis~ http://www.nasdaq.com/symbol/TRIT/guru-analysis
NASDAQ Stock Report ~ http://www.nasdaq.com/symbol/TRIT/stock-report
NASDAQ Competitors ~ http://www.nasdaq.com/symbol/TRIT/competitors
NASDAQ Stock Consultant ~ http://www.nasdaq.com/symbol/TRIT/stock-consultant
NASDAQ Stock Comparison ~ http://www.nasdaq.com/symbol/TRIT/stock-comparison
NASDAQ Call Transcripts ~ http://www.nasdaq.com/symbol/TRIT/call-transcripts
NASDAQ Annual Reports ~ http://www.nasdaq.com/aspx/annualreport.aspx?symbol=TRIT&selected=TRIT
NASDAQ Financials ~ http://www.nasdaq.com/symbol/TRIT/financials
NASDAQ Revenue & Earnings Per Share (EPS) ~ http://www.nasdaq.com/symbol/TRIT/revenue-eps
NASDAQ SEC Filings ~ http://www.nasdaq.com/symbol/TRIT/sec-filings
NASDAQ Ownership Summary ~ http://www.nasdaq.com/symbol/TRIT/ownership-summary
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/TRIT/institutional-holdings
NASDAQ (SEC Form 4) ~
--------- All Trades ~ http://www.nasdaq.com/symbol/TRIT/insider-trades
--------- Buys ~ http://www.nasdaq.com/symbol/TRIT/insider-trades/buys
--------- Sells ~ http://www.nasdaq.com/symbol/TRIT/insider-trades/sells
The Motley Fool ~ http://caps.fool.com/Ticker/TRIT.aspx
The Motley Fool Earnings/Growth ~ http://caps.fool.com/Ticker/TRIT/EarningsGrowthRates.aspx?source=itxsittst0000001
The Motley Fool Ratios ~ http://caps.fool.com/Ticker/TRIT/Ratios.aspx?source=itxsittst0000001
The Motley Fool Stats ~ http://caps.fool.com/Ticker/TRIT/Stats.aspx?source=icasittab0000006
The Motley Fool Historical ~ http://caps.fool.com/Ticker/TRIT/Historical.aspx?source=icasittab0000004
The Motley Fool Scorecard ~ http://caps.fool.com/Ticker/TRIT/Scorecard.aspx?source=icasittab0000003
The Motley Fool Statements ~ http://caps.fool.com/Ticker/TRIT/Statements.aspx?source=icasittab0000009
MSN Money ~ http://investing.money.msn.com/investments/stock-ratings?symbol=TRIT
YCharts ~ http://ycharts.com/companies/TRIT
YCharts Performance ~ http://ycharts.com/companies/TRIT/performance
YCharts Dashboard ~ http://ycharts.com/companies/TRIT/dashboard
InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=TRIT&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=TRIT&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=TRIT&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=TRIT
Zacks Quote ~ http://www.zacks.com/stock/quote/TRIT
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=TRIT
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=TRIT
Knobias ~ http://knobias.10kwizard.com/files.php?sym=TRIT
StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=TRIT
Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/TRIT/HOT_TOPIC.html
Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=TRIT&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=TRIT®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=TRIT®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=TRIT®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=TRIT®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=TRIT®ion=USA&culture=en-us
CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=TRIT
TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=TRIT
OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=TRIT&searcharea=e&image1.x=0&image1.y=0
Insidercow ~ http://www.insidercow.com/history/company.jsp?company=TRIT&B1=Search%21
Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=TRIT
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=TRIT&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=UNGS&start=1&max=10&searchResults=web&tag=web&sort=null
YouTube Symbol Search ~ http://www.youtube.com/results?search_query=TRIT
Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=TRIT
Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=TRIT
Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=TRIT
Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=TRIT
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=TRIT
Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=TRIT
Investorpoint ~ http://www.investorpoint.com/ enter "TRIT" and click search.
Hotstocked ~ http://www.hotstocked.com/ enter "TRIT" and click search.
Raging Bull ~ http://ragingbull.quote.com/mboard/boards.cgi?board=TRIT
DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=TRIT
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=TRIT
Check those searches for recent TRIT mentions. If TRIT is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a complete list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS
MACDlinks
~ Tuesday! $TRIT ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $TRIT ~ Earnings expected on Tuesday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=TRIT&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=TRIT&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=TRIT
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=TRIT#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=TRIT+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=TRIT
Finviz: http://finviz.com/quote.ashx?t=TRIT
~ BusyStock: http://busystock.com/i.php?s=TRIT&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=TRIT >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
you think it goes down?
is every body here ?
trit is coming back
And it will keep running too.
That one has had a strong run the last 16 months, it looks great! I'll watch it, not clear if it's an entry point or not for me. Will watch to see which way it breaks.
Awesome, glad to have you on board. Don't overlook QPSA...a Must Have in every long-term portfolio, IMO.
I do too. It gapped up back in the 11's, so I'm hoping it will fill the gap, and my buy order. I appreciate your info on MDGC too, Skalube brought me over from the CEMJQ board, and I slowly build a position of 5 million shares. It has been rewarding so far, and I am looking to learn more about that company and technology as I continue to follow it.
Reminds me of the movie Seabiscuit! TRIT is a horse that wants to Run! What a Thoroughbred we have here. It just keeps going UP!
I took a position in TRIT today. I think we see $20.
This small company that raised $30+ million in a secondary must have some ideas in mind. It will be very interesting to see what
happens in the next few months and what they can accomplish. I initiated a small position at $14.00 a few months back and have watched many small cap Chinese stocks get clobbered since. However, one would think that this company is not the type the government is trying to hold back from rapid expansion.
Crusader Rabbit
TRIT.. $8.85,, to Present
Tri-Tech Holding to Present at Brean Murray, Carret & Co. 2010 Global Resources & Infrastructure Conference at Zurich
PR Newswire - Jun 07 at 09:00
Company Symbols: NASDAQ-SMALL:TRIT
BEIJING, June 7 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a leading total solutions provider to China&;s water resources, municipal wastewater and industrial pollution control markets, said today that Mr. Phil Fan, President, will present at the Brean Murray, Carret & Co. 2010 Global Resources & Infrastructure Conference to be held on Monday, June 14, 2010 at The Park Hyatt Hotel Zurich in Switzerland.
(Logo: http://www.newscom.com/cgi-bin/prnh/20100603/CNTH016LOGO )
Mr. Fan will discuss the company&;s overall business operations and corporate strategy as well as meet with institutional investors in scheduled sessions. Mr. Fan will be available for one-on-one meetings with analysts and investors from 8:00am to 5:00pm on June 14, 2010. Interested parties and investors who wish to meet with the company&;s management team may contact your Brean Murray, Carret & Co. respective institutional sales representatives directly or Frank Hawkins, Hawk Associates, at 305-451-1888, e-mail: tritech@hawkassociates.com.
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China&;s municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition (SCADA) systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-tech owns seven software copyrights and two technological patents and employs 160 people. Please visit http://www.tri-tech.cn for more information.
An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .
Tri-Tech Holding Inc. has based these forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. 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. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims
any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
Investors Contact:
Hawk Associates
Frank Hawkins
Phone: +1-305-451-1888
Email: tritech@hawkassociates.com
SOURCE Tri-Tech Holding Inc.
TRIT.. $9.30 AH..
Tri-Tech Holding Announces New Senior Executive Appointments
Date : 06/03/2010 @ 9:34AM
Source : PR Newswire
Stock : Tri-Tech Holding Inc. (MM) (TRIT)
Quote : 10.16 0.0 (0.00%) @ 7:22AM
Tri-Tech Holding Announces New Senior Executive Appointments
Tri-Tech Holding Announces New Senior Executive Appointments
PR Newswire
BEIJING, June 3
BEIJING, June 3 /PRNewswire-Asia-FirstCall/ --
Tri-Tech Holding Inc.
(Nasdaq: TRIT), a leading total solutions provider to China's water resources,
municipal wastewater and industrial pollution control markets, announced today
the appointment of three senior executives that substantially strengthen the
company's water and wastewater treatment management team.
(Logo: http://www.newscom.com/cgi-bin/prnh/20100603/CNTH016LOGO )
Mr. Weidong Bi was named vice president of Tri-Tech, responsible for the
company's water and wastewater treatment project management. Mr. Qun Wang was
promoted to president of Tranhold Environmental (Beijing) Tech, Co., Ltd.
(Tranhold), a subsidiary company of Tri-Tech Holding, Inc. He will be
responsible for managing and coordinating Tranhold's business transactions. Mr.
Zhentian Zhao was named vice president and chief engineer of Tranhold,
responsible for water and wastewater treatment engineering.
Mr. Bi has more than 20 years' experience in the water and wastewater
treatment fields. Prior to Tri-Tech, he served as a project manager in the
water treatment department of the Industry Solutions Group of Siemens Ltd.,
China and the Beijing Office of Chevalier (Envirotech) Ltd. With major project
experience, he successfully managed and implemented numerous high-profile
water and wastewater treatment design and build projects including the UF
membrane purification system for the Wuxi Zhongqiao water treatment plant
(treatment capacity of 150,000 m3/d), the membrane biological reactor (MBR)
system for the Wuxi Xincheng water treatment plant (treatment capacity of
30,000 m3/d) and the expansion and wastewater reuse system for the Beijing Bei
Xiaohe sewage treatment plant with a primary treatment capacity of 100,000
m3/d. He managed the MBR treatment system with a capacity of 60,000 m3/d for
the Olympic Park and an RO system with a treatment capacity of 10,000 m3/d
used as reclaimed water for the Olympic venues. His list of accomplishments
also includes A2/O biological process and sludge treatment for Phase II of the
Suzhou Industrial Park wastewater treatment plant with a capacity of 100,000
m3/d.
Mr. Bi earned his MS degree in environmental and chemical engineering from
the Nanjing University of Science and Technology in 1995 and a BS degree in
environmental monitoring from the East China Institute of Technology in 1988.
He has held a Project Management Professional Certificate issued by the China
Ministry of Labor and Social Security since 2003 and a Certificate of Senior
Engineering from the Beijing municipal government since 2001.
Mr. Qun Wang joined Tranhold in 2009. With more than 20 years' experience
in engineering and business management, he holds a Senior Engineer Certificate.
Prior to Tranhold, Mr. Wang was general manager of the Beijing Branch of
Rightcall Technology (China) Co., Ltd. and Beijing East Bridge Co. Ltd. from
2004 to 2007. Mr. Wang served as vice president of iSoftel Ltd. China from
2001 to 2003 and he was a director of the Information Technology Department at
the Beijing Test Control Technology Institute of Aeronautics Ministry. Mr.
Wang received his MEng and BEng degrees in electronic engineering from Beijing
University of Aeronautics and Astronautics in 1985 and 1988, respectively.
Mr. Zhentian Zhao joined Tranhold in 2009 and served as deputy general
manager of Tranhold Tianjin Branch. He has over 30 years' experience in
management and construction of water and wastewater treatment projects, and
operation of municipal wastewater treatment plants. He previously was a
director of the Handan East Wastewater Treatment Plant, which was the first
wastewater treatment plant in China to adopt oxidation ditch technology. He
also served as deputy chief engineer of the Handan Drainage System Co. Ltd. in
Hebei Province. Mr. Zhao has constructed and operated numerous wastewater
treatment plants in Guangdong, Hebei and Gansu provinces. He excels in
financing for water and wastewater treatment projects and is well versed in
the process for government loans, Asia Development Bank loans and World Bank
loans as well as the bidding process. Mr. Zhao earned his BS degree in
mechanical engineering from Hebei Polytechnic University in 1977.
Chief Executive Officer Warren Zhao said, "The appointments of these three
senior executives significantly strengthen the depth and experience of our
water and wastewater management team. We believe their seasoned experience as
well as their outstanding track records and achievements in water and
wastewater treatment fields greatly enhance our competitive advantages in
local, domestic and international markets. Their appointments reflect the
ongoing growth of our company that values talent-oriented vision, advanced
technologies and quality management. This underscores our dedication to be a
leading solutions provider in the water, wastewater treatment and pollution
control markets."
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for
China's municipalities and its larger cities. These systems combine software,
information management systems, resource planning and local and distant
networking hardware that includes sensors, control systems, programmable logic
controllers, supervisory control and data acquisition systems. The company
also designs systems that track natural waterway levels for drought control,
monitor groundwater quality and assist the government in managing its water
resources. Tri-tech owns seven software copyrights and two technological
patents and employs 140 people. Please visit http://www.tri-tech.cn for more
information.
An online investor kit including a company profile, press releases,
current price quotes, stock charts and other valuable information for
investors is available at http://www.hawkassociates.com/profile/trit.cfm . To
subscribe to future releases via e-mail alert, visit
http://www.hawkassociates.com/about/alert/ .
This press release contains forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
include references to the successful completion of the project referenced
herein and other statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other statements
that are other than statements of historical facts. These statements are
subject to uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic conditions, the
impact of competition and pricing, government regulation, and other risks
contained in reports filed by the company with the Securities and Exchange
Commission. All such forward-looking statements, whether written or oral, and
whether made by or on behalf of the company, are expressly qualified by the
cautionary statements and any other cautionary statements which may accompany
the forward-looking statements. In addition, the company disclaims any
obligation to update any forward-looking statements to reflect events or
circumstances after the date hereof.
For more information, please contact:
Investors Contact:
Hawk Associates
Frank Hawkins
Tel: +1-305-451-1888
Email: tritech@hawkassociates.com
SOURCE Tri-Tech Holding Inc.
Piper Jaffray Reiterates $20 price Target - Just out 6/3
http://www.poten.com/NewsDetails.aspx?id=10424060
TRIT sure has had a tough time lately. The water pollution problem in China is huge. If they could just get a large project over there, TRIT would be fine. Beijing knows they have a problem with severe water pollution in many of the so-called freshwater lakes that supply major cities, but the algae bloom is so bad that they have used pitchforks to clear some of the coves.
TRIT.. $10.02.. Share Buy Back Program
Tri-Tech Holding Announces Share Buy Back Program
BEIJING, May 27 /PRNewswire-Asia-FirstCall/ --
Tri-Tech Holding Inc.
(Nasdaq: TRIT), a leading total solutions provider to China's water resources, municipal wastewater and industrial pollution control markets, announced today that the Board of Directors has authorized the repurchase of the company's ordinary shares with an aggregate value of up to $8 million.
The company said the current market price for the company's ordinary shares may represent an opportunity to repurchase shares on fair terms to the company. The company said it may repurchase the shares over the next 12 months in one or more public transactions in accordance with Rule 10b-18 of the Securities and Exchange Act of 1934, as amended.
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China's municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic ontrollers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-tech owns seven software copyrights and two technological patents and employs 140 people. Please visit http://www.tri-tech.cn for more information.
An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at:
http://www.hawkassociates.com/profile/trit.cfm .
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of the project referenced herein and other statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange
Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or
circumstances after the date hereof.
For more information, please contact:
Investors Contact:
Hawk Associates
Frank Hawkins
Phone: +1-305-451-1888
Email: tritech@hawkassociates.com
SOURCE Tri-Tech Holding Inc.
TRIT..$10.22
I-Box updated with 10Q..
Tri-Tech Holding Q1 2010 Revenue Up 48.7% to $4.2M; Net Income Up 36.2% to $817,614 EPS $0.15
PR Newswire - May 13 at 08:39
Company Symbols: NASDAQ-SMALL:TRIT
Company Anticipates Strong 2010 Growth With Rapidly Emerging Industrial Pollution Segment Sales
BEIJING, May 13 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a leading Chinese company that engineers, manages and monitors China&;s municipal sewer systems, natural waterways and resources, announced today that revenue for the first fiscal quarter ended March 31, 2010 increased 48.7% to $4.2 million from $2.9 million in Q1 2009. Net income for the quarter was $817,614 or $0.15 per diluted share compared with net income of $600,252 or $0.17 diluted EPS in Q1 2009.
Additional First Quarter 2010 Highlights
-- Revenue from Wastewater/Tail Gas operations increased 65.8% to $2.6
million.
-- Revenue from Water Resource Management increased 23.8% to $1.6 million.
-- Revenue from Industrial Pollution Control was $60,643. Industrial
Pollution Control is a new reportable segment for 2010.
-- Gross profit (exclusive of depreciation and amortization) increased
65.3% to $1.8 million from $1.1 million in Q1 2009.
-- Gross margin improved to 41.7% vs. 37.5% for Q1 2009.
-- Income from operations increased 24.6% to $827,732 from $664,145 in Q1
2009.
-- Weighted average number of diluted shares outstanding was 5.56 million
as of March 31, 2010, compared to 3.56 million as of March 31, 2009.
Subsequent Event
On April 20, 2010, the company completed a secondary public offering of 2,142,750 ordinary shares at an offering price of $14.00 per share. The company received aggregated gross proceeds of approximately $30 million before underwriter commissions and discounts and other expenses, On May 4, 2010, the underwriters of the secondary public offering of common stock partially exercised their over-allotment option, which resulted in the issuance of an additional 224,083 ordinary shares. This over-allotment exercise brought the gross proceeds from the secondary offering to $33.1 million. The company expects to use the net proceeds of the offering for working capital and potential targeted acquisitions as well as new product development and sales and marketing. As of May 11, 2010, the company had 7,791,833 ordinary shares issued and out-standing.
First Quarter 2010 Financial Performance
Revenue
Total revenue was $4.2 million in the quarter ended March 31, 2010, an increase of $1.4 million or 48.7%, compared to revenue of $2.9 million in the same period of 2009. The increase was primarily driven by an increase in larger contracts, several of which exceeded $1.1 million. Revenue attributable to Wastewater and Tail Gas Treatment was $2.6 million, an increase of 65.8% compared to Q1 2009. Water Resource Management revenue was up 23.8% to $1.6 million and Industrial Pollution Control revenue was $60,643.
Net Income
Net income attributable to shareholders was $817,614, an increase of $0.2 million, or 36.2%, compared to $600,252 in the same period of 2009. Diluted earnings per share attributable to shareholders for the quarter were $0.15 based on net income of $817,614. This compared with net income of $600,252 or $0.17 diluted EPS in Q1 2009.
Gross profit (exclusive of depreciation and amortization)
Gross profit (exclusive of depreciation and amortization) increased 65.3% to $1.8 million for the quarter from $1.1 million in the Q1 2009. This increase reflected significant Chinese government infrastructure spending along with tight construction timelines and strong market demand. These factors result in high market value for construction projects, and such projects are driving our revenue growth. We also emphasized tight cost containment, which was aided by continued sourcing of more locally made, lower priced equipment. Gross margin (exclusive of depreciation and amortization) for the quarter was 41.7%, compared to 37.5% for the same period.
Operating income
Operating income increased 24.6% to $827,732 from $664,145 in Q1 2009. Operating margin decreased from 23.3% in Q1 2009 to 19.5%. This decrease was mainly due to rapid growth of general and administrative expenses and selling expenses, which largely reflected an increased number of sales personnel, increased travel expenses in pursuit of new contracts and professional service fees associated with being a publicly traded company since September 2009.
Liquidity and Capital Resources
As of March 31, 2010, cash and cash equivalents were $7.2 million including a U.S. dollar deposit of $1.6 million and an equivalent RMB deposit of $5.6 million. Working capital was $18.7 million, including cash and cash equivalents of $7.2 million.
Management Comment
Chief Executive Officer, Warren Zhao said, "2010 is off to an excellent start with good performance from our Wastewater/Tail Gas Treatment and Water Resources Management segments and our rapidly emerging Industrial Pollution Control segment, which we believe also has significant potential for growth.
"We continue to pursue smaller river basin flood monitoring and forecasting systems and groundwater monitoring systems across China. In the fiscal quarter ended March 31, 2010, we received awards for two projects for smaller river basin flood and forecasting systems in Zunyi and Anshun in Guizhou Province.
"In 2010, we are closely tracking post-disaster reconstruction projects led by the Water Authority of Sichuan Province, Guangdong drought control projects, Henan drought control protects and Guangxi international river monitoring projects.
"Our Wastewater and Tail Gas Treatment business segment focuses on Tianjin City and Hebei Province. Services include pump stations, treatment plants, odor control systems and controls and instruments. In the fiscal quarter ended March 31, 2010, we won contracts for the Beitang Wastewater Treatment Plant and the Hejian Wastewater Treatment Plant in Hebei Province.
"We are making excellent progress in penetrating adjacent industry vertical opportunities in the industrial wastewater and process tail gas treatment markets in the petrochemical industry. We are also pursuing opportunities in the power generation industry and the oil and gas industry. In the fiscal quarter ended March 31, 2010, we won an industrial wastewater treatment contract in Jinxi City of Liaoning Province from Jinxi Petrochemical Co., a subsidiary of PetroChina. We are increasing our efforts to obtain these types of contracts.
"In a similar manner, we are further developing our water resource management services from partial management solutions to full management solutions for large scale river basin projects. We believe the Chinese government&;s decision to initiate new programs and allocate significant investment for their implementation offers our company significant business opportunities. In addition, the severe drought in Southwest China will accelerate investment in water conservancy.
"In our municipal wastewater business, we plan to expand beyond our existing base of operations. In our current business footprint, local governments are building 80 new wastewater treatment plants. This growth represents development activities in only two provinces. We believe significant opportunities exist in the other 32 provinces, municipalities and autonomous regions in China."
Conference Call
Tri-Tech CEO Warren Zhao, President Phil Fan and CFO Peter Dong will host a conference call at 10:00 AM EDT tomorrow, Friday, May 14, (10:00 PM Beijing/Hong Kong Time on May 14) to review the company&;s financial results and respond to questions and comments.
To participate, call U.S. Toll Free Number 1-877-941-8416 approximately 10 minutes before the call. International callers, please dial 1-480-629-9812. The conference ID number is 4299302. A live webcast of the call will be available at http://viavid.net/dce.aspx?sid=0000753F . Both an MP3 file one hour after the call and a transcript 48 hours after the call will be available. These will be archived for 90 days via http://www.tri-tech.cn and http://www.hawkassociates.com .
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China&;s municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. The company is also moving into the industrial pollution control market. Tri-Tech owns seven software copyrights and two technological patents and employs 140 people. Please visit http://www.Tri-Tech.cn for more information.
An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. 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. Among other things, expectations about expansion into adjacent industry verticals, growth of our Industrial Pollution Control Services, and the potential development of the company&;s other existing service lines contain forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
Investor Contact:
Hawk Associates
Frank Hawkins
Amy Lin
Phone: +1-305-451-1888
Email: tritech@hawkassociates.com
- FINANCIAL TABLES -
TRI-TECH HOLDING INC.
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2010 2009
(Unaudited)
ASSETS
Current Assets
Cash $ 7,202,236 $ 7,171,464
Restricted cash -- 1,501,128
Accounts receivable, net of
allowance for doubtful accounts
of $62,448 and $56,491 as of
March 31, 2010 and December 31,
2009, respectively 3,568,779 4,338,239
Unbilled revenue 6,471,224 3,952,763
Other receivables 359,784 273,602
Inventories 1,989,636 1,573,324
Deposits on projects 978,687 585,153
Prepayments to suppliers
and subcontractors 3,088,153 1,898,900
Total current assets 23,658,499 21,294,573
Long-term unbilled revenue 1,724,331 1,723,852
Plant and equipment, net 432,226 374,009
Proprietary technology, net 1,073,497 797,854
$ 26,888,553 $ 24,190,288
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and cost
accrual on projects $ 3,912,821 $ 3,367,056
Customer deposits 628,796 494,047
Billings in excess of
revenue -- 8,650
Other payables 120,228 8,633
Accrued liabilities 72,433 103,190
Deferred income taxes -- 141,478
Income taxes payable 239,106 144,232
Total current liabilities 4,973,384 4,267,286
Long-term liabilities 47,277 58,171
5,020,661 4,325,457
Equity
Tri-Tech Holding Inc.
shareholders&; equity
Common stock ($0.001 par value,
30,000,000 shares authorized;,
5,389,000 and 5,255,000 shares
issued as of March 31, 2010 and
December 31, 2009, respectively;
as of March 31, 2010, 340,000
shares issued were held in
escrow.) 5,389 5,255
Additional paid-in-capital 14,128,162 12,942,650
Statutory reserves 50,655 50,655
Retained earnings 7,150,957 6,333,343
Accumulated other
comprehensive income 374,567 377,097
Total Tri-Tech Holding
Inc. shareholders&; equity 21,709,730 19,709,000
Noncontrolling Interests 158,162 155,831
Total equity 21,867,892 19,864,831
$ 26,888,553 $ 24,190,288
TRI-TECH HOLDING INC.
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
For The Three Months Ended March 31,
2010 2009
(Unaudited) (Unaudited)
Revenues:
System integration $3,508,085 $ 1,319,603
Hardware products 347,081 1,097,155
Software products 382,948 434,049
Total revenues 4,238,114 2,850,807
Cost of revenues: (exclusive of
depreciation and amortization
shown separately below)
System integration 2,151,215 883,633
Hardware products 309,740 887,880
Software products 10,283 10,211
Total cost of revenues
(exclusive of depreciation
and amortization shown
separately below) 2,471,238 1,781,724
Operating expenses:
Depreciation and amortization
expense 40,442 21,583
Selling and Marketing expenses 202,194 104,306
General and Administrative
expenses 696,508 279,049
Total operating expenses 939,144 404,938
Income from operations 827,732 664,145
Other income (expenses):
Other expense (4,850) (390)
Interest income 9,694 435
Interest expense (1,629) --
Tax rebates 56,965 --
Total other income
(expenses), net 60,180 45
Income before provision for
income taxes and noncontrolling
interests income 887,912 664,190
Provision for income taxes 67,773 63,563
Net income before allocation to
noncontrolling interests 820,139 600,627
Less: Net income attributable to
noncontrolling interests 2,525 375
Net income attributable
to Tri-Tech $817,614 $ 600,252
Holding Inc
Other comprehensive
income
Foreign currency
translation adjustment (2,724) 13,208
Comprehensive income $817,415 $ 613,835
Less: Comprehensive
income attributable to
noncontrolling interests 2,331 349
Comprehensive income attributable
to Tri-Tech Holding Inc. $815,084 $ 613,486
Net income attributable to Tri-Tech
Holding Inc. per share:
Basic $0.16 $ 0.17
Diluted $0.15 $ 0.17
Weighted Average number
of common shares outstanding:
Basic 5,269,011 3,555,000
Diluted 5,559,260 3,555,000
TRI-TECH HOLDING INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Three Months Ended
March 31,
2010 2009
(Unaudited) (Unaudited)
Cash flows from operating
activities:
Net income before allocation
to noncontrolling interests $ 820,139 $ 600,627
Adjustments to reconcile net
income before noncontrolling
interests to net cash provided
by (used in) operation
activities:
Amortization of option
expenses 91,480 --
Amortization of warrants 8,766 --
Depreciation and amortization 40,442 21,748
Provision for doubtful
accounts 5,940 10,178
Deferred income taxes (149,838) 42,668
Changes in operating assets
and liabilities:
Restricted cash 1,501,414 --
Accounts receivable 764,660 258,395
Unbilled revenue (2,517,140) (744,534)
Other receivables (479,436) 51,281
Inventories (359,426) (368,318)
Prepayments and deferred
expenses (1,164,248) 340,332
Accounts payable 488,386 256,795
Customer deposits 134,600 167,149
Billings in excess of revenue (8,652) --
Other payables 175,051 (23,449)
Accrued liabilities (30,782) --
Taxes payable 94,825 189,667
Net cash (used in) provided
by operating activities (583,819) 802,539
Cash flows from investing
activities:
Payment to purchase plant and
equipment (80,766) (950)
Payment to purchase
intangible asset (292,959) --
Payment of installment of vehicle
purchase (10,909) --
Short-term loan to third
parties -- (213,584)
Net cash used in investing
activities (384,634) (214,534)
Cash flows from financing
activities:
Proceeds from exercise of
warrants into common stock 1,085,400 --
Net cash provided by
financing activities 1,085,400 --
Effect of exchange rate
changes on cash
and cash equivalents (86,175) (171,539)
Net increase in cash and cash
equivalents 30,772 416,466
Cash and cash equivalents,
beginning of period 7,171,464 732,418
Cash and cash equivalents,
end of period $ 7,202,236 $1,148,884
Supplemental Data:
Income taxes paid $ 122,786 $ --
Interest paid on debt $ 1,629 $ --
SOURCE Tri-Tech Holding Inc.
TRIT.. $10.60
Tri-Tech Holding to Report Q1 Earnings on May 13, 2010
PR Newswire - May 07 at 09:00
Company Symbols: NASDAQ-SMALL:TRIT
Company to Host Conference Call at 10:00 AM EDT on May 14, 2010
BEIJING, May 7 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that engineers, manages and monitors municipal sewer systems, natural waterways and other Chinese water resources, confirmed today that its financial results for the first quarter 2010 will be released on May 13, 2010.
Tri-Tech CEO Warren Zhao, President Phil Fan, and CFO Peter Dong will host a conference call at 10:00 AM EDT the next day, May 14 (10:00 PM Beijing/Hong Kong Time on May 14) to review the company&;s financial results and respond to questions and comments.
To participate, call U.S. Toll Free Number 1-877-941-8416 approximately 10 minutes before the call. International callers, please dial 1-480-629-9812. The conference ID number is 4299302. A live webcast of the call will be available at http://viavid.net/dce.aspx?sid=0000753F . Both an MP3 file one hour after the call and a transcript 48 hours after the call will be available. These will be archived for 90 days via http://www.tri-tech.cn and http://www.hawkassociates.com .
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China&;s municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-tech owns seven software copyrights and two technological patents and employs 108 people. Please visit http://www.tri-tech.cn for more information.
An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .
Investors Contact:
Hawk Associates
Frank Hawkins
Tel: +1-305-451-1888
Email: tritech@hawkassociates.com
SOURCE Tri-Tech Holding Inc.
TRIT.. $14,00.. New Auditors..
Tri-Tech Holding Inc. Announces Engagement of Bernstein & Pinchuk LLP as Independent Auditors
PR Newswire - Apr 27 at 11:41
Company Symbols: NASDAQ-SMALL:TRIT
BEIJING, April 27 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a leading solutions provider to China&;s water resources, municipal wastewater and industrial pollution control markets, announced today the appointment of Bernstein & Pinchuk LLP, an independent member of the BDO Seidman Alliance, to serve as the company&;s independent auditing firm, effective April 23, 2010.
Bernstein & Pinchuk LLP replaces the company&;s previous independent registered public accounting firm, Mao & Company, CPAs, Inc. ("Mao & Company").
Chief Executive Officer Warren Zhao said, "We have had a positive relationship with Mao & Company and appreciate their dedicated services. Moving forward, the board has determined that Bernstein & Pinchuk LLP offers our shareholders a strong combination of quality services, experience in working with companies in China and cost-efficiency. We look forward to working with their team."
There have been no disagreements with Mao & Company on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
The appointment of Bernstein & Pinchuk LLP as the new auditor has been approved by Tri-Tech&;s Audit Committee and Board of Directors. The company reported its decision to change accounting firms to the Securities and Exchange Commission today in a Form 8-K filing.
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China&;s municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-tech owns seven software copyrights and two technological patents and employs 108 people. Please visit http://www.tri-tech.cn for more information.
An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .
About Bernstein & Pinchuk LLP
Based in both New York and Beijing, Bernstein & Pinchuk LLP is an international group of professionals providing audit and assurance, tax and transaction advisory services. Bernstein & Pinchuk LLP is an independent member of the BDO Seidman Alliance, allowing the company to provide its clients with vast resources and technical knowledge without high overhead costs. With offices in New York, Beijing and Guangzhou, Bernstein & Pinchuk LLP has the cultural understanding, knowledge, and support needed to efficiently serve and advise its clients. Bernstein & Pinchuk LLP is an outstanding firm committed to offering the highest level of expertise and value.
This press release contains certain forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. 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. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
Investors Contact:
Hawk Associates
Frank Hawkins
Susan Zhou
Phone: +1-305-451-1888
Email: tritech@hawkassociates.com
SOURCE Tri-Tech Holding Inc.
For 2010, we anticipate that our revenues will range between $40.6 million and $50.5 million. We anticipate our net income will likely reach between $7.0 million and $9.2 million. We expect that we will be able to reach these revenue and net income projections without receiving further financing.
2009 revenue was 17m, with eps of 94c.. Growth more then 130% on lower end of guidance
TRIT.. $14.28 Underwriting results..
Tri-Tech Holding Closes $30 Million Follow-On Public Offering
PR Newswire - Apr 20 at 15:30
Company Symbols: NASDAQ-SMALL:TRIT
BEIJING, April 20 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT) ("Tri-Tech" or the "Company"), a leading solutions provider to China&;s water resources, municipal wastewater and industrial pollution control markets, announced today the closing of its previously announced public offering of 2,142,750 ordinary shares at an offering price of $14.00 per share.
The Company received aggregated gross proceeds of approximately $30 million, before underwriter commissions and discounts and other expenses, and prior to the exercise of the underwriters&; 45-day over-allotment option to purchase up to an additional 321,412 shares. Tri-Tech expects to use the net proceeds of the offering for working capital, acquisitions, new product development and sales and marketing.
Chief Executive Officer Warren Zhao said, "We are pleased with the success of this prompt follow-on public offering. We went public in September last year at an IPO price of $6.75. Our strong growth has highlighted the strength of our business model for investors. We thank all parties involved for this success."
Newbridge Securities Corporation and Brean Murray, Carret & Co. acted as co-lead and joint book-running managers of the offering.
Copies of the final prospectus relating to the offering may be obtained from the offices of Newbridge Securities Corporation, Attention: Douglas Aguililla, 1451 W Cypress Creek Rd. Ste. 204, Ft. Lauderdale, FL 33309, by telephone at (954) 334-3450, or via email at daguililla@newbridgesecurities.com, or from Brean Murray, Carret & Co., LLC, Attention: Minnie Huang, 570 Lexington Avenue, New York, NY 10022, by telephone at (212) 702-6667, or via email at minnie.huang@bmur.com. The shares in this offering are being issued under a registration statement declared effective by the Securities and Exchange Commission on April 14, 2010.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer will be made only by means of a prospectus, including prospectus supplement, forming a part of the effective registration statement.
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China&;s municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-Tech owns seven software copyrights and two technological patents. Please visit http://www.Tri-Tech.cn for more information.
An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .
Tri-Tech Holding Inc. has based these forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. 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. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
Investors Contact:
Hawk Associates
Frank Hawkins
Susan Zhou
Tel: +1-305-451-1888
Email: tritech@hawkassociates.com
SOURCE Tri-Tech Holding Inc.
TRIT.. $14.32 Added again..
04/20/10 3:21 PM EDT Buy 300 TRIT Executed @ $14.32 Details | Edit
04/20/10 3:21 PM EDT Buy 188 TRIT Executed @ $14.3199 Details | Edit
04/20/10 3:21 PM EDT Buy 800 TRIT Executed @ $14.32 Details | Edit
TRIT.. Bought and added
04/20/10 2:05 PM EDT Buy 217 TRIT Executed @ $14.1996 Details | Edit
04/20/10 2:05 PM EDT Buy 100 TRIT Executed @ $14.2 Details | Edit
04/20/10 2:05 PM EDT Buy 100 TRIT Executed @ $14.2 Details | Edit
04/20/10 2:05 PM EDT Buy 100 TRIT Executed @ $14.2 Details | Edit
04/20/10 2:05 PM EDT Buy 100 TRIT Executed @ $14.2 Details | Edit
04/20/10 2:05 PM EDT Buy 100 TRIT Executed @ $14.2 Details | Edit
04/20/10 2:05 PM EDT Buy 300 TRIT Executed @ $14.2 Details | Edit
04/20/10 2:05 PM EDT Buy 100 TRIT Executed @ $14.2 Details | Edit
04/20/10 2:05 PM EDT Buy 100 TRIT Executed @ $14.2 Details | Edit
04/20/10 2:05 PM EDT Buy 71 TRIT Executed @ $14.2 Details | Edit
04/20/10 12:03 PM EDT Buy 888 TRIT Executed @ $14.12 Details | Edit
04/20/10 12:03 PM EDT Buy 300 TRIT Executed @ $14.12 Details | Edit
04/20/10 12:03 PM EDT Buy 100 TRIT Executed @ $14.12 Details | Edit
TRIT.. $14.19
Tri-Tech initiated with an Overweight at Piper Jaffray
Fly On The Wall - Apr 20 at 06:13
Company Symbols: NASDAQ-SMALL:TRIT
Target $20.
TRIT.. $14.48 Underwriting..
Calendar Of Equity Issues Expected To Price This Week
Apr 14, 2010 12:04:29 (ET)
Initial Offerings:
Chatham Lodging Trust (CLDT)--7.5 million shares expected to price Thursday via Barclays Capital and FBR Capital. Price talk: $20.
Secondary or Follow-On Offerings:
Alphatec Holdings Inc. (ATEC)--16 million shares expected to price Thursday via Jefferies and Canaccord Adams.
Ameris Bancorp (ABCB)--$60 million in stock expected to price Wednesday via Keefe Bryutte & Woods.
CF Industries Holdings Inc. (CF)--10.8 million shares expected to price Thursday via Morgan Stanley.
Dollar General Corp. (DG)--22 million shares expected to price Wednesday via Citigroup, Goldman Sachs, KKR Capital Markets, Bank of America Merrill Lynch and J.P.Morgan.
Medical Properties Trust Inc. (MPW)--24 million shares expected to price Wednesday via J.P.Morgan, Deutsche Bank, KeyBanc and RBC Capital Markets.
STR Holdings Inc. (STRI)--7 million shares expected to price Thursday via Credit Suisse and Goldman Sachs.
Tri-Tech Holding Inc. (TRIT)--1.5 million shares expected to price Wednesday via Newbridge Securities and Brean Murray Carret.
Two Harbors Investment Corp. (TWO)--14 million shares expected to price Thursday via Credit Suisse.
(END) Dow Jones Newswires
April 14, 2010 12:04 ET (16:04 GMT)
Somebody on the TRIT board over at Yahoo says its pricing tomorrow but he hasnt provided any proof.
TRIT - The secondary has not been done yet. It's for I believe 1.5 million shares. They said in the 10-K that they did not need financing for their forecast, but if this financing does happen I will be confused. I'd like to buy into this one if the do price the offering.
Anyone know anything about this?
Just took a position here today. Chart looks like a huge pennant has formed and it could break either way. Do you have any info on the secondary? It was filed for more than two weeks ago. Has it happened yet?
TRIT.. $16.13
Tri-Tech Holding Full Year 2009 Revenue Up 99% to $16.8M; Net Income Up 127% to $3.8M; EPS $0.92 vs. $0.48
PR Newswire - Mar 25 at 09:00
Company Symbols: NASDAQ-SMALL:TRIT
Company Anticipating Continued Growth in 2010 Business
BEIJING, March 25 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a leading Chinese project development and management company that engineers, manages and monitors China&;s municipal sewer systems, natural waterways and resources, announced today that revenue for the fiscal year ended December 31, 2009 increased 99% to $16.8 million from $8.4 million in 2008. Diluted earnings per share for the year were $0.92 based on net income of $3.8 million. This compares with net income of $1.7 million or $0.48 diluted EPS in 2008.
Fourth Quarter 2009 Highlights
-- Revenue for Q4 2009 increased 103% to $5.9 million from $2.9 million in
Q4 2008.
-- Gross profit (exclusive of depreciation and amortization) increased
190% to $2.3 million for Q4 2009 from $0.8 million in Q4 2008.
-- Q4 2009 gross margin 38% vs. 27% for Q4 2008.
-- Income from operations increased 117% to $1.1 million from $0.5 million
in Q3 2008.
-- Net income increased 212% to $1.3 million from $0.4 million in Q4 2008.
-- Diluted earnings per share increased to $0.24, from $0.12 in Q4 2008.
-- Weighted average number of diluted shares outstanding was 5.54 million
as of December 31, 2009, compared to 3.56 million as of December 31,
2008.
FY 2009 Highlights
-- Revenue for 2009 increased 99% to $16.8 million from $8.4 million in
2008.
-- Wastewater and Tail Gas Treatment segment revenue increased 80% to
$9.0 million.
-- Water Resource Management segment revenue was up 125% to $7.8 million.
-- Gross profit (exclusive of depreciation and amortization) increased
112% to $6.6 million for 2009 from $3.1 million in 2008.
-- 2009 gross margin 39% vs. 37% for 2008.
-- Income from operations increased 126% to $4.1 million from $1.8 million
in 2008.
-- Net income increased 127% to $3.8 million from $1.7 million in 2008.
-- Diluted earnings per share increased to $0.92 from $0.48 in 2008.
-- Weighted average number of diluted shares outstanding was 4.17 million
as of December 31, 2009, compared to 3.56 million as of December 31,
2008.
-- Completed successful initial public offering of 1.7 million ordinary
shares at a price of $6.75 per share, traded on NASDAQ Capital Market
on September 10, 2009.
FY 2009 Financial Performance
Total revenue was $16.8 million in 2009, an increase of $8.3 million, or 99%, compared to revenue of $8.4 million in 2008. The increase was driven by larger contracts, several of which exceeded $1.5 million. The revenue was primarily generated by system integration work and hardware and software sales from two operating segments. For wastewater and tail gas treatment, revenue was $9 million, an increase of $4 million or 80%, compared to $5 million in year 2008. Revenue from water resources management saw a 125% significant increase to $7.8 million from $3.5 million in 2008.
Net income
Net income attributable to shareholders was $3.8 million, an increase of $2.2 million or 127%, compared to $1.7 million in year 2008.
Diluted earnings per share for the year were $0.92 based on net income of $3.8 million. This compares with net income of $1.7 million or $0.48 diluted EPS in 2008.
Gross profit (exclusive of depreciation and amortization)
Gross profit (exclusive of depreciation and amortization) increased 112% to $6.6 million for 2009 from $3.1 million in 2008. Of total revenue, cost (exclusive of depreciation and amortization) decreased to 61%, compared with 63% in 2008, because the company sourced more locally made equipment at lower cost for the projects. Gross margin (exclusive of depreciation and amortization) for 2009 was 39%, compared to 37% for 2008.
During 2009, significant Chinese government spending along with tight construction timelines, and strong market demand resulted in high market value for construction projects. Under such business climate, Tri-Tech enjoyed rapid growth in revenue while limited cost of that revenue.
Operating income
Operating income increased 126% to $4.1 million from $1.8 million in 2008. Operating margin was 24%, compared to 21% in the year ended December 31 2008.
Liquidity and Capital Resources
As of December 31, 2009, cash and cash equivalents were $7.2 million, including a deposit of $3.3 million. As of December 31, 2009, working capital was $17 million, including cash and cash equivalents of $7.2 million.
Order Backlog
As of December 31, 2009, the company had a total backlog of $11.5 million to be collected in 2010, including $9.3 million in municipal water and wastewater services, $1.5 million in water resources services and $0.7 million in industrial sector services. The backlog represents the amount of our existing contract work remaining to be completed in 2010 for which we have not been paid in full, based on the assumptions that our customers will approve these projects upon completion.
Management Comment
Chief Executive Officer Warren Zhao said, "We are pleased with the financial results in our first year as a publicly-traded company. The strong growth in our two business segments has highlighted the strength of our business model, which we believe will continue to get stronger as we work to help alleviate China&;s critical water resource crisis.
"We are currently pursuing smaller river basin flood monitoring and forecasting systems and groundwater monitoring systems across the country. In 2009, we received awards for five projects for smaller river basin flood and forecasting systems.
"Through local distributors and partnerships, we are promoting our proprietary products targeting the water monitoring and dispatching systems of the Northward Rerouting of Southern River engineering construction. We believe that the entire Northward Rerouting of Southern River engineering project has a market potential of approximately $43.5 million.
"In 2009, the Chinese government launched the 103 Pilot-County Mountain Torrent Forecast Plan. Accordingly, the government allocated approximately $29 million to fund these projects to deal with frequent mountain torrents devastation. During the year, we won the bids for 14 of these pilot projects, which was in line with our internal expectations on the bid win rate.
"At present, our wastewater treatment business is focused on Tianjin City and Hebei Province. In 2009, we won 26 contracts from this targeted wastewater treatment market, including pump stations, treatment plants, odor control systems, automatic controls and instruments.
"We are actively pursuing opportunities in the industrial wastewater and process tail gas treatment markets in the oil and gas industry and the petrochemical industry such as SINOPEC and PetroChina. Additionally, we intend to strengthen our industrial pollution control services by penetrating adjacent industry verticals such as the power generation industry.
"Currently almost all newly-designed sewage treatment plants have odorous gas containment and control requirements. Therefore, we expect an increase in the sales of our proprietary bio-filtration odor control systems.
"In order to pursue several major new projects and increase our interaction with our clients, we recently set up branch offices in Tianjin Dongli Economic Development Zone, Tianjin Baodi Economic Development Zone and Hebei Province.
"In our municipal wastewater business, we plan to expand our target market. In our current business footprint in only Hebei and Tianjin, the government is building 80 new wastewater treatment plants. We believe significant opportunities exist in 32 other provinces, municipalities and autonomous regions in China.
"We intend to expand our role from sub-contractor to prime-contractor. Since inception, we have grown from a provider of system controls to a company capable of managing the whole installation of municipal water and wastewater facilities. As we continue to grow, we will focus our business on more complex installation projects.
"We also intend to further develop our water resource management services from partial management solutions to full management of large-scale river basin projects. We believe the Chinese government&;s allocation of significant investment offers us huge business opportunities.
"In addition to organic growth, we are targeting selected acquisitions. In general, our markets are highly fragmented with small competitors. We will consider acquiring companies that we believe will add significant value to our business. These targets may have strong customer relationships but limited market reach, or may possess specialized skills but the businesses have not scaled up. When evaluating targets, we use a disciplined, conservative approach to ensure the acquisitions are strategic and accretive," Zhao said.
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China&;s municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-Tech owns seven software copyrights and two technological patents and employs 120 people. Please visit http://www.Tri-Tech.cn for more information.
An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .
Tri-Tech Holding Inc. has based these forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. 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. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For further information, please contact:
Hawk Associates
Susan Zhou
Tel: +1-305-451-1888
Email: tritech@hawkassociates.com
TRI-TECH HOLDING INC.
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
AUDITED
For the Year Ended Quarter Ended
December 31, December 31,
2009 2008 2009 2008
(Restated)
Revenues:
System integration $12,023,686 $6,119,266 $4,499,924 $1,410,327
Products 2,511,962 1,115,811 633,914 1,051,322
Software revenue 2,264,246 1,214,881 760,887 436,943
Total revenues 16,799,895 8,449,958 5,894,726 2,898,592
Cost of revenues: (exclusive
of depreciation and
amortization shown
separately below)
System integration 8,003,667 4,219,892 3,095,900 1,058,291
Products 2,115,052 1,036,401 528,438 1,000,909
Cost of software 57,207 65,947 15,143 62,012
Total cost of
revenues(exclusive of
depreciation and
amortization shown
separately below) 10,175,925 5,322,240 3,639,482 2,121,212
Operating expenses:
Depreciation and amortization
expenses 119,173 88,731 43,724 29,009
Other operating expenses 2,448,721 1,242,415 1,078,606 227,350
Total operating expenses 2,567,894 1,331,146 1,122,330 256,359
Operating income (loss): 4,056,076 1,796,572 1,132,914 521,021
Other income (expenses):
Interest income 26,855 17,475 1,729 931
Interest expense (5,683) (7,833) (1,510) (5,444)
Government allowance 107,380 102,644 58,338 37,401
Other expense (7,592) (1,774) (2,899) (483)
Total other income
(expenses), net 120,961 110,512 55,660 32,404
Income before provision for
income taxes and
noncontrolling interests
income 4,177,037 1,907,084 1,188,574 553,425
Provision for income taxes (308,085) (202,247) (758,550) (141,771)
Net income 3,868,952 1,704,837 1,330,955 411,654
Noncontrolling Interests
Income 18,182 8,685 5,730 (13,525)
Net income attributable to
Tri-Tech Holding Inc 3,850,770 1,696,152 1,325,225 425,179
Other comprehensive income
Foreign currency translation
adjustment 15,899 259,708 (51,216) (46,834)
Comprehensive income 3,884,851 1,964,545 1,279,739 378,345
Comprehensive income
attributable to
noncontrolling interests 18,312 17,211 5,155 17,211
Comprehensive income
attributable to Tri-Tech
Holding Inc. 3,866,538 1,947,334 1,274,584 361,134
Net income attributable to
Tri-Tech Holding Inc. per
share:
Basic $0.94 $0.48 $0.25 $0.12
Diluted $0.92 $0.48 $0.24 $0.12
Shares used in computation:
Basic 4,081,301 3,555,000 5,255,000 3,555,000
Diluted 4,170,879 3,555,000 5,544,343 3,555,000
TRI-TECH HOLDING INC.
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2009 2008
(Restated)
ASSETS
Current Assets
Cash $7,171,464 $732,418
Restricted cash 1,501,128 --
Accounts receivable, net of allowance
for doubtful accounts of $56,491 and
$62,286 as of December 31, 2009 and
December 31, 2008, respectively 4,338,239 3,105,859
Unbilled revenue 3,952,763 1,429,846
Notes receivable -- 7,316
Other receivables 273,602 166,395
Inventories 1,573,324 1,466,468
Deposits on projects 585,153 266,973
Prepayments to suppliers and
subcontractors 1,898,900 567,346
Total current assets 21,294,573 7,742,621
Long-term unbilled revenue 1,723,852 --
Plant and equipment, net 374,009 174,128
Proprietary technology, net 797,854 857,475
Total assets $24,190,288 $8,774,224
LIABILITIES AND SHAREHOLDERS&; EQUITY
Current liabilities
Accounts payable and cost accrual on
projects $3,367,056 $1,589,103
Commercial paper and other short-term
notes payable
Non-related parties -- 271,041
Related party -- 14,631
Customer deposits 494,047 436,372
Billings in excess of revenue 8,650 30,639
Other payables 8,633 81,721
Accrued liabilities 103,190 84,660
Deferred income taxes 141,478 83,643
Income taxes payable 144,232 141,818
Other taxes payable -- 90,908
Total current liabilities 4,267,286 2,824,536
Long-term liabilities 58,171 --
Total liabilities 4,325,457 2,824,536
Shareholders&; equity
Tri-Tech Holding Inc. shareholders&;
equity
Common stock (30,000,000 shares
authorized and $0.001 par value,
5,255,000 and 3,555,000 issued as of
December 31, 2009 and 2008,
respectively; on December 31, 2009,
340,000 shares issued were held in
escrow. See note 12 for more
discussion.) 5,255 3,555
Additional paid-in-capital 12,942,650 2,914,058
Statutory reserves 50,655 50,655
Retained earnings 6,333,343 2,482,573
Accumulated other comprehensive
income 377,097 361,328
Total Tri-Tech Holding Inc.
shareholders&; equity 19,709,000 5,812,169
Noncontrolling Interests 155,831 137,519
Total shareholders&; equity 19,864,831 5,949,688
Total liabilities and shareholders&;
equity $24,190,288 $8,774,224
TRI-TECH HOLDING INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Year Ended December 31,
2009 2008(Restated)
Cash flows from operating activities:
Net income $3,868,952 $1,704,838
Adjustments to reconcile net income
to cash:
Depreciation 59,244 30,892
Amortization 60,588 57,839
Allowance for doubtful accounts 1,322 22,935
Deferred income taxes 66,061 74,429
Changes in operating assets and
liabilities:
Restricted cash (1,500,534) --
Accounts receivable (1,230,305) (1,528,876)
Unbilled revenue (4,243,749) (360,048)
Other receivables (424,813) (104,235)
Inventories (161,817) (330,918)
Prepayments and deferred expenses (1,315,244) (163,280)
Accounts payable 1,761,867 145,002
Customer deposits 57,244 (5,286)
Billings in excess of revenue (22,009) --
Other payables 218,941 112,280
Accrued liabilities 18,443 --
Taxes payable (140,036) (48,606)
Net cash provided by operating
activities (2,925,845) (393,034)
Cash flows from investing activities:
Additions to equipment (197,087) (91,351)
Cash flows from financing activities:
Common stock 10,105,170 --
(Repayments to)advances from third
parties (278,507) 678,485
Repayment from a related party of an
advance -- (4,750)
Net cash provided by (used in)
financing activities 9,826,663 673,735
Effect of exchange rate changes on
cash and cash equivalents (264,685) 175,355
Net increase in cash 6,439,046 364,705
Cash, beginning of year 732,418 367,713
Cash, end of period $7,171,464 $732,418
Supplemental Data:
Income taxes paid $239,743 $--
Interest paid on debt $4,538 $7,832
Borrow money from third party, using
in purchase transportation equipment
on April 2009. $87,221 $--
SOURCE Tri-Tech Holding Inc.
TRIT..$16.93 +$3.03
The earnings and the future of TRIT are getting notice.. Have a small position that I will add to if TRIT backs off again.. hank
TRIT.. $13.90
7:04PM Tri-Tech Holding reports 2009 EPS of $0.92 vs. $0.48 in the prior year; revs grew 98.8% to $16.8 mln (TRIT) 13.90 -0.32 :
TRIT.. $13.90
Tri-Tech Holding Awarded $1.27M in Mountain Torrent Forecast and River Monitoring Contracts
Contracts Cover 11 Projects in Five Provinces..
BEIJING, Feb. 2 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that engineers, manages and monitors municipal sewer systems, natural waterways and other water resources, announced today that it has received 11 new contracts for flood control and river monitoring worth RMB8.7 million (approximately US$1.27 million).
The awards include six mountain torrent forecast pilot projects from the Flood Control and Drought Relief Bureaus of the Guangxi Zhuang Autonomous Region, the Inner Mongolia Autonomous Region, Heilongjiang province and Chongqing municipality and five river monitoring projects in Yunnan province.
Tri-Tech will provide mountain torrent information collection systems and early warning systems as well as hydrological monitoring equipment, installation, debugging and after-sale services in two counties in Guangxi, two counties in Chongqing, Qiqihar City in Heilongjiang and Chifeng City in Inner Mongolia.
The five river monitoring projects are in the cities of Honghe, Wenshan, Yuxi, Puer and Xishuangbanna in Yunnan Province. These projects include purchasing both software and hardware needed for the remote hydrological monitoring system, installation and integration, debugging and testing, technical training and after-sale services.
The data terminal for the hydrological monitoring station system in all 11 projects will use Tri-Tech's patented YY-RTU-2000 Telemetry Unit. Tri-Tech expects to complete the projects before the end of March 2010.
Mr. Warren Zhao, CEO of Tri-Tech Holding, said, "In 2009, the Chinese government allocated RMB200 million (approximately US$29 million) to fund its Mountain Torrent Forecast Plan in 103 pilot counties that are frequently devastated by mountain torrents. In October 2009, Tri-Tech won eight bids for the pilot projects and we have now won six additional bids, which represent the largest market share awarded so far in this sector. We are also excited that we have successfully secured five contracts as part of the government's newly initiated river monitoring initiative, which lays good groundwork for competing for more projects. We expect to continue building our business in China's natural waterways control."
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China's municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-tech owns seven software copyrights and two technological patents and employs 108 people. Please visit http://www.tri-tech.cn for more information.
An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of the project referenced herein and other statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact: Investors Contact: Hawk Associates Susan Zhou Tel: +1-305-451-1888 Email: tritech@hawkassociates.com
TRIT.. $13.90
Tri-Tech Holding Awarded $1.68 Million Contract for Wastewater Treatment Plant
BEIJING, Jan. 12 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that engineers, manages and monitors municipal sewer systems, natural waterways and other water resources, announced today that it has received a RMB11.5 million (approximately US$1.68 million) contract for Phase I of a wastewater treatment and water recycling plant construction project in Hangu Eco-friendly High-tech Industrial Park of Tianjin Municipality in Northern China.
The total cost to construct the wastewater treatment and recycling plant is RMB72,600,000 (approximately US$10.6 million). Construction will break down into two phases. Phase I includes wastewater treatment using the anaerobic ammonium oxidizing (A2/O) biological process, followed by a deep filtration process using rotary fibre disc filtration technology. Phase II includes further purification process for water recycling using microfiltration, followed by reverse osmosis membrane technology. The entire plant, occupying 4.2 acres of land, will have a daily treatment capacity of 10,000 metric tons.
Tri-Tech's scope of work in Phase I includes procurement and installation of process equipment, electric devices, automatic control and monitoring instruments, laboratory equipment and mechanical maintenance equipment, as well as personnel training, plant inspection and commissioning and start-up. Phase I construction will start in late January and is expected to finish by the end of May 2010. Phase II of this project is expected to be put out to bid separately in late February or early March 2010.
Tri-Tech CEO Warren Zhao said, "The Hangu project is another footprint in Tianjin after the projects we were awarded in Tianjin Dongli Economic Development Area and Tianjin Jinjing Newtown. Located in Tianjin Binhai New District, Hangu is approximately 40 kilometers away from downtown Tianjin and has a population of 170,000. The Hangu Eco-friendly High-tech Industrial Park, which began developing at the end of 2007, is rapidly constructing its infrastructure. Securing this Hangu project reaffirms our strategic position in the market of Tianjin Binhai New District and will help us successfully compete for additional wastewater treatment projects in Binhai."
For Phase I of the project, Tri-Tech will use a modified A2/O process, followed by rotary fibre disc filtration. A2/O is a well-known process that enables the removal of biological nutrients such as phosphorous or ammonium pollutants from sewage without adding special chemicals. Residual sludge from the treatment plant will be concentrated, dewatered, and then disposed at a landfill.
Reclaimed wastewater discharged from the Phase I of treatment plant will meet Class 1A standards as per the National Discharge Standard of Pollutants for Municipal Wastewater Treatment Plant. The reclaimed wastewater will be used for landscape wetland irrigation of the Park.
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China's municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-tech owns seven software copyrights and two technological patents and employs 108 people. Please visit http://www.tri-tech.cn for more information.
An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of the project referenced herein and other statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact: Investors Contact: Susan Zhou Hawk Associates Tel: +1-305-451-1888 Email: tritech@hawkassociates.com
TRIT..$13.90
Tri-Tech Holding Q3 Revenue Up 131% to $ 4.9M;
Net Income Up 112% to $1.1M,
YTD Revenue Up 96.5% to $10.9M; EPS $0.68
ALERT: TRIT's presentation at Strategic Opportunities in Water Technologies Summit, February 3 is available to view by clicking "Additional Information" at the left column.
Tri-Tech is a leading provider of integrated solutions for the protection, control and enhancement of China’s water resources. Combining software, hardware and highly experienced and talented engineering services, TRIT enables local and regional governments to monitor and manage China’s natural and municipal water resources. Since 2002, TRIT has successfully implemented over 250 projects throughout China.
TRIT designs and installs customized sewage treatment and odor control systems for municipalities and larger cities. These systems combine software, information management systems, enterprise resource planning and local and wide area networking with hardware including sensors, distribution control systems, programmable logic controllers, supervisory control and data acquisition sys- tems. This technology allows local governments to seam- lessly monitor and control multiple variables in sewage treatment and odor control while managing the process from initial intake of raw sewage all the way to the return of water for consumer reuse.
TRIT also provides effective software and hardware solu- Investor Relations Communications Credibility | Understanding | Expertise tions for tracking natural waterway levels for drought and flood control, groundwater quality monitoring, irrigation and assisting the government in planning and manag- ing its use of increasingly precious water resources.
TRIT's business is focused on Chinese cities and municipalities that need extensive moni- toring and management systems expertise. TRIT has seven software copyrights and two technology patents. TRIT has 120 employ- ees, 75% of whom are in engineering and technical support.
Company Overview
The Major Challenge to China’s Water Resources
China’s water infrastructure is under great stress. The country faces widespread water scarcity, frequent floods in the south and east and droughts in the north and west. China also suffers serious water pollution that strains the environment. China's water supply is smaller than the U.S. but serves approximate- ly five times as many people. It is estimated that 300 million Chinese citizens have no daily access to clean water.
Over 70 million Chinese citizen drink water that does not meet current World Health Organization standards. Water usage in China has quintupled since 1949 and almost 90% of underground water in Chinese cities is affected by pollution. In short, China is struggling to procure clean and provide enough potable water for a growing population.
As a result of the high population density, the poor ratio of available water supply to demand, and regional imbalances in available water, China faces serious challenges in managing its usable water supply. These challenges in managing water resources provide TRIT strong growth opportunities in helping to provide usable water, reduce the effects of drought and alleviate flooding.
Differentiators
Company Strategy
TRIT provides customized solutions and integrated technology to Chinese governments. These include extensive monitoring and management expertise following engineering and system integration. Future strategies include broadening product offerings by extending product lines to upstream and down- stream business segments, strengthening research, building alliances with research institutions, diversi- fying client base and seeking early entry into new markets or other countries. TRIT intends to continue employing modified BTO models, exploring over- seas business opportunities and seeking candidates for merger and acquisition opportunities as well.
Lines of Service
Wastewater and Tail Gas Treatment
TRIT's sewage treatment, water recycling and sew- age water pipeline network technologies include automation and management systems for large cities. TRIT enables a city to electronically control its systems to react to chemical and other changes and to ensure safe and efficient treatment of sew- age. These systems also allow smaller municipalities to reuse and recycle both grey water and indus- trial waste water. TRIT also provide electrical and mechanical equipment for pump stations, municipal water supply plants and distribution pipelines. Other services include patented biofiltration odor control systems, chemical scrubbing odor controls, process control and monitoring systems and sewage treat- ment operation management systems for recycling.
Water Resource Management
TRIT is a leader in drought and flood control through the use of remote terminals that provide multiple levels of data including rainfall measurement and early warnings for small watershed flood hazards. Groundwater is monitored for water quality using remote terminal systems. For water resource utiliza- tion and management, TRIT has developed irriga- tional and agricultural water conservation systems, a national flood control system for river basins, damp controls for reservoirs, water resource equip- ment monitoring systems, mountain torrent forecast systems and special software platforms and tools for decision making, as well as systems for managing municipal water supplies.
Recent News
3/11/10-Tri-Tech Holding Awarded $3.7M for Landfill Construction Project in Xinle City, China 2/08/10-Tri-Tech Holding to Present in Upcoming Investor Conferences2/02/10-Tri-Tech Holding Awarded $1.27M in Mountain Torrent Forecast and River Monitoring Contracts1/19/10-Tri-Tech Holding to Present at the Strategic Opportunities in Water Technologies Summit1/12/10-Tri-Tech Holding Awarded $1.68 Million Contract for Wastewater Treatment Plant
Risk Factors
Single industry focus
Significant competition from competitors and new market entrants
Company unknown in U.S.
Continuing U.S. investor interest in Chinese companies
The Outlook
From 2005 through 2010, China’s environmen- tal investment is expected to be approximately $184.2B and it is estimated that $39.5B of that is to be used for water resource management, urban water management, wastewater treatment, and sew- age reuse. Between 2007 and 2009, the Chinese spent approximately $526M to establish a National Water Resources Management System.
In November 2008, the Chinese government announced a $585B stimulus package in response to the global economic crisis. This included approximately$3.3B for environmental projects. China’s spending in water resources, environmental protection and other infrastructure increased 54.5% year to year. The second tranche of central govern- ment funding $4.6 billion was allocated to rural infrastructure projects, of which $1.6 billion was allocated to environmental projects. According to the budget plan announced by Ministry of Water Resources, China expected to invest $11.7 billion in 2009 in water resources sectors. China’s central government has allocated $3.8 billion in the first half of 2009. With the projects the central govern- ment has approved, this investment is expected to increase to $45 billion in the aggregate over the next three years.
TRIT is currently pursuing 100 small river basin flood monitoring and forecasting systems in more than 100 counties with a market potential of $72.5M. Projects for water monitoring and dispatching sys- tems of the Northward Rerouting of Southern River engineering construction are being pursued through distributors and partnerships with a potential value of $43.5M. TRIT is also pursuing wastewater treat- ment projects in Tianjin Binhai New Area where over 40 large pumping stations and 30 sewage treatment plants are being built with a market potential of $8.7B.
Tianjin Central's storm and sanitary sewage construction and pipe retrofit- ting construction offer a potential mar- ket of $704.4M and $70.6M. Hebei Province plans to construct 50 sewage and grey water reuse treatment plants in the next two years.
TRIT is also seeking business in the industrial wastewater and process tail gas treatment markets for the petro- chemical industry. Increased sales are expected from nationwide projects proposed by the Ministry of Water Resources. Increased sales are also anticipated from long-distance water transfer projects in major cities includ- ing Beijing, Tianjin and Shijiazhuang where TRIT is already engaged. TRIT plans to increase its workforce and is setting up new offices.
Use of IPO Proceeds
Tri-Tech received net proceeds of $10.18M after its IPO last Sept.
Description of Use %Net Proceeds
Working Captial 50%
Product R & D 20%
Application Expansion 15%
Sales and Marketing 15%
Management
Chairman, CEO and Director-Warren Zhao
President-Phil Fan
Chief Financial Officer -Peter Dong
Director-David Hu
Director-Dr. Peiyao Zhang
Director-Dr. Xiaoping Zhou
Director-Robert W. Kraft
TRIT.. $13.90
Tri-Tech Holding Awarded $2M in Upgrade Work for Wastewater Treatment Plant
BEIJING, China, Jan. 4 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that engineers, manages and monitors municipal sewer systems, natural waterways and other water resources, announced today that it has received a $2 million Build-Transfer (BT) contract for a wastewater treatment plant upgrade in Xinle City, Hebei province. Tri-Tech will upgrade the plant and transfer ownership to Xinle City. The upgrade will improve the effluent quality from Class 2 to Class 1A standards as per the National Discharge Standard of Pollutants for Municipal Wastewater Treatment Plant.
The Xinle wastewater treatment plant went into operation in 2003 and currently has a daily capacity of 40,000 metric tons. Reclaimed wastewater discharged from the treatment plant meets Class 2 standards. The upgrade work will further decrease the pollution discharged from the plant.
The project will add an enhanced processing system, with a world-class process combination of a biological aerated filter (BAF), a rapid filter and chlorine dioxide disinfection. The enhanced processing system includes a new pumping station, a disinfecting tank, a chlorination processing system, a forced draft blower, counter-washing pumping equipment and a power supply system.
The contract covers detailed engineering and design, process equipment procurement, installation, commissioning & start-up. The effluent discharged from the upgraded plant will meet Class 1A standards which is suitable for certain reuses, including roadway dust control, landscape irrigation and toilet flushing. Tri-Tech expects to complete construction by the end of February 2010.
Tri-Tech CEO Warren Zhao said, "We are pleased to land this upgrade project in Xinle City using the BT model. With the rapid economic growth in Xinle, the amount of industrial wastewater and municipal wastewater is increasing. However, wastewater treatment facilities have not kept pace with the growth. Inappropriately treated wastewater has severely polluted the surrounding canal and downstream rivers. The need to upgrade Xinle's existing wastewater treatment plant is urgent. The implementation of this project will reduce urban sewage pollution and improve Xinle city's ecological environment and water quality."
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China's municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-tech owns seven software copyrights and two technological patents and employs 108 people. Please visit http://www.tri-tech.cn for more information.
An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at
http://www.hawkassociates.com/profile/trit.cfm .
To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of the project referenced herein and other statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact: Investors Contact: Hawk Associates Susan Zhou Tel: +1-305-451-1888 Email: tritech@hawkassociates.com
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TRIT is a leading provider of integrated solutions for China’s water environmental protection industry, including the water pollution remediation, software and engineering industries. We combine software and hardware to monitor and manage China’s natural and municipal water resources. We provide two lines of service: (i) Wastewater and Tail Gas Treatment and (ii) Water Resource Management. Our customers are mostly local and regional government bodies in China and since we began providing these services in 2002, we have implemented more than 250 projects in provinces, municipalities, autonomous regions and special administrative regions throughout China:
Through our Wastewater and Tail Gas Treatment segment, we design sewage treatment and odor control systems for municipal supplies. These systems, which coordinate technological solutions (software, management information systems, enterprise resource planning and local and wide area networking) with hardware (sensors, distributed control systems, programmable logic controllers, supervisory control and data acquisition systems and mechatronics), allow our clients to monitor and control numerous variables in the sewage treatment and odor control processes. Our goal in this regard is to be a total solution provider for our clients, allowing them to engage us to design processes and systems that work seamlessly to manage the process from the initial intake of raw sewage through the return of water to consumers for reuse.
Through our Water Resource Management segment, we assist the government in monitoring natural waterways. We provide systems that combine technological solutions (software, geological information systems, management information systems, enterprise resource planning and local, wireless and wide area networking) with hardware (sensors, supervisory control and data acquisition systems and mechatronics) to track water levels for drought and flood control, monitor groundwater quality and assist the government in planning its water resource use and management
Our Industry
Water Resource and Pollution Control in China
China’s environmental infrastructure in general, and its water infrastructure in particular, are under great stress. China has a smaller water supply than the United States but approximately five times as many people. China faces water scarcity, frequent floods in the south and east and droughts in the north and west, serious water pollution and heavy strains on the environment. Water usage in China has quintupled since 1949. In short, China struggles to procure, clean and provide enough potable water for a growing population.
As a result of the high population density in China, the poor ratio of available water supply to demand, and the further regional imbalances in available water resources, China faces serious challenges in managing its supply of usable water.
To address these challenges, the Chinese government has enacted stricter environmental standards and invested significantly in water treatment projects to promote sustainable economic growth to provide the population with affordable, purified water. We believe the following factors, among others, may present an opportunity for companies that assist the Chinese government in its goals to increase access to usable water, reduce the effects of droughts and alleviate flooding:
• China possesses approximately 7% of the earth’s total fresh water supply, similar to Canada. China, however, has approximately 40 times more people than Canada.
• Approximately 300 million Chinese citizens have no access to clean water.
• Over 70 million Chinese citizens drink water that does not meet current World Health Organization standards.
• Chinese citizens have access to approximately one-quarter the per-person supply of water available on average around the world. China has one of the 15 lowest per capita water supplies in the world.
• Per capita water availability in north China is only 757 cubic meters per year, less than one-fourth of per capita availability in south China, one-eleventh of the world average. The Food and Agriculture Organization of the United Nations regards a per capita water level of less than 1,000 cubic meters per year as a severe constraint on socio-economic development and environmental protection.
• Almost 90% of underground water in Chinese cities is affected by pollution.
• Approximately 80% of China’s rivers fail to meet standards for fishing.
• According to China’s Ministry of Environmental Protection (“MEP”), over 70% of China’s lakes and 5 out of 7 major river systems are so polluted that they are not suitable for human contact.
• Almost all of China’s rivers are considered polluted to some degree.
• Southern China has access to over 80% of China’s water supply.
• Approximately 400 of China’s 660 cities are affected by water shortages. Of those, over 100—including large cities like Beijing and Tianjin—are facing serious water shortages.
• Southwest China is reported to be experiencing its worst drought in a hundred years. Additionally, the North China Plain has seen seven consecutive years of drought, and its water table is falling at approximately five feet per year.
• China’s industrial water use is comparatively inefficient: to generate RMB10,000 in gross domestic product, China uses three times more water than the world average and seven times more than the United States.
• China recycles or reuses only 60% to 65% of water used by industry, compared with 80% to 85% in most developed countries.
• In 2006, China treated in some form only 56 percent of 53.7 billion tons of waste water; the rest was discharged without any treatment.
• In November 2000, the State Council notified all cities with a population greater than 100,000 to build one or more wastewater treatment facilities by 2005.
• The World Bank estimates that China’s water crisis currently costs China approximately 2.3% of its gross domestic product, of which 1.3% is attributable to water scarcity and 1% is a direct result of water pollution.
As a result of this increased demand for resources, the Chinese government has increased its financial investment in environmental protection legislation and increased environmental standards. Between 1995 and 2000, China invested approximately $47.4 billion in environmental protection. From 2000 through 2005, the investment grew to approximately $92.1 billion. From 2005 through 2010, China’s environmental investment is expected to be approximately $184.2 billion. This growth represents a cumulative annual growth rate of approximately 14.5%. Of the estimated $184.2 billion to be spent on environmental protection, approximately $39.5 billion is expected to be used for water resource management, urban water management, wastewater treatment, sewage reuse and water treatment.
China’s economy has historically been a planned economy, and its environmental protection policies have also been planned, in a series of five-year plans. According to The National Eleventh Five-Year Plan for Environmental Protection (2006-2010) (the “11th Plan”), China’s current environmental priorities are (i) to shift focus from economic growth without regard to environmental protection to placing equal emphasis on economic growth and environmental protection; (ii) to synchronize environmental protection and economic development, rather than allowing environmental protections to lag behind economic development and (iii) to shift from primarily administrative methods to protect the environment to implementing a more comprehensive legal, economic, technical and administrative framework to address environmental issues.
China failed to meet many of the environmental protection targets set in the National Tenth Five-Year Plan for Environmental Protection (2001-2005) (the “10th Plan”), despite devoting more than 1% of China’s gross domestic product in environmental protections for the first time. For example, the 10th Plan set a target of 10% reduction in sulphur dioxide, but China actually experienced an increase of 27.8%. Similarly, key water resources met only 60% of the targets set for pollution during the 10th Plan.
To this end, the 11th Plan provides that China will need to dedicate an estimated 1.35% of its gross domestic product, or approximately RMB1.4 trillion (approximately $205 billion), to environmental protection. China’s MEP projects growth of 15% per year in the environmental industry. While the 11th Plan does not prescribe amounts to be spent for particular projects or in individual sectors, it does state that the water pollution control will be the top priority for China’s environmental investment.
In order to reduce total chemical oxygen demand (“COD”) by 10% during the period, the 11th Plan estimates that engineering measures must be taken to reduce COD by 4 million tons. The 11th Plan anticipates that COD may be reduced by 3 million tons by increasing urban waste water treatment capacity by 45 million tons per day and by 1 million tons through industrial waste water treatment. These treatment plans anticipate that, by 2010, all cities in China will have sewage treatment facilities to allow at least 70% of urban sewage to be treated, with total urban sewage treatment capacity to reach 100 million tons per day. Such capacity increases will require China to construct new sewage treatment facilities and to strengthen the monitoring and supervision of existing and new facilities. The 11th Plan states that such plants will install real time on-line monitoring devices. Monitoring stations for water environmental quality will be expected to meet scientific standards. China plans, in particular, to focus on the enhancement of real time monitoring the pollution of trans-province and trans-boundary waters or estuaries; early warning systems for pollution accidents; and routine monitoring of surface water, drinking water sources and coastal sea waters. By 2010, the 11th Plan anticipates that, of such monitoring stations, 90% will meet government standards in east China, 80% in central China and 60% in west China.
According to the 2009 Chinese Government Annual Report announced by Primer Wen Jiabao, the Chinese government will continue to focus its efforts on environmental protection in 2010. To improve its environmental management, and municipal sewage and solid waste treatment in key areas, China will increase its daily sewage treatment capacity by 15 million cubic meters and its daily solid waste treatment capacity by 0.06 million tons in 2010. Based on an average construction unit cost of RMB 1300 per cubic meter of treatment capacity, we believe that total spending on sewage treatment will reach RMB 19.5 billion.
The Ministry of Environmental Protection of China stated that the Chinese government will invest RMB 3.1 trillion in the environmental protection sector during the 12th 5-year plan (2011-2015), including RMB 1 trillion in construction of treatment facilities. Governmental spending will be twice as much as that during the 11th 5-year plan (2006-2010). The total volume of investment in the environmental protection sector is expected to exceed RMB 1.1 trillion in 2010. Given the favorable policies, we believe that the environmental protection industry in China will maintain an annual growth rate between 15% and 20% for the next 5 years.
China’s Economic Development
China’s population of approximately 1.3 billion people is expected to grow by almost 9 million people per year. The country’s gross national product has grown at a rate of approximately 9% for more than 25 years, making it the fastest growth rate for a major economy in recorded history and securing China’s place as the world’s third largest economy. In the same 25 year period, China has moved more than 300 million people out of poverty and quadrupled the average Chinese person’s income. The potential of this market is noted by the fact that 400 of the world’s largest 500 companies have invested in China.
The financial crisis started in the second half of 2008 and soon became a global economic crisis as financial markets around the world deteriorated. The crisis eventually spread to other sectors such as manufacturing.
In 2010, the Chinese government is posed with the difficult task of maintaining China’s economy in the midst of the global economic financial crisis. China’s economy experienced overall growth of only 8.7% in 2009, its lowest growth rate in eight years, down from growth rates of 9.6% in 2008 and 13% in 2007. The global financial crisis has significantly decreased demand for Chinese exports, resulting in factory closures and significant unemployment. This 8.7% growth rate is well above the 7.2% rate predicted by the World Bank and also exceeds the 8% rate the Chinese government had predicted and said would be necessary to avoid significant further unemployment. While China’s growth rate has fallen, China’s growth rate remains well above the World Bank’s forecast for decline of 1.5% for the world economy in 2009.
According to China’s National Bureau of Statistics, China’s GDP for 2009 reached RMB 33.54 trillion (or $4.92 trillion), an increase of 8.7% over the same period in 2008. The growth rates for the first, second, third and fourth quarters of 2009 were 6.2%, 7.9%, 9.1% and 10.7% respectively, over the same periods in 2008. The overall fixed asset investment (“FAI”) in 2009 rose by 30.1%. In the same period, fixed asset investment in water resources, environment and public works management increased by 45.1%.
According to the 2009 Chinese Government Annual Report announced by Primer Wen Jiabao, China’s expected GDP growth of approximately 8% for 2010 and the government intends to apply active fiscal policies and appropriate expansionary monetary policies by increasing the government deficit by about RMB 1.05 trillion in incurring an additional RMB 7.5 trillion in bank loans.
Based on the data shown above, we believe that our company is likely to continue to grow in 2010 because our business is poised to directly benefit from China’s investment in its water and environmental protection infrastructure.
China’s Technology Industry
The Chinese government began to focus upon technology and science shortly after the formation of the PRC. From 1949 to 1977, the Chinese government directly controlled all research, development and engineering activities through its State Development Planning Commission and State Science and Technology Commission. In the 1980s, China began to implement market-oriented economic reforms designed to improve the Chinese science and technology industry, among other priorities. During this period, China further reduced the central government’s control over the operation of research oriented businesses. In the 1990s, Chinese policymakers again attempted to enhance the development of high technology businesses by experimenting with additional reduction of governmental control while also providing new forms of ownership for these businesses. In addition, in 1992, the Chinese government liberalized market access by adopting policies that favored foreign investment in high technology businesses. By the end of the 1990s, the Chinese government had abandoned most of its control over many high technology businesses and adopted a progressive tax structure designed to further encourage the financial development of these businesses. These policies positively impacted the development of Chinese software and engineering businesses.
TRI-TECH HOLDING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2010 | December 31, 2009 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
Current Assets | ||||||
Cash | $ | 7,202,236 | $ | 7,171,464 | ||
Restricted cash | — | 1,501,128 | ||||
Accounts receivable, net of allowance for doubtful accounts of $62,448 and $56,491 as of March 31, 2010 and December 31, 2009, respectively | 3,568,779 | 4,338,239 | ||||
Unbilled revenue | 6,471,224 | 3,952,763 | ||||
Other receivables | 359,784 | 273,602 | ||||
Inventories | 1,989,636 | 1,573,324 | ||||
Deposits on projects | 978,687 | 585,153 | ||||
Prepayments to suppliers and subcontractors | 3,088,153 | 1,898,900 | ||||
Total current assets | 23,658,499 | 21,294,573 | ||||
Long-term unbilled revenue | 1,724,331 | 1,723,852 | ||||
Plant and equipment, net | 432,226 | 374,009 | ||||
Proprietary technology, net | 1,073,497 | 797,854 | ||||
$ | 26,888,553 | $ | 24,190,288 | |||
LIABILITIES AND EQUITY | ||||||
Current liabilities | ||||||
Accounts payable and cost accrual on projects | $ | 3,912,821 | $ | 3,367,056 | ||
Customer deposits | 628,796 | 494,047 | ||||
Billings in excess of revenue | — | 8,650 | ||||
Other payables | 120,228 | 8,633 | ||||
Accrued liabilities | 72,433 | 103,190 | ||||
Deferred income taxes | — | 141,478 | ||||
Income taxes payable | 239,106 | 144,232 | ||||
Total current liabilities | 4,973,384 | 4,267,286 | ||||
Long-term liabilities | 47,277 | 58,171 | ||||
5,020,661 | 4,325,457 | |||||
Equity | ||||||
Tri-Tech Holding Inc. shareholders’ equity | ||||||
Common stock ($0.001 par value, 30,000,000 shares authorized;, 5,389,000 and 5,255,000 shares issued as of March 31,2010 and December 31, 2009, respectively; as of March 31, 2010, 340,000 shares issued were held in escrow. (See note 12)) | 5,389 | 5,255 | ||||
Additional paid-in-capital | 14,128,162 | 12,942,650 | ||||
Statutory reserves | 50,655 | 50,655 | ||||
Retained earnings | 7,150,957 | 6,333,343 | ||||
Accumulated other comprehensive income | 374,567 | 377,097 | ||||
Total Tri-Tech Holding Inc. shareholders’ equity | 21,709,730 | 19,709,000 | ||||
Noncontrolling Interests | 158,162 | 155,831 | ||||
Total equity | 21,867,892 | 19,864,831 | ||||
$ | 26,888,553 | $ | 24,190,288 | |||
See notes to consolidated financial statements
F-1
TRI-TECH HOLDING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
For The Three Months Ended March 31, | ||||||||
2010 | 2009 | |||||||
(Unaudited) | (Unaudited) | |||||||
Revenues: | ||||||||
System integration | $ | 3,508,085 | $ | 1,319,603 | ||||
Hardware products | 347,081 | 1,097,155 | ||||||
Software products | 382,948 | 434,049 | ||||||
Total revenues | 4,238,114 | 2,850,807 | ||||||
Cost of revenues: (exclusive of depreciation and amortization shown separately below) | ||||||||
System integration | 2,151,215 | 883,633 | ||||||
Hardware products | 309,740 | 887,880 | ||||||
Software products | 10,283 | 10,211 | ||||||
Total cost of revenues(exclusive of depreciation and amortization shown separately below) | 2,471,238 | 1,781,724 | ||||||
Operating expenses: | ||||||||
Depreciation and amortization expense | 40,442 | 21,583 | ||||||
Selling and Marketing expenses | 202,194 | 104,306 | ||||||
General and Administrative expenses | 696,508 | 279,049 | ||||||
Total operating expenses | 939,144 | 404,938 | ||||||
Income from operations | 827,732 | 664,145 | ||||||
Other income (expenses): | ||||||||
Other expense | (4,850 | ) | (390 | ) | ||||
Interest income | 9,694 | 435 | ||||||
Interest expense | (1,629 | ) | — | |||||
Tax rebates | 56,965 | — | ||||||
Total other income (expenses), net | 60,180 | 45 | ||||||
Income before provision for income taxes and noncontrolling interests income | 887,912 | 664,190 | ||||||
Provision for income taxes | 67,773 | 63,563 | ||||||
Net income before allocation to noncontrolling interests | 820,139 | 600,627 | ||||||
Less: Net income attributable to noncontrolling interests | 2,525 | 375 | ||||||
Net income attributable to Tri-Tech Holding Inc | $ | 817,614 | $ | 600,252 | ||||
Other comprehensive income | ||||||||
Foreign currency translation adjustment | (2,724 | ) | 13,208 | |||||
Comprehensive income | $ | 817,415 | $ | 613,835 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 2,331 | 349 | ||||||
Comprehensive income attributable to Tri-Tech Holding Inc. | $ | 815,084 | $ | 613,486 | ||||
Net income attributable to Tri-Tech Holding Inc. per share: | ||||||||
Basic | $ | 0.16 | $ | 0.17 | ||||
Diluted | $ | 0.15 | $ | 0.17 | ||||
Weighted Average number of common shares outstanding: | ||||||||
Basic | 5,269,011 | 3,555,000 | ||||||
Diluted | 5,559,260 | 3,555,000 |
See notes to consolidated financial statements
F-2
TRI-TECH HOLDING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Three Months Ended March 31, | ||||||||
2010 | 2009 | |||||||
(Unaudited) | (Unaudited) | |||||||
Cash flows from operating activities: | ||||||||
Net income before allocation to noncontrolling interests | $ | 820,139 | $ | 600,627 | ||||
Adjustments to reconcile net income before noncontrolling interests to net cash provided by (used in ) operation activities: | ||||||||
Amortization of option expenses | 91,480 | — | ||||||
Amortization of warrants | 8,766 | — | ||||||
Depreciation and amortization | 40,442 | 21,748 | ||||||
Provision for doubtful accounts | 5,940 | 10,178 | ||||||
Deferred income taxes | (149,838 | ) | 42,668 | |||||
Changes in operating assets and liabilities: | ||||||||
Restricted cash | 1,501,414 | — | ||||||
Accounts receivable | 764,660 | 258,395 | ||||||
Unbilled revenue | | (2,517,140 | ) | (744,534 | ) | |||
Other receivables | (479,436 | ) | 51,281 | |||||
Inventories | (359,426 | ) | (368,318 | ) | ||||
Prepayments and deferred expenses | | (1,164,248 | ) | 340,332 | ||||
Accounts payable | 488,386 | 256,795 | ||||||
Customer deposits | 134,600 | 167,149 | ||||||
Billings in excess of revenue | (8,652 | ) | — | |||||
Other payables | 175,051 | (23,449 | ) | |||||
Accrued liabilities | (30,782 | ) | — | |||||
Taxes payable | 94,825 | 189,667 | ||||||
Net cash (used in) provided by operating activities | (583,819 | ) | 802,539 | |||||
Cash flows from investing activities: | ||||||||
Payment to purchase plant and equipment | (80,766 | ) | (950 | ) | ||||
Payment to purchase intangible asset | (292,959 | ) | — | |||||
Payment of installment of vehicle purchase | (10,909 | ) | — | |||||
Short-term loan to third parties | — | (213,584 | ) | |||||
Net cash used in investing activities | (384,634 | ) | (214,534 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of warrants into common stock | 1,085,400 | — | ||||||
Net cash provided by financing activities | 1,085,400 | — | ||||||
Effect of exchange rate changes on cash and cash equivalents | (86,175 | ) | (171,539 | ) | ||||
Net increase in cash and cash equivalents | 30,772 | 416,466 | ||||||
Cash and cash equivalents, beginning of period | 7,171,464 | 732,418 | ||||||
Cash and cash equivalents, end of period | $ | 7,202,236 | $ | 1,148,884 | ||||
Supplemental Data: | ||||||||
Income taxes paid | $ | 122,786 | $ | — | ||||
Interest paid on debt | $ | 1,629 | $ | — | ||||
See notes to consolidated financial statements
F-3
Tri-Tech Holding Inc. and Subsidiaries
Notes To Consolidated Financial Statements
March 31, 2010 and 2009
1. Background
Tri-Tech Holding Inc. (“TRIT”) was incorporated in the Cayman Islands on January 7, 2009 as a limited liability company and is authorized to issue 30,000,000 common shares, with a par value of $0.001. TRIT issued 50,000 common shares (or 3,555,000 common shares after 71.1-for-1 stock split which was completed on May 22, 2009) to shareholders of Tri-Tech International Investment, Inc. (“TTII”) for their respective interests in TTII. TTII was incorporated in the British Virgin Islands on November 24, 2005 as a limited liability company. TTII has subsidiaries and variable interest entities (“VIEs”) in the People’s Republic of China (the “PRC”) as discussed below. TRIT and its subsidiaries and variable interest entities together are referred to as the “Company”. Through its subsidiaries and VIEs in PRC, the Company provides self-manufactured, proprietary or third-party products, system integration and other services in the fields of environmental protection and water resource monitoring, development, utilization and protection.
On September 9, 2009, the Company completed its initial public offering (“IPO”) of 1,700,000 common shares at $6.75 per share.
Tri-Tech (Beijing) Co., Ltd. (“TTB”) was incorporated in the PRC on February 6, 2006. It is wholly-owned by TTII. It is a wholly foreign-owned high-tech enterprise, primarily engaged in water resource protection including the utilization and development of technology and product sales, and the development of new industries and applications.
Tranhold Environmental (Beijing) Tech Co., Ltd. (“Tranhold”) was established on June 6, 2003. It was a wholly-owned subsidiary of TTII until it was converted into a VIE controlled by TTB on November 28, 2008. (refer to the section “Reorganization and Acquisition”). Tranhold specializes in environmental technology research and development, environmental engineering design and building for major industrial sectors such as the petrochemical, pharmaceutical and municipal industries. It also provides water and wastewater treatment process control systems, process tail gas purification and other air pollution control systems and related integration solutions. Tranhold participated in the compilation of “ The Technical Guidelines of Municipal Sewage Treatment Plant Operation, Management and Safety ” for the Ministry of Construction of the People’s Republic of China.
Beijing Yanyu Water Tech Co., Ltd. (“Yanyu”) was established on March 29, 2002. It was a wholly-owned subsidiary of TTII until it was converted into a VIE controlled by TTB on November 28, 2008. (refer to the section “Reorganization and Acquisition”). Yanyu specializes in research and development, production, system integration, and consulting services in the fields of water resource protection and allocation, flood control and forecasting, irrigation systems, and municipal water supply and distribution systems. Yanyu participated in the compilation of “ Technical Standards of Automatic Hydrologic Measuring and Report Systems (SL61-2003) ” and “Technical Guidelines of Automatic Hydrologic Measuring and Reporting Systems – General Devices (GB/T)” for the Ministry of Water Resources of the PRC.
We recently formed Tri-Tech Infrastructure LLC. (“TIS”), our wholly-owned subsidiary in the U.S. to develop opportunities in the United States.
F-4
Tri-Tech Holding Inc. and Subsidiaries
Notes To Consolidated Financial Statements—(Continued)
March 31, 2010 and 2009
Reorganization and Acquisition
On October 24, 2007, TTII and its wholly owned subsidiary TTB entered a sales and purchase agreement with the existing shareholders of Tranhold (the “Tranhold Original Shareholders”). Pursuant to the agreement, TTII issued 50,000 shares (equivalent to 1,777,500 common shares of TRIT after stock split) of its stock to the Tranhold Original Shareholders for 100% equity ownership of Tranhold. The total number of shares outstanding was 50,000 shares (equivalent to 1,777,500 common shares of TRIT after stock split). As a result of this transaction, the Tranhold Original Shareholders were able to exercise control of TTII. The purchase of Tranhold and the issuance of TTII’s common stock were accounted for as a reverse acquisition and as a recapitalization under common control. The assets and liabilities transferred were accounted for at historical cost. The consolidated financial statements have been presented as if the reorganization occurred at the beginning of 2007.
On December 31, 2007, TTII and its wholly owned subsidiary TTB completed a sales and purchase agreement with certain existing shareholders of Yanyu (the “Yanyu Original Shareholders”). Pursuant to the agreement, TTII issued 50,000 shares (equivalent to 1,777,500 common shares of TRIT after stock split) of its common stock to the Yanyu Original Shareholders for 92.86% equity ownership of Yanyu. Based on Statement of Financial Accounting Standards No. 141, “ Business Combinations ”, TTII is determined to be the acquirer. The allocation of the purchase price of Yanyu was based on the fair value of Yanyu as of December 31, 2007.
December 31, 2007 | ||||
Current Assets | $ | 1,836,705 | ||
Plant and equipment, net | 44,298 | |||
Intangible assets | 587,058 | |||
Liabilities assumed | (902,018 | ) | ||
Total purchase price | $ | 1,566,043 | ||
The fair value of the assets and liabilities of Yanyu approximated the book value as of December 31, 2007.
As a result of these transactions, Tranhold and Yanyu became the subsidiaries of TTII.
The Company’s principal geographic market is mainly in the People’s Republic of China (“PRC”). As PRC laws and regulations prohibit or restrict other than PRC companies to engage in certain government-related businesses, the Company provides its services in the PRC through Tranhold and Yanyu, Chinese legal entities, which hold the qualifications and permits necessary to conduct government-related services in the PRC. In order to avoid any restrictions that Tranhold or Yanyu might encounter during future business development, the Company concluded that TTII and Tranhold or Yanyu should not have a parent-subsidiary relationship.
By November 28, 2008, the Company had completed two steps of reorganization. The Company first recalled its shares from the original shareholders of Tranhold and Yanyu. These shareholders are major shareholders, directors, corporate level executives and key employees of the Company. Legally, Tranhold and Yanyu returned to their legal status prior to the acquisitions in 2007. Concurrently, on November 28, 2008,
F-5
Tri-Tech Holding Inc. and Subsidiaries
Notes To Consolidated Financial Statements—(Continued)
March 31, 2010 and 2009
the Company signed and executed with Tranhold and Yanyu a series of contractual agreements with a 25-year, renewable term. These contractual agreements require the pledge of the original shareholders’ equity interests and stock certificates of the VIEs. At any time during the agreement period, the Company has absolute rights to acquire any portion of the equity interests of those VIEs under no-cost conditions. In addition, the Company has absolute rights to appoint directors and officers of those VIEs and to obtain the profits from those VIEs. These agreements consist of the following agreements (Operating Agreements subsequently entered):
Exclusive Technical and Consulting Service Agreement . Each of Yanyu and Tranhold has entered into an Exclusive Technical and Consulting Service Agreement with TTB, which agreement provides that TTB will be the exclusive provider of technical and consulting services to Yanyu and Tranhold, as appropriate, and that each of them will in turn pay 90% of its profits (other than net profits allocable to the State-Owned Entities (“SOE”) Shareholder of Yanyu) to TTB for such services. In addition to such payment, Yanyu and Tranhold agree to reimburse TTB for TTB’s expenses (other than TTB’s income taxes) incurred in connection with its provision of services under the agreement. Payments will be made on a quarterly basis, with any overpayment or underpayment to be reconciled once each of Tranhold’s and Yanyu’s annual net profits, as applicable, are determined at its fiscal year end. Any payment from TTB to TTII would need to comply with applicable Chinese laws affecting payments from Chinese companies to non-Chinese companies. Although based on this agreement TTB is only entitled to 90% of net profits (other than net profits allocable to the SOE Shareholder of Yanyu), TTB also entitled the remaining share of the net profits of the VIEs through dividends per the Proxy Agreement as discussed below. The Company relies on dividends paid by TTB for its cash needs, and TTB relies on payments from Yanyu and Tranhold to be able to pay such dividends to the Company.
Management Fee Payment Agreement . Each of the shareholders of Yanyu and Tranhold (other than Beijing YanYu Communications Telemetry United New Technology Development Department, a Chinese State Owned Entity (the “SOE Shareholder”) of Yanyu) has entered into a Management Fee Payment Agreement, which provides that, in the event TTB exercises its rights to purchase the equity interests of the Yanyu or Tranhold shareholders (other than those owned by the SOE Shareholder of Yanyu) under the Equity Interest Purchase Agreements, such shareholders shall pay a Management Fee to TTB in an amount equal to the amount of the Transfer Fee received by the such shareholders under the Equity Interest Purchase Agreement.
Proxy Agreement . Each of the shareholders of Yanyu and Tranhold (other than the SOE Shareholder of Yanyu) has executed a Proxy Agreement authorizing TTB to exercise any and all shareholder rights associated with his ownership in Yanyu or Tranhold, as appropriate, including the right to attend shareholders’ meetings, the right to execute shareholders’ resolutions, the right to sell, assign, transfer or pledge any or all of the equity interest in Yanyu or Tranhold, as appropriate, and the right to vote such equity interest for any and all matters.
Equity Interest Pledge Agreement . TTB and the shareholders of each of Tranhold and Yanyu (other than the SOE Shareholder of Yanyu) have entered in Equity Interest Pledge Agreements, pursuant to which each such shareholder pledges all of his shares of Tranhold or Yanyu, as appropriate, to TTB. If Tranhold or Yanyu or any of its respective shareholders (other than the SOE Shareholder of Yanyu) breaches its respective contractual obligations, TTB, as pledgee, will be entitled to certain rights, including the right to foreclose on
F-6
Tri-Tech Holding Inc. and Subsidiaries
Notes To Consolidated Financial Statements—(Continued)
March 31, 2010 and 2009
the pledged equity interests. Such Tranhold and Yanyu shareholders have agreed not to dispose of the pledged equity interests or take any actions that would prejudice TTB’s interest. According to this agreement, TTB has absolute rights to obtain any and full dividends related to the equity interest pledged during the term of the pledge.
Exclusive Equity Interest Purchase Agreement . Each of the shareholders of Tranhold and Yanyu (other than the SOE Shareholder of Yanyu) has entered into an Exclusive Equity Interest Purchase Agreement, which provides that TTB will be entitled to acquire such shares from the current shareholders upon certain terms and conditions, if such a purchase is or becomes allowable under PRC laws and regulations. The Exclusive Equity Interest Purchase Agreement also prohibits the current shareholders of each of Tranhold and Yanyu (other than the SOE Shareholder of Yanyu) from transferring any portion of their equity interests to anyone other than TTB. TTB has not yet taken any corporate action to exercise this right of purchase, and there is no guarantee that it will do so or will be permitted to do so by applicable law at such time as it may wish to do so.
Operating Agreements . TTB, Tranhold, Yanyu and each of their respective shareholders (other than the SOE Shareholder of Yanyu) have entered into an Operating Agreement on July 3, 2009, which requires TTB to guarantee the obligations of each of Tranhold and Yanyu in their business arrangements with third parties. Each of Tranhold and Yanyu, in return, agrees to pledge its accounts receivable and all of its assets to TTB. Moreover, each of Tranhold and Yanyu agrees that without the prior consent of TTB, such company will not engage in any transactions that could materially affect its assets, liabilities, rights or operations, including, without limitation, incurrence or assumption of any indebtedness, sale or purchase of any assets or rights, incurrence of any encumbrance on any of its assets or intellectual property rights in favor of a third party or transfer of any agreements relating to its business operation to any third party. Pursuant to these operating agreements, TTB provides guidance and instructions on each of Tranhold’s and Yanyu’s daily operations and financial affairs. The contracting shareholders of each of Tranhold and Yanyu must designate the candidates recommended by TTB as their representatives on their respective boards of directors. TTB has the right to appoint and remove senior executives of each of Tranhold and Yanyu.
The Company provided advances to its VIEs totaling $1,495,046 during the quarters ended March 31, 2010. The Company’s accumulated outstanding advances to Tranhold and Yanyu, respectively, were $6,589,299 and $805,157 as of March 31, 2010.
Except as disclosed above, there are no arrangements that could require the Company to provide financial support to the VIEs, including events or circumstances that could expose the Company to a loss. As stated in the disclosure of various agreements between the Company and its VIEs in note 1 under Reorganization and Acquisition, the Company has rights to acquire any portion of the equity interests of those VIEs under no-cost conditions. Also the Company may allocate its available funds to its VIEs for business purposes. There are no fixed terms of such arrangement.
In January 2010, Yanyu acquired 5 software products, which include BlueSky (large region environmental management system), Skylon MCMS V1.0 (mobile web management system), Skylon DLMS V1.0 (database management system), pollution reduction checking assistant, water pollution control infrastructure, and hired its associated software R&D persons, simultaneously. This purchase involves $293,000. This is attributable to Segment 2 (“Water Resource Management”). Through this purchase, we will
F-7
Tri-Tech Holding Inc. and Subsidiaries
Notes To Consolidated Financial Statements—(Continued)
March 31, 2010 and 2009
strengthen our service and provide better products for our customer, which integrates the acquired software products with our existing products and services. The customers are similar type of our previous customers of central and local government administrations, such as environmental protection department, hydrology department and other public utility. The Company intends to start the promotion and marketing campaign for these products. The actual payment is recorded as the cost of software for the acquired software.
Based on these agreements and according to the provisions of Financial Accounting Standards Board Interpretation No. 46R, “Consolidation of Variable Interest Entities” (or “FIN 46R”ASC NO.810), Tranhold and Yanyu are considered two variable interest entities (“VIEs”), and the Company is the primary beneficiary. Accordingly, Tranhold and Yanyu have continued to be consolidated in the Company’s financial statements.
It is the Company’s general belief that the creditors and the other beneficial interest holder of Tranhold and Yanyu have no recourse to the general credit of the Company.
No change occurred in the controlling interests before and after the Company entered into agreements with these VIEs.
VIE relationship is a combination of entities under common control, and all assets and liabilities are reported at their historical cost basis.
The following are major categories of the Assets and Liabilities of the VIEs:
Yanyu | Tranhold | |||||||
March 31, 2010 | March 31, 2010 | |||||||
(Unaudited) | ||||||||
Current assets | $ | 3,158,698 | $ | 11,877,539 | ||||
Plant and equipment, net | 26,565 | 400,143 | ||||||
Intangible assets | 822,062 | 251,435 | ||||||
Long-term unbilled revenue | — | 1,128,862 | ||||||
Liabilities assumed | (2,032,915 | ) | (6,132,997 | ) | ||||
Total shareholders’ equity | $ | 1,974,410 | $ | 7,524,982 | ||||
Yanyu | Tranhold | |||||||
December 31, 2009 | December 31, 2009 | |||||||
Current assets | $ | 3,010,585 | $ | 11,133,068 | ||||
Plant and equipment, net | 27,660 | 343,011 | ||||||
Intangible assets | 544,279 | 253,575 | ||||||
Long-term unbilled revenue | — | 1,128,548 | ||||||
Liabilities assumed | $ | (1,604,509 | ) | $ | (5,336,339 | ) | ||
Total shareholders’ equity | $ | 1,978,015 | $ | 7,521,863 | ||||
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