New Recycling Law in China Positions Sancon Resources Recovery for Strong Growth
Tuesday October 14, 10:00 am ET
SHANGHAI, China--(BUSINESS WIRE)--Sancon Resources Recovery, Inc. (OTCBB:SRRY - News) (or “Sancon”), a rapidly growing environmental services and waste recycling company with operations in both China and Australia, commented today on legislation that was just passed in China which is designed to promote resources recovery and recycling economy. Effective January 1, 2009, new legislation will boost energy saving measures and support environmental initiatives. Under the law, government departments will outline a system for recycling and waste-recovery standards. Companies participating in the programs will receive government support through funding and tax incentives.
Industrial companies will now be required to introduce waste-saving technologies, install energy-saving equipment in new buildings and projects and should recycle and make comprehensive use of recyclable wastes and other waste materials. The law also requires enterprises and government departments to adopt renewable products in new buildings and recycle their waste, such as paper, and electronic waste. The law also set out penalties for violations and companies not complying with waste recovery standards.
“We believe the new legislation will support our next phase of growth,” said Jack Chen, Sancon’s Chief Executive Officer. “While private enterprises are increasingly recognizing the benefits of recycling, we believe government incentives and legislations will accelerate this process, driving additional opportunities for Sancon. Already, we have received interest in new or additional services from existing and new customers in anticipation of the law becoming effective.”
About Sancon Resources Recovery, Inc.
Sancon Resources Recovery, Inc. is an environmental service and waste management company that operates recycling facilities in China and Australia. Sancon specializes in the collection and recovery of industrial and commercial solid wastes such as plastic, paper, cardboard, and glass. The recycled materials are re-used by Sancon's manufacturing customers in China to make a wide variety of new products including outdoor furniture, construction materials, building materials, road surface, and various new products. Sancon's China operation is licensed by the Chinese government for waste management services, and is certified with ISO9001 and ISO14001 standards. For more information please visit: www.sanconinc.com
Forward-looking statements:
The statements made in this press release, which are not historical facts, may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
Contact:
Sancon Resources Recovery, Inc.
Jack Chen, +86 21 5284 3310 (CEO)
info@sanconinc.com
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Source: Sancon Resources Recovery, Inc.
