Press releases

ZhongDe Waste Technology AG announces signing of two BOT projects

Hamburg, August 9, 2007

 

Implementation of strategic objective to extend the value chain into operating of waste incineration plants
500 tons/day waste incineration plant with electricity generation for Xihua
160 tons/day waste incinerator plant with an environmental and ecological leisure park in Feicheng
Improved key terms compared to non-binding letters of intent
Agreements for four additional BTO projects in negotiation

ZhongDe Waste Technology AG announced today that ZhongDe Group ("ZhongDe") has recently signed binding agreements for a BOT project ("Build, Operate, Transfer") in Xihua Henan, and a BOO project ("Build, Operate, Own") in Feicheng Shandong. With these two contracts ZhongDe starts the implementation of its key strategy to expand the value chain into the operation of waste incineration plants and thus to generate recurring revenues and to strenghten its market position in the segment of municipal waste disposal.

 

The major portion of the proceeds generated by the Initial Public Offering in July 2007 in the Prime Standard of the Frankfurt Stock exchange will be used to operate waste incinerators for and with municipalities in conjunction with the production and marketing of by-products such as steam, hot water, bricks as well as electricity. Prior to the Initial Public Offering ZhongDe has signed six non-binding letters of intent for the operation of BOT projects of which two projects are now signed. The implementation will start shortly, after ZhongDe had negotiated better conditions than initially discussed.

 

Overlook Xihua BOT Project

 

The Xihua project comprises construction and operation of a mid-size waste incinerator with an electric power generator. Xihua is a city with approx. one million inhabitants located in the east of Henan province. The daily waste disposal capacity of the project has been increased from the initially planned 450 tons to 500 tons The concession period after the envisaged start-up of the plant in the first quarter of 2009 has been extended from initially 25 years to 30 years, with a guaranteed daily minimum waste volume of 400 tons for the first 18 months and 500 tons for the rest of the operating time.
The waste disposal fee, which amounts to RMB 60 per ton (approx. EUR 5.80 at the current rate of exchange) for the first year, will be paid on a monthly basis directly by the local municipalities in charge, and adjusted to the inflation index annually. After the contracted operating time, the City of Xihua will take over the plant. The total investment volume amounts to approximately EUR 18.4 million.

 

The second agreement refers to a municipal waste incinerator plant with an environmental and ecological theme park in Feicheng, which is scheduled for opening in June 2008 already. Feicheng is a city with approx. one million inhabitants located in the west of Shandong province. The key terms such as daily waste disposal capacity and concession period once again have been changed in favor of ZhongDe compared to the initially negotiated letter of intent. The daily waste disposal capacity has been increased by 40 tons to 160 tons and the concession period has been extended to an unlimited operating time (BOO project). This is a significant improvement and increases the attractiveness of the project. The waste disposal fee per ton amounts to RMB 70 (EUR 6.75 at the current rate of exchange). The investment cost will remain unchanged at approximately EUR 3.9 million.

 

Zefeng Chen, founder and CEO of ZhongDe Waste Technology AG comments: "With the signing of these agreements we initiated the implementation of one of our most important strategic objectives to extend the value chain and to generate stable revenues and cash flows. We are glad to deliver what we promised to investors in the course of the Initial Public Offering. Based on our market position, our existing technologies and our experiences gained from our core business we fulfill the prerequisites for successful engineering and profitable operation of these kinds of mid-sized and larger waste incineration plants. We are convinced that the BOT business will generate attractive returns for our shareholders."

 

Further negotiations about the four additional BOT projects in Changzhi, Guilin, Jian´ou and Wuxiang for which non-binding letters of intent have been signed prior to the Initial Public Offering are underway and on schedule.

 

 

About ZhongDe Group

ZhongDe Group designs, manufactures and installs pyrolytic, grate and rotary kiln waste incinerators for the disposal of solid medical, municipal and industrial (including hazardous) waste. Since 1996 ZhongDe Group has installed more than 170 waste incinerators in about 13 provinces and in the last three financial years alone 112 waste incinerators. Its waste incinerators are principally constructed for operators of medical disposal centers in the hospital and healthcare industry as well as for small and mid-sized Chinese cities in developed areas of the People´s Republic of China. The Management Board of ZhongDe Group believes that ZhongDe Group is one of the leading suppliers of small and mid-sized solid waste incinerators in China. The trading of the shares (German Securities Identification Number ZDWT01, ISIN DE000ZDWT018 and ticker symbol ZEF) commenced on the Prime Standard segment of the Frankfurt Stock Exchange on July 6, 2007.

 

 

This document constitutes neither an offer to sell nor a solicitation to buy securities of ZhongDe Waste Technology AG. The securities have already been sold.

 

This document is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The shares in ZhongDe Waste Technology AG have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and are not being and will not be offered or sold in the United States of America.

 

This document is directed at and/or for distribution in the U.K. only to (i) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons being together referred to as "relevant persons"). This document is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.

 

 

Contact

Matthias Link
Director
Citigate Dewe Rogerson GmbH
Goethestraße 26-28
60313 Frankfurt am Main
Tel: 0049-69 90 500-150
Fax: 0049-69 90 500-102
E-Mail: matthias.link@citigatedr.de
Internet: www.citigatedr.de

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