NEW YORK and HARBIN, China, March 1, 2010 (GLOBE NEWSWIRE) -- Eastern Environment Solutions Corporation (OTCBB:EESC), a leading provider of municipal solid waste (MSW) processing and disposal services in northeast China, announced that it will increase its disposal capacity by 25% in the first quarter of 2010 at its Harbin municipal solid waste (MSW) landfill.
Since December 2009, the company has been operating the MSW landfill at its fully authorized capacity, which had been set at 1,200 tons of municipal solid waste per day. This capacity was sufficient to absorb approximately 34% of the total municipal solid waste produced by the population of Harbin, a major city in northeast China. With the recent closure of a previous simple landfill, the local government has announced that it will divert waste to the landfill operated by Eastern Environment. The Harbin Municipal Urban Administrative Bureau (HMUAB) granted Eastern Environment approval to increase its disposal capacity from 1,200 tons per day to 1,500 tons per day.
Ms. Feng Yan, chairman and chief executive officer, commented, "We are thrilled with this latest development and its favorable impact on our company. As previously announced, we recently resumed full operations at our landfill, and we are pleased that the local government has shown its confidence in us by entrusting us with this additional business. The added capacity of this landfill will allow us to grow revenues by approximately 25% and increase cash flow by over $600,000 per year."
Ms. Feng continued, "As always, we continue to focus on environmental concerns and green energy production. We are committed to waste disposal that is in harmony with the environment and envision further environmental benefits to the community we serve through recycling and waste-to-energy initiatives that we plan to implement in the future."
About Eastern Environment Solutions Corp.
Eastern Environment Solutions Corporation is the first regional environmental engineering company to operate under a Build-Operate-Transfer ("BOT") contract in China. The landfill is 17 km away from urban areas. The Harbin Municipal Urban Administrative Bureau, authorized by the Harbin Municipal Government, signed a franchise contract for 17 years with the company. The landfill can be used to dispose of 1,500 tons of MSW per day, or approximately 42% of the total municipal solid waste produced by the population of Harbin. Additional information about the Company is available at www.useesc.com.
This press release may contain forward-looking statements. Such statements include, among others, those concerning the company's expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results of the Company to differ materially from those anticipated, expressed or implied in the forward-looking statements. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from those anticipated include risks related to the company's ability to overcome competition in its market; the company's ability to simultaneously fund the implementation of its business plan and invest in new projects; economic, political, regulatory, and legal risks associated with expansion; or the loss of key members of the company's senior management; any of the factors and risks mentioned in Section 1A" "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2008. The Company assumes no obligation, and does not intend, to update any forward-looking statements, except as required by law.
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