RICHMOND, BC, Canada, Aug. 26, 2004 (PRNewswire-FirstCall) -- Wood Products Inc. acquired a 5% investment interest in Zhong Huan Water Treatment Construction Co. Ltd., a waste water treatment plant construction and management company based in Beijing. Chris Harper, director, president, CEO and chairman of Wood Products, will also assume a seat on Zhong Huan's Board of Directors.
Zhong Huan is a joint venture between Harper & Harper Ltd., China Environmental Protection Co. Ltd., Shanghai Infrastructure Construction Holding Ltd., Wuhan Honglin Group Ltd., and Chemical Research Institute No. 2. Zhong Huan undertakes urban and industrial water supply and waste water treatment and drainage projects. It has strong experience in plant planning, design, construction, operational management and financing for municipal waste treatment projects. The Company develops and utilizes technologies that provide environment-friendly solutions for water and waste management.
Wood Products' Harper commented, "We believe Wood Products' first entry into China's water and waste management industry represents an opportunity to participate in a high growth sector of China's industrial and urban infrastructure. China has a population of 1.2 billion people that produces almost four billion tons of sewage daily. This, coupled with the country's increasingly industrialized state, makes the need for clean water and proper waste management even more critical today."
Zhong Huan recently began work on the Wuxi City Binhu Waste Water Treatment Factory Project and is actively bidding for other projects in the Yangtze River Delta and Pearl River Delta areas, as well as in Beijing, Tianjin, Shanghai and Hainan.
"We believe that Zhong Huan will play an increasingly pivotal role in meeting the growing demands for clean water supply and waste treatment across China. Our partners in Zhong Huan represent some of the most qualified in the sector and will provide us with considerable expertise for future investment opportunities in this burgeoning industry," Harper concluded.
In reference to the press release issued Aug. 23, 2004, the company wishes to clarify that Harper & Harper is acquiring 28% of Shijiazhuang Dongfang Thermal & Electric Enterprises Group Co. Ltd. while it's partners, Hebei Yonghe Real Estate Development Co. Ltd. and Shijiazhuang Jiangshan Real Estate Development Ltd. are acquiring 27% and 20% respectively totalling an acquisition of 75% of the state owned equity of Dongfang Thermal & Electric Enterprises Group Co. Ltd.
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