NEW YORK, NY, Jun 04 (MARKET WIRE) --
New Oriental Energy & Chemical Corp. (NASDAQ: NOEC), a specialty
chemical and emerging alternative fuel manufacturer in The People's Republic
of China (PRC), said today that an environmentally sound 3000 kW per hour
residual heat
electrical generating set constructed by the company over the past year, was
connected to the Central China Grid on May 13, 2008, and is successfully
operating in its test phase expected to conclude favorably by the end of this
month.
According to the Company, the new system -- built at a cost of approximately
$850,000 -- comprehensively utilizes the residual steam runoff of the Company's
existing coal fed boiler. This not only reduces waste and emissions, but also
is
expected to produce significant cost savings, currently estimated at
approximately $750,000 annually, if operated at 80% of full capacity.
According to Mr. Chen Si Qiang, CEO and Chairman of the Board of New
Oriental
Energy & Chemical, "This project reflects our continuing effort to reduce
costs in an environmentally responsive way while, at the same time, we pursue
the expansion of our production capacity for alternative fuels which also
contribute to improved environmental conditions."
Tax Paying Certification Exempts Company From Tax Inspecting
Separately, the Company also announced that the Henan State Administration
of Taxes and
Henan Provincial Administration of Taxation have certified New Oriental
Energy & Chemical Corp. as "A tax paying credit lever tax payer" based on the
Company's strict adherence to state taxing regulations and the Company's high
operating standards.
As a consequence of receiving this certification, the Company said that
going
forward it can be expected to be exempted from tax inspecting and to enjoy
favorable state taxing policy.
Mr. Chen commented, "We are pleased to have received this honor, which we
believe adds another key element to the sound foundation we are building for the
continuing growth and development of our Company."
About New Oriental Energy & Chemical Corp.
New Oriental Energy & Chemical Corp., which recently upgraded its US listing
to the NASDAQ Global Market (NASDAQ: NOEC), is an emerging alternative fuel and
specialty chemical manufacturer based in Henan Province, China. The Company is
focused on the production of Dimethyl ether (DME), methanol and fertilizer
products. The Company sells its products primarily through a network of
distribution partners. Additional information on the Company is available on
its
website at www.neworientalenergy.com.
Safe Harbor Statement
This press release may contain forward-looking statements concerning New
Oriental Energy & Chemical Corp. The actual results may differ materially
depending
on a number of risk factors including, but not limited to, the following:
general economic and business conditions, development, shipment, market
acceptance,
additional competition from existing and new competitors, changes in
technology or product techniques, and various other factors beyond its control.
All forward-looking statements are expressly qualified in their entirety by this
Cautionary Statement and the risk factors detailed in the Company's reports
filed with the Securities and Exchange Commission. New Oriental Energy &
Chemical Corp. undertakes no duty to revise or update any forward-looking
statements to reflect events or circumstances after the date of this release.
Contact:
Mr. Wang Gui Quan
President
New Oriental Energy & Chemical Corp.
Xicheng Industrial Zone of Luoshan, Xinyang
Henan Province, The People's Republic of China
Tel: (011-86) 376-2169211
Investors:
Mark Miller
East West Network Group
mmeastwest@hotmail.com
Ph: (770) 436-7429
Press:
Ken Donenfeld
DGI Investor Relations
donfgroup@aol.com
kdonenfeld@dgiir.com
Ph: (212) 425-5700
Fax: (212) 425-6951
Copyright 2008, Market Wire, All rights reserved.
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