HARBIN, China, Oct. 24 /Xinhua-PRNewswire/ -- Chang-On International Inc. (OTC Bulletin Board: CAON) (“CAON” or the “Company”), stated that a recent administrative policy by the National Development and Reform Commission (“NDRC”) shall favour the development of the Company. The policy, named “Circular on Recycle Economy Industrialization” ((2007) No.2289), promulgated by the National Development and Reform Commission of China pushes forward the resources-saving tasks and releases the bottle-neck of the economic and social development in order to ensure a sustainable, fast, balanced and healthy development of the national economy, and to make strong efforts in building up a resources-saving type of society.
This policy release shows the strong determination of the Chinese government to promote and support local enterprises in realizing resource-saving and recycle using tasks. Obviously, the policy and fiscal support are not the only benefits as the government and enterprises involved will be jointly organized and the enterprises that promote energy saving or provide relative equipments and materials will be encouraged by the government.
To implement the “High-tech Industry Development ‘11th Five-Year’ Plan” and “National Development and Reform Commission’s Arrangements about Resources-Saving Activities,” and to promote significant energy conservation, the National Development and Reform Commission decided to realize the industrialization of a recycle economy in the following industries: steel, non-ferrous metals, petrochemicals, construction materials and light industry. For example, in terms of the construction materials industry, the government encourages the enterprises producing gypsum board from the waste of power plants, providing technical support to relative enterprises.
“The Chinese government will increase the funds for energy saving projects to encourage emission reductions and more use of recycled resources. According to the ‘Program of Action for Energy-Saving and Emission-Reducing’ issued by the Central Government, China will carry out 10 key projects in the year 2006 to 2010 (the ‘11th Five-Year Plan’). These projects involve steel, nonferrous metals, petrochemicals, building materials and other key energy-consuming industries; industrial boiler (kiln) transformation, heat-based cogeneration and industrial cogeneration construction; green building demonstration projects, especially green building materials; recycling of energy in buildings and its large-scale application in projects; and efficient lighting systems, among others,” said Mr. Li Guomin, the President of Chang-On International Inc. “We will directly benefit from this important governmental policy and at the same time it strengthens our determination to develop new recycle-using and environmental protection synthetic materials for construction and develop this market.”
About Chang-On International Inc.
Chang-On International Inc. (OTC Bulletin Board: CAON) is a leading provider of synthetic material using waste recycled waste materials in China. Strategically located in Harbin City, China, Chang-On International Inc. has an operating subsidiary, Harbin Hongbo Environment Protection Material Ltd (“Harbin Hongbo”), with a registered capital of RMB 3 million (or USD 375,000) and total assets of nearly RMB 10 million (or USD 1.25 million). Founded in 2004, Harbin Hongbo is a joint venture between enterprises from Taiwan, Hong Kong and a domestic company.
Harbin Hongbo focuses its core business in comprehensive resources utilization of industrial solid wastes in resources and environment field. The main product is SF synthetic material, a new type of material for environment protection and energy saving, which is abbreviated for synthetic material of plastics and coal ash. And base on the material, the company develops different products, such as board and profiled bar used in well lid, grates for water drainage pools, guarding railings, protective board for slope, hard shoulder, inner wall cable pipe/tube, home renovation and etc.
The Company has maintained a partnership with Changchun Applied Chemistry Institute of China Academy of Sciences, which mainly specializes in research in resources and environment, advanced materials, development of carbon dioxide, corn and rare earth resources, focused development of advanced structure materials, advanced composite materials, and advanced functional materials. Mr. Mo Zhishen, professor of the Institute, acts as the company's R&D leader.
Harbin Hongbo will focus on the development and use of SF synthetic material, especially the construction of molding boards, and in future developments expand its scale of production, purchase new equipment, increase output.
Forward-looking Statements
This report contains ‘forward-looking’ statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this report are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors; developments of the Chinese, European and North American markets and changes in regulatory matters; our business strategies and future plans of operations; the market acceptance and amount of sales of our products and services; our historical losses; the competitive environment within the industries in which we compete; and our ability to raise additional capital, currently needed for expansion.
The Company cautions that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors.
For more information, please contact:
Mr. Wang Hui
Tel: +86-451-8269-5010
Email: wanghui-1027@163.com
Web: http://www.chuangon.com
