NEW YORK and HARBIN, China, March 9, 2011 (GLOBE NEWSWIRE) -- American Jianye Greentech Holdings, Ltd. (OTCBB:AJGH), a leading developer, manufacturer and distributor of alcohol-based automobile fuel and civil-use fuel in China, today announced that AJGH has received approval from the XiangZhou government for its application to construct a waste-to-fuel plant to convert municipal solid waste, sewage sludge and construction waste to produce an estimated 200,000 metric tons of environmentally friendly, alcohol-based ethanol fuel per year. In conjunction with the approval, AJGH was allocated 183,333 square meters of industrial land for construction of the plant. AJGH will joint venture with USA-based GeneSyst International, Inc. to construct the waste-to-fuel plant.
AJGH notes that the waste-to-fuel plant is expected to be completed by the end of 2012 and commence commercial operations in early 2013 with estimated annual revenue of US$120 million and net income of US$30 million when operating at full capacity.
Mr. Haipeng Wang, Chairman and President, commented, "We are very excited to partner with GeneSyst International in constructing this state-of-the-art waste-to-fuel plant in XiangZhou. This follows our recent announcement to construct a similar facility in Harbin. This XiangZhou facility will be able to produce nearly twice the ethanol fuel as our Harbin facility and will help to further establish our leadership in this growing market. Moreover, by producing our own ethanol, we can lower the input costs for our blended fuels, which combine ethanol and petroleum fuel, along with our proprietary fuel catalyst. Our blended fuels are gaining widespread acceptance across China, and these waste-to-fuel plants will allow us to meet the growing demand. With the partial completion of our XiangZhou renewable fuel plant in early 2012, we expect to generate additional annual revenue of US$100 million and net income of US$10 million in 2012 alone."
About GeneSyst
GeneSyst is organized to take commercial advantage of a new proprietary technology to convert organic, toxic, hazardous and carcinogenic wastes of modern society into environmentally harmless substances or products. The company has secured exclusive rights to license a series of US and foreign patents authored or co-authored by its co-founder and chairman, James A. Titmas, an engineering professional with 52 years experience in engineering design and supervision, including water processing and wastes treatment across the US and the world.
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About American Jianye Greentech Holdings
American Jianye Greentech Holdings, headquartered in Harbin, China, is a leading developer, manufacturer and distributor of alcohol-based fuel. The company's alcohol-based fuels burn with higher efficiency and significantly lower toxic waste emissions than unleaded gasoline. The unique combination of catalysts in the fuel enhance fuel octane rating and engine power, inhibit the premature oxidation of the fuel, help remove sediment in the carburetor, and prevent the erosion of the engine cylinder surface.
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This press release contains certain "forward-looking statements" relating to the business of the Company. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( www.sec.gov ). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
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