BEIJING, Oct. 16, 2012 --
Tri-Tech Holding, Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that it has signed a strategic partnership agreement (the 'Agreement') with an Australian irrigation solution provider, Rubicon Global PTY Ltd. and its affiliate Rubicon Water System (Tianjin) Co., Ltd (collectively referred as 'Rubicon'), for initial term of three years.
According to the terms of the Agreement, Tri-Tech will be the exclusive distributor of Rubicon's Total Channel Control ('TCC') products, which target the open irrigation channel market in China. Focusing on the information-based infrastructure market in Chinese irrigation districts, Tri-Tech will undertake business development, marketing promotion, sales, project management and technical support for the TCC products. Rubicon will provide Tri-Tech with project support, product training and training for customers and potential customers for the whole set of TCC products.
TCC, an automatically-controlled irrigation system with networking communication, uses photovoltaic power to manage on demand water distribution with stable water volume flow. Compared with the traditional irrigation systems, the TCC system reduces water use and cost and offers a variety of functions, including indicating historic water levels, and identifying irrigation times. These features combine to increase productivity and reduce crop mortality caused by water logging.
Rubicon's TCC system has been deployed in more than a dozen countries, including the United States, Canadaand Australia. The TCC System played an important role in the 2,300 square mile Food Bowl Irrigation District in Victoria, Australia, helping increase irrigation efficiency from 70% to 84% where it was used. In 2009, the TCC system was utilized in Qingtongxia Irrigation District in Ningxia, Pishihang Irrigation District in Anhui Provinceand Fenhe River Irrigation District in Shanxi Province, in pilot projects lunched by China's Ministry of Agriculture. These pilot projects showed positive results in water conservation and use.
Rubicon's CEO, Mr. Bruce Rodgerson, mentioned that Rubicon Global was very delighted to cooperate with Tri-Tech Holing to further develop the Chinese market. 'We were impressed by the market insight and global vision of Tri-Tech in the water information sector in China. With Tri-Tech's ten years of experience in China, wide business coverage, well developed customer relationships, and mature sales and marketing networking, we expect our cooperation with Tri-Tech will position us well for all-around expansion in China. All of these factors led us to choose Tri-Tech as a strategic partner.'
Mr. Gavin Cheng, Joint CEO of Tri-Tech, said, 'We are pleased to cooperate with Rubicon and look forward to distributing Rubicon's advanced water infrastructure products in China.
'According to recent policies, the Chinese government will devote resources to developing existing middle- and large-scale irrigation districts, and renewing water-saving and pump station facilities. By 2015, Chinawill equip the facilities and complete water-saving tasks for 190 large-sized irrigation districts and 800 middle-sized irrigation districts and begin water-efficiency retrofits in 1,500 middle-sized irrigation districts. By 2020, the upgrading projects will be generally completed in large-scale irrigation districts and key middle-scale irrigation districts.
'Over the last year, Tri-Tech has conducted in-depth market research and studied the practical utilization of the TCC system. Given the Chinese government's support for information technologies in irrigation, water-efficiency irrigation projects and upgrading agricultural water infrastructure information systems, we believe that the application of TCC system in domestic irrigation districts has great potential to meet market needs.
'The TCC system targets large- and mid-sized irrigation districts. In China, there are 5,600 medium and large irrigation districts, with a total irrigation area of 22 million hectares, or approximately 43% of China's total irrigation area. During the 12th Five-Year Plan, the central government will invest RMB 780 millionin countryside water information management projects.
'In order to facilitate this cooperation, we will establish a product sales business unit for the TCC system and leverage our current sales networking to promote TCC system sales in China. At the initial stage of cooperation, we will focus on the northern, northeastern and northwestern provinces in Chinawhere the central government are giving top priority to promoting water efficiency irrigation projects.'
Rubicon Global PTY Ltd. established on 1995, is a global provider of products, system, software and services for irrigation with headquarters in Melbourne, Australiaand branch offices in California, Colorado, Tianjinand Beijing.
Rubicon Water System (Tianjin) Co., Ltd is a wholly-owned subsidiary of Rubicon Global. Rubicon Water System (Tianjin) Co., Ltd, established in China2009, develops advanced water resources management irrigation products, and its service range covers R&D, manufacturing, installation, operation and maintenance and includes wholesale, retail, trading, technical support and information service on water infrastructure systems. For detailed information, please visit: http://www.rubicon.com.au/EN/index.html
About Tri-Tech Holding, Inc.
Tri-Tech designs customized sewage treatment and odor control systems for municipalities and private sectors in Chinaand abroad. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the Chinese government in managing its water resources. The company is also moving into the industrial pollution control market. Tri-Tech owns 39 software copyrights and 11 product patents, and employs approximately 446 people. Please visit www.tri-tech.cn for more information.
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This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of the projects referenced herein and other statements concerning plans, objectives, goals, strategies, future events such as project payments, results of marketing efforts or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Tri-Tech Holding Inc.