Investee Company Update

7 Nov 2007 07:01

London Asia Chinese Private Equity07 November 2007 7 November 2007 London Asia Chinese Private Equity Fund Limited ("LACPEF" or "the fund") Investee Company Update: China Solar and United Envirotech LACPEF, the AIM traded, China focused investment fund, is pleased to announceupdates from investee companies China Solar Energy Co., Ltd ("China Solar" or "the Company") and United Envirotech Ltd. China Solar has won a major new order with Jiangsu Polytechnic University ("theUniversity") to construct a 6,000 m2 tropical swimming pool complex ("theProject"). China Solar is investing £1.6 million and the University is providing 8,000 m2of land to the Project. Under the agreement, China Solar will have exclusivemanagement of the swimming pool complex for twenty years, after which theUniversity has agreed to buy it back for £0.8 million. The swimming pool will beutilised throughout the year as a training facility for a number of universitiesand institutes in the area, as well as an entertainment and leisure complex forlocal residents. Construction of the Project will use China Solar's patented solar integratedtechnology, which the Company estimates reduces the amount of energy needed forheating and cooling the building and water in such leisure complexes by up to80%, when compared to similar sites using conventional technology. The Companyhas already successfully developed a sea themed leisure complex at the famousCrab Island resort in Beijing, as well as an 8,000 m(2) demonstration buildingfor the 2008 Beijing Olympics. Mr Li, Chairman of China Solar, said: "This is the second swimming pool deal wehave concluded, having earlier signed a similar agreement with LanzhouNorthwestern Normal University for the construction of a solar energy swimmingpool, over which the Company has the exclusive right of management for thirtyyears. The Company is planning to construct between five and eight solar energytropical swimming pools in China by 2008, as part of its strategy of generatinglong term cash flows from ownership of assets using its technology." Simon Littlewood, director of the Fund, said: "The Company is seeking to raisesignificant levels of new funding to finance its growing order book of projects,which should generate long term rising cash flows, as well as to take forwardits sustainable buildings division." Singapore Main Board listed investee company United Envirotech Ltd, whichspecialises in water treatment and supply, announced results for the six monthperiod to 30 September 2007. Revenue increased by an impressive 89.6% to £5.56million compared to the same period in 2006, with profit before tax increasingto £2.7 million, compared with a loss in 2006. For more information visit www.londonasiafunds.com, or contact: Simon Littlewood John West/Andrew Dunn Hugh FieldLACPE Fund Tavistock Communications Collins Stewart Europe Ltd+852 2251 8373 020 7920 3150 020 7523 8000 About China Solar Energy China Solar's core business is the design and manufacture of solar energybuildings in China, based on its patented solar thermal technology. The Companydesigns and constructs large scale municipal, commercial, academic and leisurebuildings on a Build Operate Transfer (BOT) basis, incorporating its ownpatented solar thermal technology. Its key customers include the ChineseGovernment, real estate developers and resort owners. The Company has also developed an efficient, solar thermal heated and cooledhouse, designed to meet the requirements of the Chinese Governments' program forproviding affordable, energy efficient housing to the rural population, whichmakes up over 600 million of China's population. About United Envirotech Ltd ("UE") Singapore Main Board listed UE, specialising in water treatment and reclamationusing advanced membrane technology, provides environmental engineering solutionsto a wide range of customers in the chemical, petrochemical, pharmaceutical, andwastewater treatment industries. The Group's track record includes building whatit believes to be the largest industrial "Newater" plant in China that uses itsContinuous Membrane Filtration ("CMF") and Reverse Osmosis ("RO") technology, aswell as what it believes to be one of the largest industrial wastewatertreatment plants in Asia, in terms of treatment capacity, using its MembraneBioreactor ("MBR") technology. This information is provided by RNS The company news service from the London Stock Exchange