Euro Tech Holdings Company Limi (NASDAQ:CLWT)

HONG KONG, May 14, 2019 /PRNewswire/ -- Euro Tech Holdings Company Limited (CLWT) today reported financial results for the 12-month period ended December 31, 2018 ("Fiscal 2018").

The Company's revenues for Fiscal 2018 were approximately US$20,104,000, an approximate 15.9% increase compared to approximately US$17,350,000 in the Company's fiscal year ended December 31, 2017 ("Fiscal 2017").

The Company had net profit of approximately US$88,000 in Fiscal 2018, a decrease of 81% as compared to approximately US$473,000 in Fiscal 2017. This decrease was primarily due to the negative contribution of approximately US$786,000 from its affiliate, Zhejiang Tianlan Environmental Protection Technology Co. Ltd. ("Blue Sky") in Fiscal 2018 as compared to the profit contribution of approximately US$712,000 in Fiscal 2017, coupled with an increase in operating loss resulting primarily from the decrease in the gross profit margin percentage of contracts under the keen competitive market condition, The overall result was partially offset by a gain on disposal of equity in an affiliate, Zhejiang Jia Huan Electronic Co. Ltd. ("Jia Huan").

Despite the slow economy due to the escalating trade war between China and the United States, the Company is positive about the Ballast Water Treatment Systems ("BWTS") business from port services and commercial ships in the near future.

HONG KONG, May 14, 2019 /PRNewswire/ -- Euro Tech Holdings Company Limited (CLWT) today reported financial results for the 12-month period ended December 31, 2018 ("Fiscal 2018").

The Company's revenues for Fiscal 2018 were approximately US$20,104,000, an approximate 15.9% increase compared to approximately US$17,350,000 in the Company's fiscal year ended December 31, 2017 ("Fiscal 2017").

The Company had net profit of approximately US$88,000 in Fiscal 2018, a decrease of 81% as compared to approximately US$473,000 in Fiscal 2017. This decrease was primarily due to the negative contribution of approximately US$786,000 from its affiliate, Zhejiang Tianlan Environmental Protection Technology Co. Ltd. ("Blue Sky") in Fiscal 2018 as compared to the profit contribution of approximately US$712,000 in Fiscal 2017, coupled with an increase in operating loss resulting primarily from the decrease in the gross profit margin percentage of contracts under the keen competitive market condition, The overall result was partially offset by a gain on disposal of equity in an affiliate, Zhejiang Jia Huan Electronic Co. Ltd. ("Jia Huan").

Despite the slow economy due to the escalating trade war between China and the United States, the Company is positive about the Ballast Water Treatment Systems ("BWTS") business from port services and commercial ships in the near future.

HONG KONG, June 1, 2018 /PRNewswire/ -- Euro Tech Holdings Company Limited (CLWT) (the "Company") announced today that its Board of Directors has authorized a special dividend of approximately $0.70 per ordinary share, in cash, payable on June 22, 2018 to shareholders of record as of June 15, 2018.

HONG KONG, May 15, 2018 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2017 ("Fiscal 2017").

The Company's revenues for Fiscal 2017 were approximately $17,350,000, an approximate 22.8% decrease compared to approximately $22,478,000 in the Company's fiscal year ended December 31, 2016 ("Fiscal 2016").

The Company had net profit of approximately US$473,000 in Fiscal 2017, an increase of 105% as compared to approximately US$231,000 in Fiscal 2016, despite the drop in revenues. This was primarily due to decrease in operating loss as a result of increase in gross margin % and decrease in selling and administrative expenses, decrease in income taxes expenses and contributions from affiliates, namely Zhejiang Tianlan Environmental Protection Technology Co. Ltd. ("Blue Sky"), and Zhejiang Jia Huan Electronic Co. Ltd. ("Jia Huan").

The Company is positive about the Ballast Water business as it has recently obtained the Certificate of Utility Model Patent for its handheld ballast water checker in China in addition to the type approval certificate from China's Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour Ballast Water Treatment Systems ("BWTS") and Alternate Management Systems ("AMS") acceptance for its full range BWTS.  Moreover, the Company has received a PRC government grant of approximately US$425,000 to provide a BWTS for a R&D project for the ballast water treatment at ports.

HONG KONG, March 28, 2018 /PRNewswire/ -- Euro Tech Holdings Company Limited (CLWT) today announced that it has recently signed an Equity Transfer Agreement (the "Agreement") to sell its 20% equity stake of Zhejiang Jiahuan Electronics Co., Ltd. ("Jia Huan") to an individual, who is the wife of the holder of the remaining 80% equity stake of Jia Huan, for a purchase price of RMB$31,312,500. The completion of the transaction is subject to completion of all closing formalities, including the need to obtain approval and registration with the relevant governmental authorities and the receipt of payment from the Purchaser. The Company's decision to enter into the Agreement and dispose of its equity stake in Jia Huan was based upon the intention of Jia Huan's major shareholder to diversify the business of Jia Huan into new areas that are unrelated to its and the Company's existing activities.

HONG KONG, Feb. 14, 2018 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported that on 14 August 2017, Blue Sky announced that due to plans for certain major events, its shares (stock code: 833772) would be suspended from trading on the New Third Board from 15 August 2017 until 14 November 2017.  On 13 November 2017, Blue Sky further announced that as the major events were still pending, its shares would continue to be suspended from trading until 13 February 2018.  On 1 February 2018, Blue Sky announced that its shares would resume trading on the New Third Board on 2 February 2018.

At the first General Meeting of 2018 of Blue Sky's shareholders held on 25 January 2018, it was resolved that Blue Sky should sell all of its shareholding in its wholly-owned subsidiary, Zhejiang Tianlan Environmental Engineering Limited ('Blue Sky Engineering') to two of Blue Sky's shareholders including the major shareholder. After the General Meeting, some shareholders and shareholders' representatives (including the Company) expressed disagreement to the sale, for the reason inter alia that, Blue Sky Engineering holds an Engineering Design Qualification Certificate (Class A) ('Engineering Certificate') in the PRC, and if disposed, Blue Sky would cease to have the benefit of the Engineering Certificate and be rendered unable to conduct any engineering design business to the detriment of Blue Sky.

In light of such disagreement, management of Blue Sky sought the views of shareholders; and some shareholders and shareholders' representatives (including the Company) indicated preference for the termination of the disposal of Blue Sky Engineering.  As a result, the secretary of the board of directors has informed the Company that Blue Sky would consult the related professional parties and duly decide and resolve upon this matter in accordance with the law.

HONG KONG, Dec. 22, 2017 /PRNewswire/ -- Euro Tech Holdings Company Limited (CLWT) today reported its unaudited financial results for the six months ended June 30, 2017.

The Company's revenues for the six months ended June 30, 2017 ("1H 2017") were approximately US$8,707,000, a 16.8% decrease as compared to approximately US$10,469,000 for the six months ended June 30, 2016 ("1H 2016"). This decrease was primarily due to the decrease in revenues from trading and manufacturing activities.

Gross profits slightly decreased by 1.7% to approximately US$1,895,000 for 1H 2017 as compared to approximately US$1,929,000 for 1H 2016. The decrease was due to the decrease in the Company's revenue which was mostly offset by the improvement of the gross profit margin % .

Selling and administrative expenses decreased by approximately US$323,000 to US$2,491,000 for 1H 2017 as compared to approximately US$2,814,000 for 1H 2016. The decrease was primarily due to the decrease of approximately US$213,000 in development costs of Ballast Water Treatment Systems ("BWTS") to approximately US$39,000 for 1H 2017 as compared to approximately US$252,000 for 1H 2016, and decrease in general overheads resulting from actions to trim overheads.

The profit contribution from the affiliates, Zhejiang Tianlan Environmental Protection Technology Co. Ltd., ("Blue Sky") and Zhejiang Jia Huan Electronic Co. Ltd. ("Jia Huan"), increased by approximately US$164,000 to  US$232,000 for 1H 2017 as compared to approximately US$68,000 for 1H 2016.

The net loss decreased by US$392,000 to approximately US$92,000 for 1H 2017, as compared to approximately US$484,000 for 1H 2016. This was primarily due to decrease in selling and administrative expenses, and profit contribution from the affiliates.

Despite some changes in the decision by IMO, the Company continues to develop its BWT business. It has recently received an order for one set of P-300 BWTS for a scientific research ship from Russia. Moreover, the Company has developed a handheld ballast water checker which is the first handheld rapid indicative compliance instrument made in China, based on well accepted PAM fluorescence Technology. The instrument is a very powerful screening tool for ship owners, compliance officers, ship builders and BWTS providers.

The company is now one of the few qualified local and foreign candidates to participate in China Marine Safety Administration's evaluation of indicative testing instruments to be used by Port State Control officers for compliance test according to IMO D2 standard. The evaluation is still in progress and the result will be announced in the first quarter of 2018.

In the past few months, the Company has attended and participated in local and international trade shows in Shanghai, Beijing, Qingdao and Zhanjiang to promote BWTS and handheld ballast water checker.

HONG KONG, July 8, 2016 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today announced that its subsidiary, PACT Environmental Technology Company Ltd. ("PACT") has recently been awarded a contract worth about US$ 6 million by a foreign mobile phone company.

This contract covers design, supply, installation and the commissioning of industrial wastewater treatment and scrubber systems for its OEM plants in Shanghai, Shenzhen and Zhengzhou, China.

HONG KONG, May 10, 2016 /PRNewswire/ -- Euro Tech Holdings Company Limited (CLWT)  reported that the company has obtained type approval certificate from China's Classification Society ("CCS") for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour BWTS today. Other foreign type approval certificates can easily be acquired once CCS type approval certificate has been obtained. The Company is now actively developing sales channels for sales and marketing of BWTS, both inside and outside of China.

HONG KONG, April 29, 2016 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2015 ("Fiscal 2015").

The Company's revenues for Fiscal 2015 were approximately $18,302,000, an approximate 2.8% decrease compared to approximately $18,822,000 in the Company's fiscal year ended December 31, 2014 ("Fiscal 2014").

The net loss increased to approximately US$616,000 in Fiscal 2015 from approximately US$123,000 in Fiscal 2014. This was primarily due to decrease in revenue from engineering activities because of keen competition under the current tough economic environment in PRC, research and development expenses of approximately US$851,000 for Ballast Water Treatment Systems ("BWTS"), and loss of Shanghai Euro Tech Environmental Engineering Company Ltd. ("Shanghai Environmental") of approximately US$558,000.

Mr. T.C. Leung, Chairman and CEO of the company commented, "In view of the economy slowdown in China, we have to take measures to trim our overheads and wind down loss making companies."

"On the other hand, we are positive about the BWTS business potential. Since no further clarifications requested from the China's Classification Society (CCS), we expect to obtain the CCS type approval certificates for 200, 500, 750, 1200 and 1250 cubic meters per hour BWTS soon. In the meantime, we are working on the development of a handheld portable Ballast Water checker for rapid Ballast water tests for the Maritime Industry."

HONG KONG, December 23, 2015 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported its unaudited financial results for the six months ended June 30, 2015.

The Company's revenues for the six months ended June 30, 2015 ("1H 2015") were approximately US$8,273,000, a 16.1% decrease as compared to approximately US$9,863,000 for the six months ended June 30, 2014 ("1H 2014"). This decrease was primarily attributable to the decrease in revenues from engineering activities under the current poor economic conditions.

Gross profits decreased by 21.2% to approximately US$1,857,000 for 1H 2015 as compared to approximately US$2,358,000 for 1H 2014. The decrease was mainly due to the decrease in gross margin resulting drop in revenue of engineering activities.

Selling and administrative expenses increased by approximately US$132,000 to US$3,003,000 for 1H 2015 as compared to approximately US$2,871,000 for 1H 2014. The increase was primarily due to the increase of approximately US$80,000 in development costs of Ballast Water Treatment Systems ("BWTS") to approximately US$363,000 for 1H 2015 as compared to approximately US$283,000 for 1H 2014.

The profit contribution from the affiliates, Blue Sky and Jia Huan, decreased by approximately US$356,000 to negative contribution of US$138,000 for 1H 2015 as compared to profit contribution of approximately US$218,000 for 1H 2014. The principal reason was some projects were not completed in 1H 2015. It is expected that the sales revenue for these projects will be recognized and profit contribution will be made by the affiliates in second half year of 2015.

The net loss increased by US$520,000 to approximately US$662,000 for 1H 2015, as compared to net loss of approximately US$142,000 for 1H 2014. This was primarily due to decrease in revenue from engineering activities, increase in the development costs for BWTS, and negative profit contribution from the affiliates.

Since obtaining the type approval certificate from China's Classification Society ("CCS") for the 300 Cubic Meters per hour BWTS in July 2014, PACT Environmental Technology Co. Ltd., a subsidiary of the Company ("Pact") has been developing the other sizes of BWTS, namely, 200, 500 750, 1000 and 1250 Cubic Meters per hour in order to have a full range meeting various requirements of customers. Pact has recently passed the related sea board tests, and submitted all necessary documents to CCS for review. The type approval certificates for all these sizes are expected to be approved by the end of March 2016. It takes about two months to obtain other foreign type approval certificates including Alternate Management Systems ('AMS") acceptance once CCS type approval certificates obtained.

Amid the severe slowdown of economy in China and keen competition, Pact has recently won a tender to supply a 300 Cubic Meters per hour BWTS from a Maritime Institute in Jiangsu. This is an extremely good job reference for the Marine industry in China.

HONG KONG, April 30, 2015 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2014 ("Fiscal 2014").

The Company's revenues for Fiscal 2014 were approximately $18,822,000, an approximate 1.2% increase compared to approximately $18,602,000 in the Company's fiscal year ended December 31, 2013 ("Fiscal 2013").

Despite the research and development costs of approximately US$631,000 spent for Ballast Water Treatment Systems ("BWTS"), the Company had net income of approximately $164,000 for Fiscal 2014, as compared to net loss of approximately $18,000 for Fiscal 2013. This was principally due to the income contributions of approximately US$892,000 from the affiliates, Blue Sky and Jia Huan.

Mr. T.C. Leung, Chairman and CEO of the company commented, "Since we obtained type approval certificate in July 2014, from China's Classification Society ("CCS") for the 300 Cubic Meters per hour BWTS, we have been developing the other ranges of BWTS, namely 1,000, 750 and 500 Cubic Meters per hour to meet different requirements of potential customers. We expect to obtain the various type approval certificates for other ranges from CCS, Lloyd's Register ("LR") and Alternate Management Systems ("AMS") by the end of 2015."

"As China is getting tougher on water and air pollution reduction measures, we are positive about the BWTS business potential in view of obtaining the various certifications for all our ranges within 2015 and also the growing income contributions from Blue Sky and Jia Huan, the affiliates which are in the air pollution control business."

HONG KONG, March 30, 2015 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported that Mr. Ka Cheong Cheang tendered his resignation as a member of the Board of Directors (the "Board") of the Company effective March 31, 2015. The resignation is not in connection with any known disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Board appointed Mr. Vincent Pak Kan Wong to fill the vacancy of independent director and member of audit committee, created by the resignation of Mr. Cheang.

The Company also reported that recently that its subsidiary, PACT Environmental Technology Company Ltd. ("PACT") has been informed by its consultant and later an email from U.S. Coast Guard stating that PACT Marine BWTS model P-300 with a treatment related capacity of 300 cubic meters/hour is accepted for use as an Alternate Management Systems ("AMS") in U.S. waters.

HONG KONG, January 21, 2015 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today announced that its Board of Directors has approved a program to repurchase up to 60,000 shares of its issued and outstanding stock by January 21, 2016. This gives Euro Tech the ability to purchase the stock in the open market or through negotiated or block transactions from time to time based on market and business conditions over the next 12 months.

The Board has a high degree of confidence in Euro Tech's future and believes that this expectation is not reflected in the current stock price which is also much lower than our net asset value on a per share basis

HONG KONG, Dec. 29, 2014 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported its unaudited financial results for the six months ended June 30, 2014.

The Company's revenues for the six months ended June 30, 2014 ("1H 2014") were approximately US$9,863,000, a 4.9% increase as compared to approximately US$9,400,000 for the six months ended June 30, 2013 ("1H 2013"). This increase was primarily attributable to the increase in revenues from trading and manufacturing activities.

Gross profits decreased by 9.1% to approximately US$2,358,000 for 1H 2014 as compared to approximately US$2,593,000 for 1H 2013. The decrease was mainly due to the decrease in gross margin from engineering activities as a result of keen price competition under the current economic conditions.

Selling and administrative expenses increased by approximately US$107,000 to US$2,871,000 for 1H 2014 as compared to approximately US$2,764,000 for 1H 2013. The increase was primarily due to the increase of approximately US$146,000 in development costs of for Ballast Water Treatment Systems ("BWTS") to approximately US$283,000 for 1H 2014 as compared to approximately US$137,000 for 1H 2013.

The net loss decreased by US$4,000 to approximately US$142,000 for 1H 2014, as compared to net loss of approximately US$146,000 for 1H 2013. This was primarily due to increase in profit contribution of approximately US$161,000 from the affiliates. If the development costs for BWTS were excluded, it was a breakeven position.

Although Euro Tech has obtained type approval certificate from China's Classification Society for its 300 Cubic Meters per hour BWTS, the Company still has a lot to do now. It has to apply an Alternate Management Systems ("AMS") acceptance required by U.S. Coast Guard enabling the BWTS to be used on vessels entering U.S. territorial waters. While marketing the 300 Cubic Meters per hour BWTS directly and through its distributors, the Company realizes it has to develop other ranges of BWTS, namely 1,000, 750 and 500 Cubic Meters per hour BWTS to meet different requirements of its potential customers now.

Despite the economy slowdown in China, Euro Tech is positive about the BWTS business potential, and the progress of seeking foreign partners and strategic partners for cooperation to work on BWTS business and wastewater treatment contracts inside and outside China

HONG KONG, Dec. 12, 2014 /PRNewswire/ -- Euro Tech Holdings Company Limited (CLWT) today reported that on December 11, 2014 and effective November 22, 2014, the Company entered into a stock option contract with Huang Rui Xiang, a Business Development Manager of two of its majority owned subsidiaries, Yixing Pact Environmental Technology Company Limited and Pact Asia Pacific Limited.  The Company believes that the stock option contract was a material part of the Business Development Manager's compensation arrangements.  The stock option contract grants the optionee the right to purchase 20,692 Ordinary Shares, 1% of the Company's issued and shares, at an exercise price of $3.484 per share. The exercise price was determined by the average closing price of the Company's as reported by NASDAQ for a ten-day period prior to the end of the Business Development Manager's probationary period on November 22, 2014, the effective date of the stock option contract. The stock options granted are exercisable three years after the effective date and terminate five years after the effective date. In the event of the optionee's termination, except for his resignation, the options may be exercisable within three months of the termination. In the event of optionee's death, retirement or disability, he or his legal representative shall have up to one year to exercise the option. The stock option contract was approved by all of the members of the Company's Board of Directors, including all of its independent directors.    

HONG KONG, July 21, 2014 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported that the company has recently obtained type approval certificate from China's Classification Society (CCS) for its 300 Cubic Meters per hour BWTS.

The company is planning to develop a larger size of BWTS of 750 Cubic Meters per hour to meet different requirements of its potential customers, while looking for qualified personnel and distribution channels to market and sell its existing BWTS. The company may seek strategic partners or external investors for further expansion of its BWTS business.

HONG KONG, June 24, 2014 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported that although the company has submitted all necessary documents to China's Classification Society (CCS) for its 300 Cubic Meters per hour BWTS certification in May 2014, however, it may take longer time than expected for CCS to review and approve all the submitted documents especially the additional documents and technical clarifications requested recently by them.

The company is in the process of forming a separate company 100% owned by Yixing PACT Environmental Technology Co. Ltd., ("Pact") for BWTS business. This new company is not only for the management purpose to separate the marine industry related business from the industrial wastewater treatment business in Pact, but also makes it simple for getting external investment opportunities or co-operations with other parties in future.

HONG KONG, April 30, 2014 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2013 ("Fiscal 2013").

The Company's revenues for Fiscal 2013 were approximately $18,602,000, an approximate of 14% decrease compared to approximately $21,645,000 in the Company's fiscal year ended December 31, 2012 ("Fiscal 2012"). The net loss for Fiscal 2013 was approximately $18,000, as compared to net loss of approximately $429,000 for Fiscal 2012.

The decrease of the company's revenues was mainly due to decrease in revenues from engineering activities as a result of keen competition from companies offering similar services, that we believe to be of lower quality than our services in China.

Despite the decrease in revenues, and research and development costs of approximately US$425,000 spent for Ballast Water Treatment Systems ("BWTS"), it was a nearly break-even position of small net loss of approximately US$18,000 for Fiscal 2013 as a result of the reduction in selling and administrative expenses and the income contributions of approximately US$325,000 from the affiliates, Blue Sky and Jia Huan.

Mr. T.C. Leung, Chairman and CEO of the company commented, "We are positive that we will obtain the formal certificate for our 300 Cubic Meters per hour BWTS from China's Classification Society by the end of June of 2014. In the meantime, we also look for investors or partners to develop other sizes of our BWTS so that we have a wide range to meet different requirements of our potential customers. We are optimistic about the near-term business potential and its contributions to us in the coming years."

"In the wake of the Chinese Premier's speech to fight against air pollution vigorously, we believe our two affiliates in air pollution control business, namely; Blue Sky and Jia Huan will consequently be benefited. They will not only make substantial contributions to us in the coming years, but also fund our further business development in BWTS in case we cannot find external investors."

"As China wants to tap its huge shale gas resources and copy the American success in developing shale gas industry, the potential of fracking water treatment in China is huge. We are looking for strategic partners and also a suitable personnel to develop this quite a long-term but lucrative business."

HONG KONG, Sept. 5, 2012 /PRNewswire/ -- Euro Tech Holdings Company Limited (NASDAQ: CLWT) today announced that its subsidiary, PACT Environmental Technology Company Ltd.("Pact") has recently been awarded a contract worth about US$2.8 million by a U.S. Coal Tar Distillation Plant in Jiangsu, China. This contract covers design, supply, installation and commissioning of a 2,712 cubic meters per day industrial wastewater treatment system. Completion of this contract will be at the end of 2013.

BWTS (Ballast Water Treatment System) update:

Pact passed the BWTS land base test in China in 2012 and has to pass a 6-month seaboard test in order to get the necessary certifications of the system. Pact experienced some delays in the installation of the BWTS for seaboard test as the engineering room of the original ship was small and not very suitable for installation. It has recently completed the installation of its BWTS in another ship and expects to get all other approvals in the first quarter of 2014.

Ballast water treatment is an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going ships when their ballast water tanks are emptied or refilled. The market potential for retrofits and new installations of BWTS in these old and new ocean-going ships is enormous.

HONG KONG, April 25, 2013 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2012 ("Fiscal 2012").

The Company's revenues for Fiscal 2012 were approximately $21,645,000, an approximate 7% increase compared to approximately $20,213,000 in the Company's fiscal year ended December 31, 2011 ("Fiscal 2011"). The net loss for Fiscal 2012 was approximately $429,000, as compared to net income of approximately $521,000 for Fiscal 2011.

The increase of the company's revenues was mainly due to increase in revenues from engineering activities as more sales are outside China.

The net loss for Fiscal 2012 was mainly due to no profit contributions from the affiliate, particularly Blue Sky, and research and development costs of $930,000 spent for Ballast Water Treatment Systems (BWTS). Blue Sky has recently decided to withdraw the listing plans because of declining profits. If the research and development costs spent in developing the BWTS were excluded, there would be a net income for Fiscal 2012.

Mr. T.C. Leung, Chairman and CEO of the company commented, "We are very positive about our investment in developing our BWTS for the global markets, despite some delays in the installation of the BWTS for seaboard test. We reckon the close co-operation with international engineering companies for projects outside China is the right direction for our company in view of fierce competitions for projects in China, and the wastewater treatment for shale-gas drilling is what we plan to pursue in the near future with some of these engineering companies."

Currently the Company is in talks of a feasible co-operation with an European manufacturer of BWTS which are complimentary to the BWTS under development by the company. As the synergy could bring mutual benefits to both companies, the co-operation will be for the company to help them reduce their costs by manufacturing some parts of their systems in China. In return, they will sell the company's systems in Europe and outside China when the company's systems are ready and available.

BWTS are an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going ships when their ballast water tanks are emptied or refilled. The market potential for retrofits and new installations of BWTS in these old and new ocean-going ships is enormous.

In view of the keen competitions from local contractors for projects in China, the Company has been seeking more co-operations with international engineering companies for various wastewater engineering projects outside China. The growing volume of wastewater produced in shale-gas drilling in many countries including China has created many business opportunities worldwide. The company is interested in this unique wastewater treatment business, and in talks of co-operations with some engineering companies.

In Shale-gas drilling operations, a huge amount of water is injected deep underground, along with sand and chemicals to fracture shale rock and extract the embedded natural gas. Some of that water returns to the surface immediately after the fracturing. The rest comes back over the course of months and years. The result is that each well brings up a large amount of fracturing wastewater and many companies are after this wastewater treatment business.

Full Year 2011 Results

• The Company's revenues for Fiscal 2011 were approximately $20,213,000, an approximate 9% decrease compared to approximately $22,305,000 in the Company's fiscal year ended December 31, 2010
• The net income for Fiscal 2011 was approximately $521,000, as compared to net loss of approximately $1,087,000 for Fiscal 2010.
• EPS of $0.25 vs loss of ($0.52)

Mr. T.C. Leung, Chairman and CEO of the company commented: "As a result of the streamlining of sales forces and offices in the Company and the decision to close Pact Environmental Equipment Co. Limited and shift its activities to PACT in October 2011, the company has become a lean and efficient organization ready to face the slowdown of economy in China."

The lean operation can help the company survived even at reduced revenues, and adverse environment: For distribution business, the company focuses on the trading of third party products in Hong Kong only. For manufacturing business, the Company focuses on chemical reagent business which is a repetitive and more profitable business than the instruments it manufactures. For water treatment business, the company focuses on multinational companies in China and international contractors based in China. These strategies render the company low overheads, low risks and guarantee of getting payments as many local companies in China have various degrees of payment problem

Blue Sky, which made substantial contributions in 2010 and 2011 to the company, has submitted an initial public offering application in March 2012 with the appropriate government authorities in China. The contemplated offering by Blue Sky is subject to the approval of those government authorities.

Regarding the potential BWTS business, despite the hardship in the past two years, the company has still been investing a lot of its resources in the BWTS, and is positive about it for the worldwide maritime industry. The company expects to get the necessary certifications in China by the end of 2012 and some retrofit business in 2013.

BWTS is an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going ships when their ballast water tanks are emptied or refilled. The market potential for retrofits and new installations of BWTS in these old and new ocean-going ships is enormous.

HONG KONG, March 15, 2012 /PRNewswire-Asia/ -- Euro Tech Holdings Company Limited (NASDAQ: CLWT) today announced that its subsidiary, PACT Environmental Technology Company Ltd.("PACT") has recently been awarded 2 contracts worth about US$1.3million from two foreign companies outside China and one contract worth about US$2.2million from a company in Jiangsu, China.

These contracts which cover design, supply, supervision of the installation and the commissioning of waste water and water treatment systems for a company in mining industry in Australia, a cooling water and recycling system for a company in aluminmum industry in USA, wastewater and water treatment systems, and a cooling water and recycling system for an American company in alumimum industry in Jiangsu, China.

HONG KONG, February 3, 2012 /PRNewswire-Asia/ -- Euro Tech Holdings Company Limited (NASDAQ: CLWT, the "Company") today announced that on February 1, 2012, it received a compliance letter from the NASDAQ OMX notifying the Company that because the closing bid price of the Company's ordinary shares has been at $1.00 per share or greater from January 18, 2012 to January 31, 2012, the Company has regained compliance with Listing Rule 5550(a)(2).

HONG KONG, January 17, 2012 /PRNewswire-Asia/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT, the "Company") on January 12, 2012 announced that it would effect a reverse stock split ("Reverse Split") at a ratio of a two (2) for eleven (11) of the Company's ordinary shares ("Ordinary Shares") at 5:00 P.M., New York time, on January 13, 2012 and that a "D" would be added on the ticker symbol for 30 days once the Reverse Split is effective. The Company today corrected its January 12, 2012 announcement, clarifying that no change would be made to the trading symbol upon effectiveness of the Reverse Split.

Inerim Six Months Resutls For 2011

The Company's revenues for the six months ended June 30, 2011 were approximately US$9,554,000, a 7.8% decrease as compared to approximately US$10,363,000 for the six months ended June 30, 2010. The net income for the six months ended June 30, 2011 was approximately US$12,000, as compared to the net loss of approximately US$451,000 for the six months ended June 30, 2010.

The Company's operating result changed from the a loss for the six months ended June 30, 2010 to a net income for the six months ended June 30, 2011. This was principally due to the reduction of selling and administrative expenses of approximately US$428,000 which included the reduction of operating expenses of approximately US$100,000 as a result of streamlining operation and gain on the disposal of a property of approximately US$328,000.

The company is positive about the increase of wastewater treatment business outside China in the coming months, as many International Engineering Companies prefer to source wastewater treatment equipment and engineering services in China for their projects in other countries.

The company is also positive about the progress of the development of its Ballast Water Treatment System ("BWTS") for the worldwide maritime industry. The BWTS is now under vigorous testing to prepare for land and sea certification tests in America in March 2012.

HONG KONG, September 19, 2011 /PRNewswire-Asia/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today announced that although the continuously poor market price of the company's shares is not reflective of the true value contained in the company's business units, to address this issue, the company has recently engaged legal advisors to prepare a reverse stock split plan to be approved by the board of directors. The details of the plan will be announced after consultation with financial and legal advisors.

The Company has primarily used its funds to finance accounts receivable, inventories, and capital expenditures including purchases of property, office furniture and equipment, computers and calibration equipment. The Company has historically met its cash requirements from cash flows from operations, short-term borrowings, bank lines of credit, and long-term mortgage bank loans. The Company expects, but can make no assurances that its present cash reserves, cash from operations, existing available bank credit facilities and proceeds from the issuance of our ordinary shares pursuant to stock option exercises would be sufficient to fund its future capital expenditure requirements. Working

HONG KONG, Dec. 13, 2010 /PRNewswire-Asia/ -- Euro Tech Holdings Company Limited  today reported its unaudited financial results for the six months ended June 30, 2010.

The Company's revenues for the six months ended June 30, 2010 were approximately $10,363,000, a 26% decrease as compared to approximately $14,122,000 for the six months ended June 30, 2009.

The net loss for six months ended June 30, 2010 was approximately $451,000, as compared to net income of $11,000 for the six months ended June 30, 2009.

This is due to some wastewater treatment contracts were not completed in the first two quarters to make enough contributions to offset the further drop of trading business of third party products from foreign suppliers. Most foreign suppliers nowadays want to market and sell their products directly or through many distributors in China instead of using the company as their sole distributor as in the past.

A couple of wastewater treatment contracts awarded in early 2010 were delayed due to the sites were not ready, Guangxi contract worth  $3.2 Million, was not only delayed in the first 2 quarters but also suffered from a serious fatal traffic accident in September. This contract has just been resumed in December only after the replacement of a new project management team and a new sub contractor.

To defy the drop of trading business of third party products, the company is going to focus on selling the third party products in Pearl River Delta, (Hong Kong, Macau and Guangdong province) because of easy and economical support from Hong Kong,  takes more steps to expand its environmental engineering activities, and  streamlines its operations continuously.

As the legislation of reduction of nitrogen oxide (NOx), a pollutant gas, has become effective and official now in China, seeing this big opportunity, the company closely works with an American engineering company to pursue this new environmental control business for the optimization of combustion systems and emissions control in utility and industrial applications. On the other hand, non-profitable or non-strategic shops and offices have been closed, and personnel have been trimmed or made redundant. A new instrument sourcing platform (www.yibaynet.com) is now in operation to replace some functions of the retailing shops that have been closed, and all the remaining offices maintain lean operation to run.

Amid a big drop of trading business of third party products, the management regards 2010 as a tough and challenging year. While the company is streamlining its operations and further restructuring the company from a trading orientated company to become a manufacturing and engineering orientated company, it faced a  mini crisis from a fatal traffic accident disturbing and affecting  not only the progress of a major contract but  also other engineering activities and business opportunities. As a result, the management believes that the dwindling of the trading business, the restructure and redundancy cost, and the fatal accident compensation cost will have a big negative impact on the year end results.

Despite the difficult situation, the management firmly believes that the company's directions to focus on selling its own made products and expanding environmental engineering activities are very fruitful and rewarding in the long run. The current setback, however, does not dampen the management's enthusiasm to achieve its goals eventually.

Euro Tech Holdings Company Limited announced that due to a recent fatal traffic accident, the Guangxi contract of approximately US$3.2 million awarded early in this year to Shanghai Euro Tech Environmental Engineering Ltd. ("Shanghai Euro Tech", a wholly owned subsidiary of Euro Tech), has now been suspended. The contract covers design, supply, installation and commissioning of an (5,000 cubic meters per day) industrial wastewater treatment system for a petrochemical industrial park. It will only be resumed after new project management teams from the customer, Shanghai Euro Tech and its sub contractor are organized in November 2010.

The estimated completion date of this contract will be delayed to the second quarter of 2011. There may be little or no contribution generated from this contract in this year to offset the drop of trading third party products business from foreign suppliers, and this subsequently will give negative impact on the year-end result of 2010.