Commenting on these appointments, Mr. Oliver Bialowons, President of SmartHeat, said, "We welcome Mr. Wilhelm to the management team and believe that he will make a substantial contribution to management and SmartHeat's financial reporting. In addition, Mr. Scripta brings a wealth of accounting and public company experience which we expect will be invaluable to the current challenges faced by the company."
About SmartHeat Inc.
James Jun Wang
, a former executive at Honeywell China, SmartHeat Inc. (
) is a NASDAQ Global Select Market listed (NASDAQ: HEAT) U.S. company with its primary operations in
. SmartHeat is a market leader in
's clean technology energy savings industry. SmartHeat manufactures heat exchangers, custom plate heat exchanger units (PHE Units), heat meters and heat pumps. SmartHeat's products directly address air pollution problems in
where massive coal burning for cooking and heating is the only source of economical heat energy in
. With broad product applications, SmartHeat's products significantly reduce heating costs, increase energy use and reduce air pollution. SmartHeat's customers include global Fortune 500 companies, municipalities and industrial/residential users.
's heat transfer market is currently estimated at approximately
with double-digit annual growth according to the China Heating Association.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. SmartHeat's actual results may differ from its projections. Further, preliminary results are subject to normal year-end adjustments. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect SmartHeat's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in SmartHeat's filings with the Securities and Exchange Commission.