HONG KONG, Feb. 14, 2018 /PRNewswire/ -- Euro Tech Holdings Company Limited (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.
About Blue Sky
Zhejiang Tianlan Environmental Protection Technology Co. Ltd., ("Blue Sky"), an affiliate of the Company, found in 2000, is a fast growing company which provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants. Its shares have been listed on the New Third Board in the People's Republic of China ("PRC") in November 2015. The New Third Board is a national over-the-counter market in the PRC regulated by China Securities Regulatory Commission, and managed by the National Equities Exchange and Quotations, which serves as a platform for the sale of existing shares or directed share placements for small and medium-sized enterprises.
Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and mainland China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2016.
Euro Tech Holdings Company Limited, Hong Kong
T.C. Leung, Chairman and CEO, or
Jerry Wong, CFO