The first purchase order requires Cleantech Solutions to deliver a total of 63 sets of airflow-dyeing machines and related components for a total purchase price of approximately $1.7 million (RMB 10.4 million).
Pursuant to the purchase order, the Company has received an advance payment of $0.5 million, or 30% of the total purchase price, will receive an additional 60% of the total purchase price upon installation, and will receive the remaining 10% within three months of installation.
Cleantech Solutions expects to deliver the units in November and December 2012. The Company's airflow-dyeing machines use flowing air rather than water, which is used in the traditional dyeing process.
The Company believes that its airflow technology reduces input costs, creates fewer wrinkles and less damage to the textile, and produces a reduced level of emissions.
"We are pleased with the steady sales momentum of our airflow-dyeing machines as we continue to attract new customers, which is a strong validation of the increasing need for our products and services within the textile industry," said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions. "We are committed to growing our customer base alongside the industry-wide replacement cycle favoring energy friendly machines."
Separately, Cleantech Solutions received an additional purchase order to supply forged components for flanges from a China-based heavy machinery customer. The purchase order requires the Company to deliver a total of 36 units for a total purchase price of $0.8 million. Pursuant to the purchase order, the Company received an advance payment of $0.2 million, or 30% of the total purchase price, and will receive the remaining 70% upon installation. Cleantech Solutions expects to deliver the units by the end of November 2012.
Cleantech Solutions is a manufacturer of metal components and assemblies, primarily used in clean technology industries. The Company supplies forging products, fabricated products and machining services to a range of clean technology customers, primarily in the wind power sector and supplies dyeing and finishing equipment to the textile industry.
Cleantech Solutions International Inc.
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