Pursuant to the first purchase order, the Company will deliver 20 airflow-dyeing machines for a purchase price of RMB 11.2 million (approximately $1.8 million). Cleantech Solutions has received an advance payment of approximately $0.2 million, or 10% of the purchase price, will receive an additional 80% of the purchase price upon delivery, and will receive the remaining 10% within six months of delivery.
The Company expects to begin delivering the units in June 2013. Pursuant to the second purchase order, the Company will deliver 22 airflow-dying machines for a purchase price of RMB 12.5 million (approximately $2.0 million). The Company has received an advance payment of approximately $0.6 million, or 30% of the purchase price, will receive an additional 60% of the purchase price upon delivery, and will receive the remaining 10% within three months of delivery. Cleantech Solutions expects to deliver the units in June 2013.
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 continue to see strong order flow within the textile industry, particularly for our airflow-dyeing machines using our patented production technique. We plan to build upon our success by further expanding our customer base in the coming months and expect to achieve sales growth in this segment in 2013," said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions.
About Cleantech Solutions International
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 is committed to achieving long-term growth through ongoing technological improvement, capacity expansion, and the development of a strong customer base.
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