ecoWise completed acquisition of a 24MW biomass co-generation ...

SGX/MEDIA RELEASE – FOR IMMEDIATE RELEASEecoWise completed acquisition of a 24MWbiomass co-generation power plant inShandong, ChinaSingapore, 3 June 2013 – ecoWise Holdings Limited and its subsidiaries (“ecoWise” orthe “Group”), a SGX-Mainboard listed and Singapore based resource recovery, renewableenergy and integrated environmental management solutions provider, is pleased toannounce that its wholly owned subsidiary, ecoWise New Energy Pte Ltd, has completed theacquisition of 99% share capital in Hivern Investments Pte Ltd (“Hivern”) on 30 May 2013.The remaining 1% share capital in Hivern shall be transferred to ecoWise New Energy PteLtd when the shares become unencumbered at a later date.Hivern’s wholly owned subsidiary, Changyi Enersave Biomass to Energy Co. Ltd (“CEBEC”),owns a 24 megawatts (“MW”) biomass co-generation power plant (the “CEBEC Plant”)located within the industrial park in the Changyi Binhai (Lower) Economic Development Zonein Shandong province. CEBEC holds a business operation licence with validity up to October2027 to carry out renewable energy electric power and heat generation using crops straw,forestry wastes and other biomass feedstock.With the acquisition of CEBEC Plant, the Group now owns a total of four power plants underits renewable energy business segment, including two fully owned biomass power plants inSingapore, at Sungei Kadut and Gardens by the Bay, as well as a 49% owned coal-firedpower plant in Wuhan, China.The power generation of CEBEC Plant comprises electricity and steam. The CEBEC Plantwas operating intermittently in the past mainly for plant performance testing purposes andhad stopped operating activities since November 2011 due to cessation of funding supportfrom its previous shareholders.Barring unforeseen circumstances, the Group estimates that post-acquisition, CEBEC Plantmay take approximately 12 months lead time before commencing operation. Upon achievingsteady operation of the CEBEC Plant, it expects to generate revenue from sale of electricalpower to the state-owned power grid of Shandong province and sale of steam to industrialoperators at the industrial park in the Changyi Binhai (Lower) Economic Development Zone.“We would like to thank our shareholders for their support of the acquisition of theCEBEC Plant.

The Group will focus on the retrofitting and upgrading of the CEBEC Plant to preparefor re-commissioning of the plant by late 2014. We believe that the CEBEC Plant cancontribute positive returns and value for shareholders upon commencement of steadyoperation.”Mr Low Kian Beng, Executive Director, ecoWise--END--ABOUT ECOWISE HOLDINGS LIMITED (Bloomberg Ticker: ECW SP)Founded in 1979, ecoWise Group is a Singapore based resource recovery, renewable energy andintegrated environmental management solutions provider. The Group has the following threebusiness segments:Resource Recovery segment – In Malaysia, the Group owns a leading rubber compoundmanufacturing and tyre retreading group under Sunrich Integrated Sdn. Bhd and its subsidiaries.Through a new 65% held company established in December 2012, Chongqing eco-CTIG RubberTechnology Co., Ltd., the Group will be undertaking total tyre management business in China.In China, the Group is in electrical and electronic waste recycling business through a 15% investmentin Chongqing Zhongtian Electronic Waste Management Co., Ltd, which has an exclusive e-wastelicense awarded by the government for collection, recovering and disposal of electrical and electronicwaste.In Singapore, the Group is an appointed term contractor for collection of used copper slag andgeneral waste for certain shipyards and fabrication yards. A large portion of the recycled copper slagis used by ready mix concrete suppliers for the production of eco-concrete.The Group’s patented composting technology, ecoACT TM , employs the unique in-vessel thermophiliccomposting technology to manufacture quality organic compost in the shortest possible time.Renewable Energy segment – The Group owns and operates the biomass co-generation plant atthe iconic Gardens by the Bay (Marina South), Singapore. The Group’s biomass co-generation powerplant in Sungei Kadut supplies waste steam for a number of industrial applications.The Group’s 49% held subsidiary in Wuhan, Wuhan ecoWise Energy Co., Ltd., currently owns a25MW coal fired power plant which ceased operation pending for the commencement of the processto convert it into a 25MW biomass co-generation power plant.Integrated Environmental Management Solutions segment – The Group provides resourcesmanagement and integrated environmental engineering solutions for industrial waste and energymanagement.For more information, please refer to ecoWise corporate website: www.ecowise.com.sgIssued for and on behalf of ecoWise Holdings LimitedBy Financial PR Pte LtdFor more information, please contact:Romil SINGH / KEE Vern Cheng / Kathy ZHANGromil@financialpr.com.sg / verncheng@financialpr.com.sg / staff@financialpr.com.sgTel: (65) 6438 2990, Fax: (65) 6438 0064