LianDi Clean Technology Inc. Announces $3 million Contract with Sinopec Mitsubishi Chemical

BEIJING ¨C November 3, 2010 ¨C LianDi Clean Technology Inc. (OTC BB: LNDT), (¡°LianDi¡± or the ¡°Company¡±), a provider of clean technology, downstream flow equipment, engineering services and software to China¡¯s leading petroleum and petrochemical companies, today announced it has been awarded four contracts to supply 222 valves to Sinopec Mitsubishi Chemical Polycarbonate Limited (¡°Sinopec Mitsubishi Chemical¡±), a subsidiary of Sinopec. The Company expects to deliver product to Sinopec Mitsubishi Chemical in the first half of 2011.
LianDi will supply all the valves in Sinopec Mitsubishi Chemical¡¯s new polycarbonate production facilities that will incorporate Japan Mitsubishi Chemical¡¯s proprietary melting method technology. In partnership with its international suppliers Metso and Leser, LianDi will provide the critical components to Sinopec Mitsubishi Chemical¡¯s first polycarbonate production lines as Sinopec looks to capture the increasing domestic demand for polycarbonate and bisphenol A. Polycarbonates, due to their resilient and transparent properties, have become a popular material for manufacturers of consumer and industrial products such as eye glasses, car brakes, and Blu-ray discs.
¡°We are delighted to be chosen as an equipment supplier for Sinopec Mitsubishi Chemical¡¯s inaugural polycarbonate project,¡± began Mr. Jianzhong Zuo, Chairman, Chief Executive Officer and President of the Company. ¡°This win signifies the strong relationship we have with Sinopec and the high quality of our products. We look forward to working with Sinopec and its subsidiaries to provide innovative, cost-effective solutions.¡±
The combined value of the contracts is estimated to be approximately $3 million. The Company will ship its first product in the first quarter of 2011 and complete the contract by the middle of next year.