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October 1, 2012
08:06 EDTCREGChina Recycling Energy to complete Shanxi Datong construction by 2012-end
China Recycling Energy announced that the ongoing construction of its previously announced Shanxi Datong Coal Group Steel Ltd. Energy Recovery Project is progressing according to schedule. The Company expects Shanxi Datong Project, which has 23MW of total power generation capacity, will be completed by end of 2012. Total payback period of the project is 5 years. The company said the project is progressing smoothly at present, and it will complete by the end of 2012.
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July 11, 2014
17:32 EDTCREGChina Recycling Energy up 12% to $1.76 after $50M SEDA
17:14 EDTCREGChina Recycling Energy to resume trading at 5:30pm ET
Quotes to resume at 5:25pm ET.
17:02 EDTCREGChina Recycling Energy announces US$50M SEDA to fund business growth
China Recycling Energy announced that it has entered into a Standby Equity Distribution Agreement with YA Global Master SPV Ltd., a Cayman Islands exempt limited partnership on July 8. Under the terms of the agreement, YA Global is committed to purchase up to US$50M of the company's common stock over a period of 2 years following the effectiveness of the registration statement registering the resale of shares purchased by YA Global. The company may in its discretion draw on the facility from time to time by delivering an advance notice to YA Global. The purchase price shall be set at 99% of the lowest daily volume weighted average price of the company's common stock during the five consecutive trading days immediately following the delivery of the advance notice. Guohua Ku, Chairman and CEO of CREG commented, "We are very pleased that YA Global has agreed to partner with us to provide additional equity funding to allow us to expand our business more rapidly. We have a strong backlog of projects that we are confident we can successfully execute as long as we can obtain adequate funding. This will allow us to expand our top and bottom lines and further increase shareholder value. A Standby Equity Distribution Agreement is an effective corporate financing instrument providing a flexible, relatively low-cost source of capital, and limiting dilution to some extent but compensated by increased project earnings for our current shareholders as well. This vote of confidence from YA Global comes on the back of new sales-type lease agreement we signed at the end of the 2014 second quarter with Qitaihe City Boli Yida Coal Selection Co., Ltd. This 15-year deal contributed sales of systems revenues of about US$24.3 million to our second quarter. We expect to receive about US$5.9 million of annual recurring cash flow receipts for 15 years. Currently our 15 projects under sales-type lease agreement and our 6 projects under construction are running smoothly. With such a strong pipeline and support from the financial community, we believe we are well positioned to grow our business as the Chinese government continues to focus on reducing wasted energy and curbing pollution," concluded Chairman Ku.
16:55 EDTCREGChina Recycling Energy trading halted, pending news
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