CleanTech receives $11M initial wind tower supply contracts

CleanTech will supply wind towers to a China HuaNebg subsidary in 2011. An initial wind tower supply contracts totaling US$11 million has been signed by the two groups.

The completion of the $20 million in bridge financing with institutional investors on December 13, 2010, made it possible for CleanTech to submit contract bids to HuaNeng before the December 18, 2010 bidding deadline. 

CleanTech has submitted other contract bids to HuaNeng and other large energy companies in China. CleanTech anticipates winning additional wind tower supply contracts throughout 2011.

 "These two recent contracts represent approximately 50% of  per centour entire 2010 revenues.  The new contracts are critical to meeting our 2011 revenue targets in a favorable market environment. CleanTech's management team is also the founders of our company. As CleanTech has already disclosed publicly, our entire management and insider holdings are locked up and prohibited from any share sales for at least 3 years through December 2013. CleanTech management's vested interest is completely aligned with those of our public shareholders. We look forward to delivering another year of record earnings growth in 2011," said Clean Tech Chairman and CEO Bei Lu.