Huadi International Group Co., Ltd. Awarded $1.95 Million Stainless Pipe Order Contracts
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Wenzhou, China, March 03, 2021 (GLOBE NEWSWIRE) -- Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and manufacturer of industrial stainless steel seamless pipes and tubes products in China, today announces the Company has been awarded RMB 12.45 million (approximately $1.95 million) stainless pipe order contracts after winning bids for two chemical-related projects.
HUDI will supply stainless pipes with a total value of RMB 9.74 million for a pyrolysis initiation project of Yulin Chemical Co., Ltd. of Shaanxi Coal and Chemical Industry Group Co., Ltd (SHCCIG Yulin Chemical Co., Ltd.). The project involves construction of pulverized coal pyrolysis system with 1.2 million tons capacity per year, catalyst preparation facility with 35,000 tons capacity per year, suspension bed hydrogenation facility with 500,000 tons capacity per year and so on.
HUDI will also supply RMB 2.71 million worth of stainless pipes to Jiangsu Zhongneng Silicon Industry Technology Development Co., Ltd., a leading silicon and chemical components manufacturer under the Hong Kong-listed GCL-Poly Energy Holdings Limited in China for its cold hydrogenation project.
Mr. Di Wang, Chairman of the Company, commented: “Our winning bids for the two projects speak to the quality of our pipe products and the over two decades’ reputation of our technical team in setting an industry benchmark to provide stainless steel seamless pipe solutions for leading chemical and industrial companies in China and worldwide. We are excited about the opportunity to participate in the projects and we also look forward to growing this partnerships with SHCCIG Yulin Chemical Co., Ltd. and Jiangsu Zhongneng Silicon Industry Technology Development Co. We appreciate for our marketing and technical teams for their dedicated and diligent efforts to make this happen.”
About Huadi International Group Co., Ltd.
Huadi International Group Co., Ltd. is a leading manufacturer of industrial stainless steel seamless pipes and tubes products with extensive distribution facilities and network for over twenty provinces in China and also with a big presence across international steel pipes industry. It offers a broad range of products exported to twenty countries and regions such as United States, Mexico, Thailand, Australia, Argentina, Taiwan, India, the Philippines, UAE and Canada. Its products are widely used in the oil & gas transmission, chemistry engineering, food processing, medical devices, aeronautics and astronautics, boiler, irrigation works construction, electricity, automobile, naval architecture, paper mill and mechanical industries. For more information about the Company, please visit: http://www.huadi.cc.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding trading on the NASDAQ Capital Market and closing the initial public offering are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Dong Cao, CFA
EverGreen Consulting Inc.
Phone: +86 13502048965
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