CHANGZHOU, CHINA--(Marketwired - Aug 18, 2014) - Huayue Electronics, Inc. (OTCQB: HUAY), a manufacturer and international distributor of LED lighting products, today announced that the proposal submitted by its wholly-owned subsidiary, Changzhou Huayue Electronics, Ltd., to retrofit under an energy management contract (EMC) all the street lights in the City of Maribor, Slovenia, the second largest city in Slovenia, has been approved by a vote of the City Council of Maribor.
Last week, Huayue has sent a team of engineers to the City of Maribor to participate in discussions with the City government regarding retrofitting all the street lights in city of Maribor. The proposal from Huayue Electronics, Inc. includes a plan to retrofit 15,000 street lights in the City of Maribor with LED lamps controlled by an energy efficient control system. Huayue proposed that this retrofitting project be structured under an energy management service (EMC) framework (commonly referred to as an energy service agreement in North America), through which Huayue and its funding partner will provide lighting equipment at no upfront cost to the City, then share in the energy savings that the City realizes over the contract term. The proposed total contract amount is around EUR 6.8m ($10m). If finalized, the project will serve as a model for Slovenia and other European Union members seeking to reduce energy costs.
Mr. Shudong Pan, the CEO of Huayue Electronics, Inc., said: "We are very honored and delighted that we have this opportunity to discuss energy saving lighting projects, especially EMC projects, with our friends in Slovenia and other European countries. We are extremely excited to see the EU guiding its members to green lighting, and now we are positioning our company as a leader that can provide both implementation and financing within this revolution." Pan continued: "Earlier this year Huayue initiated its plan to expand into global market sectors, including North American and Europe. This project exhibits the ability of our company to expand into global market sectors."
About City of Maribor and Slovenia
The Republic of Slovenia is a nation state in south-central Europe. It covers 20,273 square kilometers and has a population of 2.05 million. It is a parliamentary republic and has been a member of the European Union since May 1, 2004, having adopted the EU currency on January 1, 2007. Slovenia is also a founding member of the WTO and its GDP is among the highest of all eastern European countries that are making economic transitions.
The City of Maribor is the second-largest city in Slovenia, and also the largest city of the traditional region of Lower Styria. In 2000, Maribor was given the Alpine Town of the Year award. It is the home of Association Football club NK Maribor.
About Huayue Electronics, Inc.
Huayue Electronics, Inc. is a leading energy efficient lighting products manufacturer and distributor based in Changzhou, PRC. The company offers products utilizing both LED and induction technology. The company's common stock is quoted on the OTCQB under the symbol "HUAY." Huayue Electronics was established in 1999 as a manufacturer of electric capacitors. It expanded into energy efficient lighting products in 2008. Today, we have more than 60 patents and have obtained CE, CCC, ISO9000 certification. Huayue Electronics is currently exporting to 15 countries in both Asia pacific region and Europe. For more information: http://www.cn-huayue.com.cn/english/index.php