PITTSBURGH, PA -- (Marketwired) -- 11/23/15 -- Cardinal Resources Inc. (OTC PINK: CDNL), a global producer of patented, solar powered, community-scale drinking water systems, today announced it has completed the first sale of its Mobile Red Bird System in China. This is the first system of the planned initial order of 3 systems by the HangZhou Sky Valley Water Technology Co., a China-based consortium formed to market and commercialize Cardinal Resources' water treatment technologies in Asia and other international markets. These systems will be produced from our US based manufacturing site. The first system order is a cash transaction and will be booked in the 4th Quarter of 2015.
This system will be used for demonstrations with key customers that have orders pending a successful demonstration of the system in China. "Based on the performance of our systems, we are confident of the ability of our systems to meet China's water quality regulations," stated Cardinal Resources CEO, Kevin Jones. "We have extensive experience in China through our environmental engineering services and had a pilot Red Bird System successfully treat and meet the China Standards in the past. We believe this sale and the upcoming demonstration of the Red Bird System will quickly produce large sales of our larger systems."
"We have long looked at the China market being a key element in our growth plans. For example, the United Nations reports as of June, 2015, 381 million people in China lack access to piped, treated water, and the US Dept. of Commerce ITA estimated the total addressable market in China for this sector at $29 billion in 2010. We have carefully been looking for a good technology partner in China. Based on our extensive discussions and meetings we believe we now have that partner and look forward to a long-term, sustainable market for our family of Red Bird Systems. To support this expansion, one of our scientists, who had moved back to China, has rejoined Cardinal Resources."
Cardinal Resources will be updating the market as the deployment of this system occurs and the successful demonstration in China.
About Cardinal Resources
Cardinal Resources brings a unique blend of experience, technology, and focus to projects worldwide and across the United States from its office in the Pittsburgh, Pennsylvania area. Its commitment to "Clean Water, Clean Environment, Worldwide" includes the patented Red Bird System, a solar-powered community-sized drinking water system, and the Grey Bird Approach to wastewater treatment and green infrastructure as well as a wide range of traditional environmental and engineering services. For more info, visit: www.cardinalres.com.
Certain statements in this presentation constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, such as our ability to obtain financing to continue our operations; reliance on third parties for parts and equipment to produce our products; unexpected design and engineering problems related to our products; business and political conditions in the geographic areas in which we sell our products; outcomes of government reviews; continued compliance with government regulations; legislative or regulatory environments; requirements or changes adversely affecting the businesses in which we are engaged and jurisdictions in which we market and sell our products.
The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this presentation and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations. Information on the company's website does not constitute a part of this release.
Source: Cardinal Resources Inc.