BEIJING, May 6, 2011 (GLOBE NEWSWIRE) -- SinoTech Energy Limited ("Sinotech" or the "Company") (Nasdaq:CTE), a fast-growing provider of enhanced oil recovery ("EOR") services in China, today released updated outlook for fiscal year 2011 and announced that it will release its unaudited financial results for the second quarter ended March 31, 2011, on May 19, 2011.
Based on current operating and business conditions, the Company expects to report total sales in the range of US$100 million to US$105 million in fiscal year 2011, compared to the previously announced range of US$90 million to US$95 million.
Mr. Boxun Zhang, chief financial officer of SinoTech, commented, "We are very pleased with our rapid growth, which is driven by the expansion of our LHD fleet and MDF service coverage as well as our team's effective execution. We believe China's pressing need to enhance oil production combined with our steadily expanding capacity to provide reliable EOR services will lead to sustainable growth for the Company in the coming years."
The Company has scheduled a conference call to discuss its second quarter results at 8:30 AM Eastern Time (ET) (8:30PM Beijing/Hong Kong time) on May 19, 2011.
Dial-in details for the live conference call are as follows:
| -- International: | +1-617-614-3529 |
| -- U.S.: | 800-561-2813 |
| -- South China Toll Free (Netcom): | 10-800-852-1490 |
| -- North China Toll Free (Telecom): | 10-800-152-1490 |
| -- South China Toll Free (Telecom): | 10-800-130-0399 |
| -- China: | 400-8811-629/ 400-8811-630 |
| -- Hong Kong Toll Free: | 800-9638-44 |
| Participant Passcode: | 44749436 |
A replay of the conference call will also be available until May 26, 2011 by dialing:
| -- International: | +1-617-801-6888 |
| -- U.S.: | 888-286-8010 |
| Passcode: | 65200120 |
In addition, a live and archived webcast of the conference call will be available on Sinotech's website at http://ir.sinotechenergy.com/events.cfm">http://ir.sinotechenergy.com/events.cfm.
About SinoTech Energy Limited
SinoTech Energy Limited ("Sinotech" or the "Company") (Nasdaq:CTE) is a fast-growing provider of enhanced oil recovery ("EOR") services in China. SinoTech provides innovative EOR services to major oil companies in China using leading edge technologies, including certain patented lateral hydraulic drilling ("LHD") technologies, which the company has an exclusive right to use in China, and a molecular deposition film technology, for which the company holds a PRC patent. SinoTech also provides technical services to coalbed methane customers using the LHD technology.
For more information, please visit http://ir.sinotechenergy.com.