ReTo Eco-Solutions Participates in a Key Cultural Tourism and Ecological Restoration Project with Local Government in Guangling, Shanxi
ReTo Eco-Solutions (NASDAQ: RETO) has partnered with the Guangling County government in Shanxi Province for the Cultural Tourism and Ecological Restoration of Shuishentang. The project, initiated in May 2021, has a budget of RMB 600 million and aims to restore wetlands in the Huliu River Basin over four years. A key component includes upgrading cultural relics to a 4A-level scenic spot with an additional budget of RMB 80 million. This partnership is expected to enhance local society and economy while generating profits for ReTo.
- Partnership with Guangling County government may enhance business visibility and opportunities.
- Ecological restoration project has a substantial budget of RMB 600 million, indicating strong financial backing.
- The upgrade of cultural relics aims to attract tourism, potentially boosting local economy and benefiting ReTo.
- The four-year timeline for project completion may delay immediate financial gains.
- Dependence on government projects could pose risks if local governance changes or funding is altered.
BEIJING, June 16, 2021 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (NASDAQ: RETO) ("ReTo" or the "Company"), a provider of technology solutions for the improvement of ecological environments, today announced that the Company, through its wholly-owned subsidiary REIT Ecological Technology Co., Ltd., cooperated with the Guangling county government in northwest Shanxi Province to participate in a project called the Cultural Tourism and Ecological Restoration of Shuishentang in Guangling County, Shanxi Province (the "Project"). In preparation of the Project, Shuishentang Ecological Restoration Project (the "Sub-Project") was launched in May 2021 with a budget of RMB600 million. The construction has commenced and is estimated complete in 4 years.
The Sub-Project is designed to restore wetlands in the Huliu River Basin in Shuishentang area. Such ecological restoration efforts include but are not limited to the construction of reservoir embankments, roads, landscape and supporting facilities. As a result, the Shuishentang cultural relics protection site will be upgraded to a 4A-level scenic spot, which requires a budget of RMB 80 million in construction and is expected to complete in 2021 according to the government plan.
Mr. Li Hengfang, ReTo's Chairman and Chief Executive Officer, attended the groundbreaking ceremony and commented, "As a provider of technology solutions for the improvement of ecological environment, the Company actively participates in the county's ecological governance and rural vitalization, and the Project is a part of our effort. The Project includes four sub-projects, namely, the Shuishentang Ecological Restoration Project, Municipal Public Service Facilities Project, Old City Reconstruction Project, and Health and Cultural Tourism Real Estate Project. The latter three will be put into implementation one after another. The completion of these projects will definitely benefit local society and economy, and bring sustainable and substantial profits to the Company."
About ReTo Eco-Solutions, Inc. (NASDAQ: RETO)
Founded in 1999, ReTo (NASDAQ: RETO), through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company offers a full range of products and services, ranging from the production of environmentally-friendly construction materials, environmental protection equipment, and manufacturing equipment used to produce environmentally-friendly construction materials, to project consulting, design, and installation for the improvement of ecological environments, such as ecological soil restoration through solid waste treatment. For more information, please visit: http://en.retoeco.com
Forward-Looking Statements
This press release contains forward-looking statements. 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: 1) the ability of additional features and customized configurations on its machinery and equipment products to attract new customers; 2) the ability of the growth of its business to resume in the near future; and 3) the further spread of COVID-19 or the occurrence of another wave of cases and the impact it may have on the Company's operations 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; product and service demand and acceptance; changes in technology; economic conditions; the growth of the construction industry in China; reputation and brand; the impact of competition and pricing; 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 Securities and Exchange Commission. 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 U.S. Securities and Exchange Commission, 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:
ReTo Eco-Solutions, Inc.
Giorgio Zhao
Beijing Phone: +86-010-64827328
ir@retoeco.com or 310@reit.cc
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SOURCE ReTo Eco-Solutions, Inc.
FAQ
What is the main project announced by ReTo Eco-Solutions on June 16, 2021?
What is the budget for the Shuishentang Ecological Restoration Project?
How long is the Shuishentang Ecological Restoration Project expected to take?
What are some components of the Shuishentang project?
What is expected to happen to the cultural relics protection site?
