ReTo Eco-Solutions Announces 5 Million Yuan Major Port Contract
ReTo Eco-Solutions, Inc. (Nasdaq: RETO) announced Thursday that it secured a contract from the Jiangsu Xinyi Port Terminal valued at 5 million yuan, sending its stock up 4% to $1.04 in New york.
Beijing-based construction materials provider said it will use its proprietary equipment, technologies and processes to convert solid waste into high-quality ground paving material, in order to complete the contract effectively and efficiently. Moreover, ReTo has begun the installation of its proprietary equipment at the terminal. Upon quality control testing, ReTo will perform ongoing operating and management services, as reported by the company.
Hengfang Li, the chairman and chief executive officer of ReTo, sadi, "This is another major win for ReTo, a further validation of our total solutions business and evidence of the overall market growth we are seeing. We continue to benefit from the forward-thinking vision of Government officials and business leaders across China."
He added, "They are prioritizing sustainable infrastructure projects as a way to promote a healthier environment and to build competitive enhancements for years to come. Our strategy of Technology Improves Ecology and our unique ability to provide a 'one-stop' solution for the entire process of solid waste reduction, recycling, and mitigation in the field of ecological and environmental protection in China, gives us a powerful competitive advantage as we pursue an increasing number of opportunities to drive our growth."
The company received a notice of non-compliance from the Nasdaq in March for failing to maintain the minimum bid price of $1 per share. The stock has begun to move above $1 per share since May.
Operating for more than 20 years, ReTo provides construction materials including aggregates, bricks, pavers, and tiles. It promotes its products as "eco-friendly." They contain approximately 70% of reclaimed fly-ash and iron tailings instead of traditional cement and aggregates.