This test program is part of an initiative started by the Chinese Government to replace its existing coal burning boiler system with more efficient and environmentally friendly alternative energy sources. There are an estimated 550,000 boilers in China that would be impacted by this initiative.
In conjunction with the initial test program, ASE has also entered into negotiations with a US nano-coating technology company, in order to distribute its product as part of this boiler replacement initiative, in an effort to increase the efficiency of its solar thermal technology. This nano-coating has been successfully tested by the Beijing Research Institute of Coal Chemistry.
Dennis Alexander, CEO and Chairman, stated, "With the recently announced success of the work-over program on the Tubb Field and the opportunity that has been presented to us in the alternative energy field, we believe that the our refocused strategy in the oil & gas and alternative energy markets will add value to our shareholders over the long term."