China’s leading petroleum and petrochemical company, LianDi Clean Technology Inc. reported yesterday that it has established a new subsidiary, HongTeng WeiTong Technology, Ltd. The subsidiary will focus on developing new software modules for petrochemical companies and will bolster LianDi’s presence as a prominent clean energy company.
Heading the new team will be Dr. Jian Feng Yang, who was hired by LianDi in December 2010. With nearly 20 years of experience. Dr. Yang is familiar with the petrochemicals industry, having worked for a subsidiary of Sinopec and Beijing University of Chemical Technology. He will lead a team of 30 employees to develop new software applications and technologies for production safety at petrochemical manufacturers.
“We are pleased to have Dr. Yang spearhead our new software subsidiary,” remarked Mr. Jianzhong Zuo, Chairman, Chief Executive Officer and President of the Company. “By establishing HongTeng, we expect to accelerate our efforts to develop new software applications for large petrochemical clients such as China National Petroleum and Sinopec. HongTeng will complement and leverage the team established in September to develop new resource management software products, while providing a conduit for generating additional high margin revenues from our installed customer base.”
In related news, HongTeng will work in conjunction with System Kikou Co., Ltd. on the recently completed alliance for automated oil sludge services. The company expects to improve the functionality of this product offering and the sale price, and will introduce this product to the market beginning in April 2011. Management expects the majority of the 2011 financial contributions from HongTeng to come from System Kikou before its new software products contribute more meaningfully to revenues in 2012.
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