Breaking News: Dragon Capital Group (OTC: DRGV) subsidiary receives award for technology achievement by Shanghai Municipal Government for development of city gas pipeline risk assessment system.
The company recently announced in August that revenue for the first six months of 2009 reached $26.9 million, increasing by 20% from the $22.3 million recorded in the first six months of 2008. Now the company, a leading holding company of emerging high-tech companies in China, issued a press release yesterday after the markets closed announcing that its subsidiary, Shanghai Yastand Information Technology Company, Limited ("Shanghai Yastand"), has received an award for technology achievement from Shanghai Municipal Government for developing a city gas pipeline risk assessment system. In addition, Shanghai Yastand has renewed its agreement with Shanghai North Gas Company, Limited to fully implement the pipeline risk assessment system which monitors Shanghai North Gas's 5,280-kilometer underground gas pipelines in north metropolitan areas of Shanghai.
Chairman and CEO, Lawrence Wang, stated, "We are very excited about the potential of this technology which we intend to market to numerous metropolitan areas in China. We believe there is a vast untapped market for this technology and we intend to aggressively pursue this opportunity. We intend to actively market our system and technology in over 2,000 metropolitan areas in China in the next few years which could have a substantial positive impact on our company’s operating results should we prove to be successful.”
The new risk monitoring system will allow Shanghai North Gas Company to monitor any potential breakdown in the underground gas pipelines by detecting gas leakages without the need for additional expenses and works. The new system will provide tremendous economic and environmental benefits by detecting early stage gas leaks enabling quick repair responses to significantly reduce gas losses. Shanghai Yastand developed this system in 2005 and obtained copyrights from National Copyright Bureau of China in 2006.
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