China Tracker - Details for SinoTech Energy (CTESY)

 SinoTech Energy
 Business Outlook

COVERAGE TERMINATED (Going Dark)
Recent Chain of Events:
2012-05-30 -- SEC Registration REVOKED
2012-05-14 -- Last SEC Filing
2011-10-19 -- Delisting from NASDAQ
2011-08-16 -- Trading halted by NASDAQ
2011-08-05 -- Last Quarterly/Annual Report: Q3/FY2011 ended June 30, 2011

(Source: Trading China, 2012-09-30)

SinoTech Energy has been informed that NASDAQ has temporarily halted trading in the Company's stock pending receipt from the company of certain additional information. The Company intends to work with NASDAQ to promptly provide NASDAQ with any information it requires, and hopes that the current trading halt will be lifted in the near future. SinoTech urges its investors to review and consider the Company's response to the allegations on alfredlittle.com before taking any action with respect to their ownership of the Company's securities.

(Source: Globe Newswire, 2011-08-17)

We are outraged by this blatantly self-interested, mercenary attempt to profiteer at the expense of SinoTech and its shareholders. The alfredlittle.com report is riven with inaccuracies, fabrications and unsubstantiated allegations, and its conclusions are utterly without foundation. SinoTech has always been committed to upholding the best interests of our shareholders and we have therefore sought to make public as much information as possible as quickly as possible in order to make clear the fundamental mistruth of these allegations. We stand by the integrity of our company, our operations and our financial statements and are committed to protecting the welfare of our shareholders to any extent necessary.

(Source: Globe Newswire, 2011-08-17)

SinoTech Energy Limited today announced that its Board of Directors has authorized a share repurchase program, effective immediately. Under the program, SinoTech is authorized to repurchase up to US$20 million worth of its American Depositary Shares, each representing two ordinary shares of the Company, by December 31, 2011. The repurchase of the ADSs shall be effected in the open market or in negotiated transactions, from time to time, depending on market conditions and other factors as well as subject to relevant rules under United States securities regulations. The share repurchase program will be funded by the Company's available working capital. As of March 31, 2011, the Company had cash and cash equivalents of approximately US$81 million.

"We have very clear visibility on our business in the coming quarters and are confident in SinoTech's long-term growth prospects. Given the current capital market conditions, we believe that the share repurchase program is a prudent investment and will ultimately benefit our shareholders. For the rest of fiscal year 2011, which ends on September 30, 2011 for SinoTech, we expect to see continued strong growth supported by capacity expansion. We are on track to add eight LHD units in the next six months, bringing the total number of LHD units in operation to 16 by the end of September and 20 by the end of December 2011. Utility for these additional units will be fully supported by customer demand. As a result, we are confident total sales in fiscal year 2011 will increase by more than 120% compared to fiscal year 2010."

(Source: Globe Newswire, 2011-06-23)

For fiscal year 2011, based on the current strong operation of existing LHD units and confirmed equipment supply pipeline, SinoTech has upgraded its guidance and now expects its total sales to be in an estimated range of US$100 million to US$105 million, representing a 120.7% to 131.7% increase from fiscal year 2010. According to its current schedule, the Company intends to add four LHD units to its fleet in fiscal year 2011, bringing the total number of operational LHD units to 16 by the end of fiscal year 2011 and 20 by the end of December 2011. Total capital expenditures related to the procurement of new equipment to be added in fiscal year 2011 and prepayments for additional LHD units to be delivered in 2012 are expected to be in the range of US$70 million to US$80 million.

(Source: Globe Newswire, 2011-05-19)

Based on current operating and business conditions, the Company expects to report total sales in the range of US$100 million to US$105 million in fiscal year 2011, compared to the previously announced range of US$90 million to US$95 million. "We are very pleased with our rapid growth, which is driven by the expansion of our LHD fleet and MDF service coverage as well as our team's effective execution. We believe China's pressing need to enhance oil production combined with our steadily expanding capacity to provide reliable EOR services will lead to sustainable growth for the Company in the coming years."

(Source: Globe Newswire, 2011-05-06)

For fiscal year 2011, based on current operating and business conditions, SinoTech currently still expects its total sales to be in an estimated range of US$90 million to US$95 million, representing a 98.6% to 109.7% increase from fiscal year 2010. The Company intends to add six LHD units in fiscal year 2011, bringing the total number of operational LHD units to 16 by the end of fiscal year 2011 and 20 by the end of December 2011. Total capital expenditures related to the procurement of new equipment to be added in fiscal year 2011 and prepayment for additional LHD units to be delivered in 2012 is expected to be in the range of US$70 million to US$80 million.

(Source: Globe Newswire, 2011-03-10)

SinoTech Energy today announced that it has signed an US$ 65.7 million agreement to purchase 10 additional lateral hydraulic drilling (LHD) units. SinoTech will take delivery of the equipment in three batches over the next year, with the first two units arriving in March 2011. The 10 new units will double the capacity of Sinotech's LHD service, one of the company's two core EOR offerings, by the end of 2011. SinoTech holds the exclusive rights to use LHD technology and equipment in China. LHD increases the output of crude oil or coalbed methane gas from existing vertical wells by using a high-pressure water jet to drill horizontal holes in multiple directions from the well to surrounding reservoirs, thereby increasing the flow of oil or gas. Sinotech's LHD units are self-contained, truck-mounted mobile facilities that can be driven directly to customers' oil or gas wells. The company currently has an existing fleet of 10 LHD units serving oil and gas fields in northern China.

"This agreement clearly demonstrates SinoTech's confidence in the strong demand in China for our cost-effective and high-performance LHD services, and our commitment to expanding our LHD capacity to meet that demand. As we expand, our increasing scale has allowed us to lower the purchase price of LHD units. Each of our LHD units is an important revenue source so with our entire LHD fleet currently fully contracted, and a strong pipeline of contracts and letters of intent, it is vital for future growth that we rapidly expand our LHD capacity. We look forward to taking delivery of this new equipment, which will enable us to service contracts with new and existing customers and comfortably meet our previously announced intent to place 20 LHD units in the field by March of 2012."

(Source: Globe Newswire, 2010-12-17)

For fiscal year 2011, based on current operating and business conditions, SinoTech currently expects its total sales to be in an estimated range of US$90 million to US$95 million, representing a 98.6% to 109.7% increase from fiscal year 2010. The Company intends to add six LHD units in fiscal year 2011, bringing the total number of operational LHD units to 16 by the fiscal year end of 2011. Total capital expenditures related to the procurement of new equipment to be added in fiscal year 2011 and prepayment for additional LHD units to be delivered in 2012 is expected to be in the range of US$70 million to US$80 million.

(Source: Globe Newswire, 2010-12-02)
CTESY
Oil & Gas

COVERAGE SUSPENDED OR TERMINATED
 
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Current Price:  n/a
F10k Day (2010-11-03): -100.00%$6.86
2010 Close: -100.00%$7.20
2011 Close: -100.00%$0.07
High (2012-02-01): -100.00%$0.31
Low (2012-05-02): -100.00%$0.01
Exchange: N/A
Market Capitalization: n/a
Total Shares: 65.79 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2011-03-31
Revenue (MRQ): 24.99 mill
Net Income (MRQ): 13.10 mill
all financial data provided without warranty