Form 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
For the month of March, 2001
Euro Tech Holdings Company Limited
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(Translation of registrant's name into English)
18/F Gee Chang Hong Centre, 65 Wong Chuk Hang Road, Hong Kong
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(Address of Principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes [ ] No [ X ]
If "Yes" is marked, indicate below the file number assigned to
the registrant in connection with Rule 12G3-2(b):82-_____________.
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Euro Tech Holdings Company Limited
Form 6-K
Page 2 of 2
Item 5. Other Events
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On March 19, 2001, Euro Tech Holdings Company Limited (the
"Registrant") issued a press release announcing that
* it had executed a letter of intent to acquire a minority
equity interest in a private Shanghai based engineering firm;
* Plans to open a "pilot" shop(s) to sell products directly to
customers in Shanghai;
* Developed a prototype for its Infrared Photometric Oil
Analyzer.
The press release is attached as an exhibit and is incorporated by
reference herein.
Item 7. Financial Statements and Exhibits
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Exhibit - Press Release dated March 19, 2001.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
EURO TECH HOLDINGS COMPANY LIMITED
(Registrant)
Dated: March 20, 2001 By: /s/ T.C. Leung
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T.C. Leung, Chief Executive Officer
and Chairman of the Board
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Exhibit - Form 6-K - March 2001
Euro Tech Holdings - Recent Developments
HONG KONG, March 19,/PRNewswire/--Euro Tech Holdings Company Limited
(Nasdaq: CLWT: CLWTW: ("Euro Tech") today announced that it had
recently entered into a non-binding letter of intent to acquire a 30%
equity interest in Pact Asia Pacific Ltd., ("Pact") for approximately
$290,000, subject to final negotiations. Pact is a privately owned
engineering firm situated in Shanghai that is believed by Euro Tech to
specialize in the design, manufacture and operation of water and waste
water treatment plants in several industries situated in China. Euro
Tech believes that Pact's business is complementary to Euro Tech's as
we continue to focus on sales and marketing of products of others.
Also, Euro Tech anticipates that if it is able to secure an equity
stake in Pact, its ability to become a supplier to Pact will be
enhanced. The acquisition of an equity stake in Pact is subject to the
negotiation of a definitive agreement, Euro Tech's due diligence
investigation of Pact, its finances, operations and certain legal
requirements, all to be accomplished by April 23, 2001. There can be
no assurance that Euro Tech will successfully complete such
acquisition, it will perform as anticipated, will not result in
significant unexpected liabilities or will ever contribute significant
revenues or profits to Euro Tech or that Euro Tech will not lose its
entire investment.
Additionally, Euro Tech intends to establish a "pilot" shop in
Shanghai in the near future to sell inventoried water and other
electronics testing equipment to potential customers. If the Shanghai
"pilot" shop proves commercially feasible, Euro Tech intends to open a
second shop in Beijing and intends to explore having independent third
parties, not otherwise affiliated with Euro Tech, establish similar
shops in other cities in China. In view of China's impending WTO
accession, the "pilot" shops and possible shops to be opened by
independent third parties represent a new marketing tool to be used by
Euro Tech. There can be no assurance that the "pilot" shops will prove
to be commercially viable, that Euro Tech will not sustain losses in
connection with the founding costs of opening and running the shop,
hiring personnel and similar expenses. There can be no assurance that
similar shops will be established by independent third parties, that
any such third party shop will be come commercially viable, or result
in any significant revenues or profits to Euro Tech.
In May 2000, Euro Tech signed an agreement with the Shanghai Institute
Optics Instrument to jointly develop an Infrared Photometric Oil
Analyzer by infrared absorption method. Potential prototypes of the
analyzer have been completed. Potential customers, who are evaluating
the analyzer, have advised that the prototypes are acceptable and
orders for eleven of the prototypes have been received. This analyzer
is intended to detect concentrations of petroleum, animal and
vegetable oils in surface water, underground water, municipal and
industrial wastewater. Potential customers are environmental water
monitoring stations, water purification and waste treatment
facilities, underground water and harbor water monitoring stations
located in China.
Our perceived advantage of the analyzer is that the sample under test
is measured by three different wavelengths simultaneously thus giving
more accurate readings against one fixed wavelength used by most of
our potential competitors' product.
Exhibit - Pg. 1
There can be no assurance that any such analyzer will:
* be fully developed past the prototype stage;
* become a commercially viable product; and
* not result in losses to the Company.
Certain statements in this news release regarding Euro Tech's
expectations, estimates, present view of circumstances or events, and
statements containing words such as estimates, anticipates, intends,
or expects, or words of similar import, constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements indicate uncertainty and Euro Tech
can give no assurance with regard to actual outcomes. Specific risk
factors may include, without limitation, having Euro Tech's offices
and operations situated in Hong Kong and China, doing business in
China, competing with Chinese manufactured products, competing with
Euro Tech's own suppliers, dependence on vendors, and lack of long
term written agreements with suppliers and customers, development of
new products, entering new markets, possible downturns in business
conditions, increased competition, loss of significant customers,
availability of qualified personnel, negotiating definitive
agreements, new marketing efforts and the timely deployment of
resources.
/CONTACT: T.C. Leung, Chairman and CEO, or Jerry Wong, CFO, +852-2814-
0311, or fax +825-2873-4887, both of Euro Tech Holdings/
Exhibit - Pg. 2