Form 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
For January 31, 2002
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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Item 5. Other Events
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On January 31, 2002, Euro Tech Holdings Company Limited (the
"Registrant") issued a press release with regards to the following:
* The acquisition of a 30% equity interest in Pact Asia Pacific
Ltd., and Yixing Pact Environmental Technology Company, Ltd.,
privately held engineering firms.
* Plan to open six more retail shops.
* Expansion of its B2B website.
The press release is attached as an exhibit and is incorporated
by reference herein.
Item 7. Financial Statements and Exhibits
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* Press Release dated January 31, 2002.[1]
4.7 Equity Interest Transfer Agreement between Tamworth
Industrial Ltd. ("Tamworth") and Registrant.[1]
4.8 Equity Interest Transfer and Shareholders' Agreement
among Tamworth, Registrant and Pact Asia Pacific Limited.[1]
SIGNATURES
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: February 8, 2002 By: /s/ T. C. Leung
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T.C. Leung, Chief Executive
Officer and Chairman of the Board
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[1] Filed herewith.
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Exhibit Euro-Tech Holdings Company Limited
Form 6-K
For January 31, 2002
Euro Tech Holdings Announces Its Recent Developments
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HONG KONG, January 31, 2002/PRNewswire/ -- Euro Tech Holdings Company
Limited (Nasdaq: CLWT; (CLWTW) ("Euro Tech") today announced that it
has acquired a 30% equity interest in Pact Asia Pacific Ltd. and
Yixing Pact Environmental Technology Company Ltd. ("Pact") for
approximately US$288,000. Pact is a privately owned engineering firm
situated in Shanghai that specializes 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 it continues to focus on sales and
marketing of products of others. Euro Tech believes that by aligning
itself with an engineering firm, such as Pact, it may be able to gain
a competitive advantage by offering customers and potential customers
not only hardware but solutions to engineering problems as well. Also,
Euro Tech anticipates that by securing an equity stake in Pact, its
ability to become a supplier to Pact is enhanced. It has taken Euro
Tech approximately ten months to complete the acquisition of an equity
stake in Pact, during which it investigated Pact, its finances,
weighed tax consequences and obtained approval from governmental
authorities in China. Euro Tech is now seeking to make a similar
acquisition of an engineering company specializing in air pollution
control or other complementary environmental protection fields. There
can be no assurance that Euro Tech will locate any such additional
acquisition candidate, successfully complete such additional
acquisition, Pact or any additional acquisition will perform as
Press Release - Pg. 1
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.
In April of 2001, Euro Tech opened a "pilot" shop in Shanghai to
sell inventoried water and other electronics testing equipment to
potential customers. This was followed by a second shop in Beijing in
the last quarter of 2001. In view of China's accession to the WTO, and
as a result of favorable customer reaction to the shops in Shanghai
and Beijing, Euro Tech is planning to open six more shops over the
next 24 months in the cities of Chongqing, Guangzhou, Xian, Dalian,
Wuhan and Shenyang, with the Chongqing shop planned opening to be next
month. Euro Tech plans to finance each of the shops with its own
operational cash flow and not use outside financing. Euro Tech has
found its two existing shops to be useful as demonstration locations
easily accessed by local customers who can pay in local currency while
Euro Tech can make "off the shelf" sales and move its inventory more
easily. All of the foregoing are perceived by Euro Tech to have had a
positive impact on its business reputation while reducing its
dependency on sub-distributors who may not be loyal to Euro Tech and
distribute products of its competitors. There can be no assurances
that; these shops will prove to be economically viable, Euro Tech will
not sustain losses in connection with the founding costs of opening
and running the shops, hiring personnel and similar expenses; the
shops will result in any significant revenues or profits to Euro Tech.
Also, similar shops may be established by its competitors and/or third
parties.
In August of 2000, Euro Tech launched a bilingual
Business-to-Business ("B2B") internet platform. The website is located
at (http://www.chinah2o.com). The B2B website is directed at
environmental businesses in China. The purpose of the B2B website is
to connect manufacturers, distributors and suppliers of environmental
protection equipment and related consultants and engineering firms in
the West with potential clients in China (i.e., water, wastewater
Press Release - Pg. 2
treatment plants, environmental protection bureaus, environmental
monitoring stations, and related industries). The website provides
environmental news, directories of western suppliers, potential
clients in China, advertisement space and business opportunities. Euro
Tech plans on expanding the website to create "virtual" retail shops
to enhance customer "surfing" of the site, its products, prices and
other purchaser interested information with actual transactions to be
completed at its retail shops.
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 development of
resources. See the "Risk Factor" discussions in Euro Tech's filings
with the Securities and Exchange Commission.
/CONTACT: T.C. Leung, Chairman and CEO, or Jerry Wong, CFO +852-2814-0311
or fax, +852-2873-4887, both of Euro Tech Holdings/
Press Relase - Pg. 3