Located in China, SinoTech has rapidly evolved as a provider of enhanced oil recovery (“EOR”) services. Today, the company announced an updated financial outlook for fiscal year 2011. SinoTech also told investors that it will release its unaudited financial results for the second quarter ended March 31, 2011, on May 19, 2011.
Based on current business and operating conditions, SinoTech expects to report total sales in the range of US$100 million to US$105 million in fiscal year 2011. The numbers greatly exceed the previously announced range of US$90 million to US$95 million.
Leading the way at SinoTech is Mr. Boxun Zhang who serves as the Chief Financial Officer of the company. Commenting on the company’s financials, Mr. Zhang was quoted as saying, “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.”
Currently, SinoTech is trading in the $5.79 range. To learn more about SinoTech Energy Limited, visit the company website at: www.sinotechenergy.com