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Cleantech Innovations, Inc. (SIXD) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

6D Global Technologies, Inc

CIK: 1382219 Ticker: SIXD
Exhibit 99.99
 
CleanTech Innovations, Inc. Reports Record 2010 Financial Results, Announces $50.68 Million Order Backlog for 2011 Product Delivery
 
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Record 2010 Revenue of $22.29 million, an increase of 716% compared to 2009
 
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Record 2010 Net Income of $4.22 million, an increase of 408% compared to 2009
 
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$50.68 million order backlog in 2011 for wind towers delivery to some of China’s largest power companies
 
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Anticipates winning additional wind tower supply contracts in 2011
 
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Management and insider share lockup through December 2013
 
NEW YORK, February 22, 2011 /PRNewswire/ -- CleanTech Innovations, Inc. (Nasdaq:CTEK - News),a U.S. company and a market leader in China's clean technology solutions in the wind energy industry, announced 2010 audited financial results for the fiscal year ended December 31, 2010.
 
Financial Highlights:

Record 2010 Revenue:
Record revenue of $22.29 million, an increase of $19.56 million or 716% compared to $2.73 million in 2009. Significant revenue increase was due to market entry into high margin wind tower manufacturing business in early 2010 and winning of significant wind tower supply contracts through some of China's largest power companies.

Record 2010 Net Income:
Net income for the year ended December 31, 2010, increased to $4.22 million from $0.83 million for the year ended December 31, 2009. The increase in net income was attributable to the increased sales of our products.

2011 Backlog:
Currently, CleanTech has signed contracts and received orders totaling $50.68 million (including VAT tax) for 2011 product delivery. CleanTech anticipates fulfilling these orders as well as receiving new orders in fiscal year 2011.
 
Completed $20 Million Financing in December 2010
 
In December 2010, CleanTech completed a $20 million bridge financing in a combination of long-term debt and equity through institutional investors. The successful financing enabled CleanTech to expand its product backlog significantly and positioned CleanTech for potentially strong results in 2011, anticipated to be the best year of financial performance in CleanTech's corporate history.
 
Management Comments and Outlook:
 
Bei Lu, Chairman & CEO of CleanTech, commented: "CleanTech is very pleased with its outstanding performance in 2010 as we expanded into the fast-growing and highly profitable wind tower manufacturing business. We experienced vibrant and strong customer demand from China's largest power companies. CleanTech is in a strong financial position to continue bidding on new contract opportunities and anticipates winning additional wind tower supply contracts throughout 2011. The entire management team and company insiders voluntarily locked up their shares for 3 years through at least December 2013. CleanTech management's fundamental interest is totally aligned with those of our public shareholders. We look forward to delivering a year of record earnings growth in 2011 for our shareholders."
 
About CleanTech Innovations, Inc
 
CleanTech Innovations, Inc. (Nasdaq:CTEK - News) is a U.S. public company with its primary operations in China. CleanTech designs and manufactures high performance clean technology products that promote renewable energy generation, energy savings and pollution reduction. CleanTech's products include wind turbine towers, bellows expansion joints and pressure vessels, which are broadly used in the wind power, steel, coking, petrochemical, high voltage electricity transmission and thermoelectric industries. CleanTech's longstanding customers include China Guodian, Huaneng Power, Sinosteel and other industrial companies.
 
Safe Harbor Statement
 
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect CleanTech's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in CleanTech's filings with the Securities and Exchange Commission.
 
 
Corporate Contact
 
Mr. Jason Li
Corporate Communications
CleanTech Innovations, Inc.
Tel: 011-86- 157-1403-7180
Email: investors@ctiproduct.com
Website: www.ctiproduct.com
 
 
 

The following information was filed by 6D Global Technologies, Inc (SIXD) on Tuesday, February 22, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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