ecoWise First in Singapore to Successfully Register CDM Project with UNFCCC

This article is a media release from ecoWise Holdings Limited.

Singapore 30 December 2008 – Mainboard-listed ecoWise Holdings Limited (“ecoWise”), a Singapore-based integrated environmental solutions provider, today announced that its wholly-owned subsidiary, Bee Joo Industries Pte Ltd (“Bee Joo Industries”), has become the first Singapore registered company to successfully register its first CDM project with UNFCCC.

Mr. Lee Thiam Seng, Chairman and CEO of ecoWise proudly remarked, “Last year, we were the first Singapore-based company to receive the Letter of Approval from the Designated National Authority for our CDM project. After a year of consistent effort, we are indeed very pleased to have our project registered with the UNFCCC.”

“Nonetheless, much work still lay ahead and this registration marks the commencement of another new phase. We will begin to use the energy from waste steam to offset the use of fossil fuels.” Mr Lee
added.

ecoWise’s CDM project involves recovering of waste steam from its biomass cogeneration plant for drying of waste, such as spent grains at a centralized dryer and heating of ISO tanks which will result in the savings of 6.1 million litres of diesel every year. This will translate into an emission reduction of 15,205 tonnes of CO2 per year over a period of seven years in total.

Earlier in 2007, Bee Joo Industries Pte Ltd had penned an Emission Reduction Purchase Agreement to sell to Kansai Electric Power Co Inc, a leading electric power company in Japan, up to 95,000 CERs (or Carbon Emission Reduction units), which will be generated from the abovementioned CDM project.

Pioneer in the CDM field

ecoWise had gained much valuable experience and knowledge since the start of this CDM project. Being a pioneer in this field in Singapore, the company believes it is in a strong position to offer its expertise to future partners on CDM and other carbon mitigation projects.

“We hope that our successful registration will incentivise other companies to come forward and engage in sustainable and renewable energy projects.” Mr Lee remarked.

As a signal of its intention in growing the renewable energy and CDM segment, ecoWise announced on 9 June 2008 that it had incorporated a wholly-owned subsidiary, ecoWise Energy Pte Ltd, aiming to play the roles of project developer, technology provider, investor as well as operator and
manager of renewable energy projects.

The abovementioned development is not expected to have any material impact in the current financial year ending 31 October 2009.

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