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CleanTech Innovations, Inc. Reports Record 2010 Financial Results, Announces $50.68 Million Order Backlog for 2011 Product Delivery

NEW YORK Feb. 22, 2011

  • $22.29 million
  • $4.22 million
  • $50.68 million China
  • Anticipates winning additional wind tower supply contracts in 2011
  • December 2013

China December 31, 2010

Financial Highlights:

Record 2010 Revenue:

$22.29 million $19.56 million $2.73 million China

Record 2010 Net Income:

December 31, 2010 $4.22 million $0.83 million December 31, 2009

2011 Backlog:

$50.68 million

$20 Million December 2010

December 2010 $20 million

Management Comments and Outlook:

Bei Lu China December 2013

About CleanTech Innovations, Inc

China

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: [email protected]

Website: www.ctiproduct.com

CLEANTECH INNOVATIONS, INC.

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2010 AND 2009

2010

2009

ASSETS

CURRENT ASSETS:

    Cash and equivalents

$                      13,308,568

$                        1,295,145

    Restricted cash

281,569

    Accounts receivable, net

13,988,139

1,320,899

    Other receivables and deposits

775,871

550,469

    Retentions receivable

105,911

57,088

    Prepayments

233,904

    Advances to suppliers

852,518

11,245

    Inventories

2,440,591

169,707

    Notes receivable

75,498

            Total current assets

32,062,569

3,404,553

NON CURRENT ASSETS:

    Long term investment

90,597

87,872

    Retentions receivable

2,460,202

63,234

    Prepayments

315,392

254,940

    Construction in progress

2,326,460

    Property and equipment, net

10,721,944

52,864

    Land use right and patents, net

3,645,622

3,536,894

            Total non current assets

17,233,757

6,322,264

TOTAL ASSETS

$                      49,296,326

$                        9,726,817

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

    Accounts payable

$                        1,960,401

$                           518,392

    Other payables and accrued expenses

465,662

747,759

    Unearned revenue

252,903

202,812

    Short term loans

3,865,493

3,221,932

    Taxes payable

921,767

466,593

    Advance from shareholder

302,305

    Short term payable, net of unamortized interest

369,937

         Total current liabilities

8,138,468

5,157,488

NON CURRENT LIABILITIES:

    Advance from shareholder

255,796

    Long term loan

10,000,000

    Long term payable, net of unamortized interest

1,217,241

Total Liabilities

19,611,505

5,157,488

CONTINGENCY AND COMMITMENTS

STOCKHOLDERS’ EQUITY:

      Preferred stock, $0.00001 par value, 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2010 and 2009, respectively

      Common stock, $0.00001 par value, 100,000,000 shares authorized, 24,963,322 and 15,122,000 shares issued and outstanding as of December 31,  2010 and 2009, respectively

250

151

     Paid in capital

20,514,442

358,939

     Statutory reserve fund

890,122

393,578

     Accumulated other comprehensive income

1,030,432

289,383

     Retained earnings

7,249,575

3,527,278

         Total stockholders’ equity

29,684,821

4,569,329

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$                      49,296,326

$                        9,726,817

CLEANTECH INNOVATIONS, INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2010 AND 2009

2010

2009

Net sales

$              22,291,095

$                2,730,954

Cost of goods sold

15,811,154

1,301,400

Gross profit

6,479,941

1,429,554

Operating expenses

    Selling

348,960

62,088

    General and administrative

1,736,761

365,172

    Total operating expenses

2,085,721

427,260

Income from operations

4,394,220

1,002,294

Non-operating income (expense)

  Interest income

7,566

464

  Interest expense

(425,325)

(129,760)

  Other income

3,190

  Other expenses

(42,894)

  Subsidy income

1,230,815

240,465

    Total non-operating income

773,352

111,169

Income before income tax

5,167,572

1,113,463

Income tax expense

(948,731)

(282,098)

Net Income

4,218,841

831,365

Foreign currency translation

741,049

3,841

Comprehensive Income

$                4,959,890

$                   835,206

Basic weighted average shares outstanding

18,841,531

15,122,000

Diluted weighted average shares outstanding

19,135,111

15,122,000

Basic earnings per share

$                         0.22

$                         0.05

Diluted earnings per share

$                         0.22

$                         0.05

CLEANTECH INNOVATIONS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2010 AND 2009

2010

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