XI'AN, China, October 27, 2011 /PRNewswire-Asia-FirstCall/ -- China Power Equipment, Inc. ("China Power Equipment" or the "Company," OTC Bulletin Board: CPQQ), a manufacturer of a new generation of energy saving amorphous metal transformer cores and transformers in China, today provided update on business operations.
The Company commenced commercial operations at its new amorphous alloy step down transformer production line in the third quarter this year. Mr. Song Yongxing, Chairman, President and CEO of China Power Equipment, stated, "After the installation and testing of the equipments in the second quarter this year, we have been actively dedicated to the preparation of the commercial production. We have started our commercial operations since the third quarter. I am pleased to report that China Power Equipment has achieved a significant milestone. The commencement of commercial operations at our new amorphous alloy step down transformer production line, which has an annual production capacity of 5,000 units, brings transformer production in house and improves quality control. The commercial operation will further help us test whether our equipments, workers and other supporting segment are ready to the increased capacity. Meanwhile, with the increase in capacity, we become more advantageous and capable in bidding and serving larger grid purchase projects. The new facility of both amorphous cores and amorphous transformers will build a highly efficient product portfolio, which will help the Company expand market share in energy efficient electric products. We welcome investors to visit our new production facility in Xi'an to see how China Power Equipment has positioned itself for its next phase of growth," concluded Mr. Song.
About China Power Equipment, Inc.
China Power Equipment, Inc., is a U.S. corporation, which through its wholly owned subsidiary, An Sen (Xi'an) Power Science & Technology Co., Ltd., and its affiliated operating company, Xi'an Amorphous Alloy Zhongxi Transformer Co., Ltd., designs, manufactures, and distributes amorphous alloy transformer cores and amorphous alloy core distribution transformers in the People's Republic of China. The company currently manufactures 59 different products, primarily amorphous alloy cores and amorphous alloy core transformers.
Safe Harbor Statement
Certain statements in this release concerning our future growth prospects are forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "could," "estimates," "expects," "future," "intends," "plans," "should," "will," and similar statements.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of the company's investments, risks and uncertainties regarding fluctuations in earnings, its ability to sustain its previous levels of profitability including on account of its ability to manage growth, intense competition, wage and inflation increases in China, its ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, its ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts, and legal restrictions on raising capital or acquiring companies outside China.
Additional risks that could affect the company's future operating results are more fully described in its filings with U.S. Securities and Exchange Commission. These filings are available at www.sec.gov and at www.chinapower-equipment.com.
The company may, from time to time, make additional written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q, and 8-K, in its annual report to shareholders, in news releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. The company does not undertake to update any forward-looking statements that may be made from time to time by or on its behalf, except as required under law.
For more information about China Power Equipment, please visit its website at www.chinapower-equipment.com.
For more information, please contact:
COMPANY:
Ms. Nicole Chen (English and Chinese)
Vice President of Finance
China Power Equipment, Inc.
Telephone: +86 (29) 6261 9758
Mobile: +86 186 1633 1170
Email: xa-fj@xa-fj.com
www.chinapower-equipment.com
INVESTOR RELATIONS:
Scott Powell
Senior Vice President
MZ-HCI
Tel: + 1-212-301-7130
Email: scott.powell@hcinternational.net
