ZHENGZHOU, China, January 4, 2012 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. (NASDAQ: CVVT) ("China Valves" or the "Company"), a leading Chinese metal valve manufacturer, today announced that its prototype valves for the localization of valves used in ultra-supercritical thermal power plants passed the acceptance inspection conducted by experts from the Bureau of National Energy of China, China General Machinery Association, the Shanghai Electric Group, Dongfang Electric Group and relevant power plants. The valves were manufactured by the Company's subsidiary Henan Kaifeng High Pressure Valve Co., Ltd. ("Kaifeng Valve").
As disclosed previously, Kaifeng Valve had been approved by the State Council as one of key providers for the localization of high-performance valves for thermal power plants. Currently, there are 11 research projects for valves to be manufactured by local companies for ultra-supercritical thermal power plants, out of which Kaifeng Valve has undertaken seven.
After the inspection and test, the experts concluded that the main steam gate valve filled the domestic industry gaps and led the international industry, the turbine vacuum butterfly valve led the domestic industry and reached the advanced level globally, and the electric three-way valve for high pressure heater, hydraulic inlet three-way valve, hydraulic outlet three-way valve, high pressure discharge check valve, and one-piece extraction check valve led the domestic industry and also were very competitive globally.
"We are pleased by this national-level validation of our efforts to introduce localized high-end valves that measure up to the highest international standards," said Jianbao Wang, Chief Executive Officer of China Valves. "According to the China Electricity Council, China's installed power generation base will rise from 966 Gigawatts in 2010, to 1,437 GW in 2015. Given our leadership position in the industry, China Valves hopes to play a growing role in supplying mission-critical equipment to support this expansion."
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou City ZD Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., Taizhou Taide Valve Co., Ltd., Yangzhou Rock Valve Lock Technology Co., Ltd., China Valve Technology (Changsha) Valve Co., Ltd. and Shanghai Pudong Hanwei Valve Co., Ltd., is engaged in the development, manufacture and sale of high-quality metal valves for the electricity, petroleum, chemical, water, gas and metallurgy industries. The Company has one of the best known brand names in China's valve industry, and its history can be traced back to 1959 when it was formed as a state-owned enterprise. The Company develops valve products through extensive research and development and owns numerous patents. It enjoys a large domestic market share and also exports to Asia and Europe. For more information, visit http://www.cvalve.com.
Safe Harbor Statement
Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company's ability to develop and market new products, the ability to access capital for expansion, the ability to acquire other companies, changes from anticipated levels of sales, changes in national or regional economic and competitive conditions, changes in relationships with customers, changes in principal product profits and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to update or revise to the public any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. This news release was developed by China Valves, and is intended solely for informational purposes and is not to be construed as an offer or solicitation of an offer to buy or sell the Company's stock. This news release is based upon information available to the public, as well as other information from sources that management believes to be reliable, but it is not guaranteed by China Valves to be accurate, nor does China Valves purport it to be complete. Opinions expressed herein are those of management as of the date of publication and are subject to change without notice.
China Valves Technology, Inc.
Gang Wei, CFO
Tel: +86-371-8601-8777
E-mail: ir@cvalve.com
http://www.cvalve.com
CCG Investor Relations
Crocker Coulson, President
Tel: +1 646-213-1915
E-mail: crocker.coulson@ccgir.com
http://www.ccgirasia.com