KAIFENG, China, Nov. 23 /PRNewswire-Asia/ -- China Valves Technology, Inc. (Nasdaq: CVVT) ("China Valves" or the "Company"), a leading metal valve manufacturer with operations in the People's Republic of China (the "PRC"), today announced that the Company's two patent applications submitted to the State Intellectual Property Office of the PRC (the "SIPO") have been approved and that the Company expects to receive these utility model patents by the end of 2009.
The utility model patent is considered for "incremental inventions," as it is similar to the invention patent, but has a shorter term and less stringent patentability requirements. China Valves' two new valve products approved for the utility model patents are a high pressure heater interface triple valve and an anti-wedged distraction-type parallel double disc gate valve. The high pressure heater interface triple valve is a type of gate valve, mainly used at the entrance of high pressure heating systems in large scale thermal power stations. The T-shape design intensifies the flow of liquid and minimizes leakage. The anti-wedged distraction-type parallel double disc gate valve is also a type of gate valve mainly used in pipes to transport water, crude oil, natural gas, petroleum and other industrial liquids. Such valves are easily regulated and have low friction, a pressure-tight seal, and longer working life compared to single disc gate valves. The Company has started the production of those new products during the fourth quarter of 2009.
China Valves submitted patent applications for the aforementioned valve products in January 2009. Following the review process by the SIPO, the Company expects to receive the utility model patents by the end of 2009. The patents are protected for 10 years in the PRC starting from the filing date.
In addition, the Company has also filed four patent applications including the interior hinge structure for a forged globe valve, add-forced self-sealing valve, position-limit mechanism valve machine, and a balanced Exhaust valve. Currently, the SIPO is conducting an official review of these products. In total, the whole utility model patent certification process takes approximately twelve months.
"We are highly committed to developing technologically advanced products in order to strengthen our position in our current end user markets and enter new markets. We believe patenting our innovative products and proprietary processes will play a key role in allowing us to maintain our leadership position in China's valve manufacturing industry," commented Mr. Siping Fang, Chairman and CEO of China Valves Technology, Inc. "Patents reinforce the distinctive qualities of our valve products and offer an attractive return on our R&D investment, as they enables us to maintain our attractive margins. We will continue to leverage our R&D team's capabilities and breakthrough technologies by seeking opportunities to apply for additional patents in the future."
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., and Tai Zhou Tai De Valve Co., Ltd. is engaged in 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 by extensive research and development and owns a number of patents. It enjoys significant domestic market shares and exports to Asia and Europe. For more information, visit http://www.cvalve.com .
Safe Harbor Statements
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 and other regulatory authorities. 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. This press 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 press release is based upon information available to the public, as well as other information from sources which 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.
For more information, please contact:
China Valves Technology, Inc.
Ray Chen, VP of Investor Relations
Tel: +1-650-281-8375
+86-139-2527-9478
Email: raychen@cvalve.net
Web: http://www.cvalve.com
CCG Investor Relations
Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
