omniture

China Valves Technology Will Begin Manufacturing High Quality Forged Steel Valves

2008-10-07 05:19 1009

KAIFENG, China, Oct. 7 /Xinhua-PRNewswire/ -- China Valves Technology, Inc. (OTC Bulletin Board: CVVT) ("China Valves" or the "Company"), a leading metal valve manufacturer with operations in the People's Republic of China ("PRC"), today announced that its subsidiary Henan Kaifeng High Pressure Valve Co., Ltd. ("Kaifeng") has developed the capability to manufacture high quality technology intensive forged steel valves for use in ultra supercritical thermal power generating units.

High quality technology intensive forged steel valves are used primarily by the thermal power industry in ultra supercritical thermal power generators. The new valves that Kaifeng can now manufacture are able to withstand extremely high temperatures and pressure, and are longer lasting with greater airproof characteristics than ordinary and imported forged steel valve products. It took 48 months for the Company's research team to develop the ability to manufacture these sophisticated valves.

The newly developed valves underwent testing and were approved for use by Zouxian Power Station in Shandong province and Changzhou Power Station in Jinagsu province. Testing showed that the Company's new valves perform as well as similar advanced overseas products. Valves manufactured in Germany and the United States are usually used in China's ultra supercritical thermal power stations. China Valves believes that the Company's high quality non-API products can be used in place of imported products.

The Company has received purchase orders worth a total of about $1.7 million for over 30 types of its new forged steel valves used in ultra supercritical thermal power generating units.

"We are the first manufacturer in China capable of producing high quality forged steel valves for use in ultra supercritical thermal power generators. We believe this new valve has strong market potential and we expect to receive more orders for them," said Mr. Siping Fang, Chairman and CEO of China Valves. "Manufacturing and selling this technology intensive forged steel valve is part of our plan to continue improving our product mix while increasing our production capabilities."

About China Valves Technology, Inc.

China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co, Ltd. and Henan Kaifeng High Pressure 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. One of the best known brand names in China's valve industry, the Company's history can be traced back to when it was formed as a state-owned enterprise in 1959. The Company's products are the result of extensive research and development which also led to a number of patented products and manufacturing processes. China Valves has significant market shares of valve sales to a number of domestic industries, and exports to the rest of Asia and Europe.

Safe Harbor Statement

Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial condition to differ materially from what is included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to achieve its after tax net income targets, expand its market share and complete strategic acquisitions. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. Potential risks and uncertainties include, among others, our failure to implement acquisition growth strategy, difficulty to defend our intellectual property rights from infringement, currently unknown and unforeseeable constraints on the Company's ability to continue operations, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in United States Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions in equity markets. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov .

Source: China Valves Technology, Inc.
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Keywords: Machinery
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