HARBIN, China, May 30 /Xinhua-PRNewswire-FirstCall/ -- Harbin Electric, Inc. (Nasdaq: HRBN) a developer and manufacturer of customized linear motors and other special electric motors, today announced that subsequent to being selected as an approved supplier to a large diversified automotive OEM supplier based in North America, the Company has begun shipping customized motors for use in interior electric seating applications for autos. The Company is the sole supplier for this program and will deliver the motor units monthly based on a rolling blanket purchase order.
Tianfu Yang, Chairman and Chief Executive Officer of Harbin Electric stated, "It is a great company milestone to begin shipping product to our newest international customer. After months of on-site evaluations, custom design and testing, we recently announced that we had successfully passed all the necessary requirements to establish this customer relationship. We are excited to be a key supplier of such an exclusive and innovative product."
"Many automobile manufacturers and suppliers are developing innovative enhancements to further improve their new car models. One unique and growing improvement is adding an electric motor powered version of items that traditionally required manual operations, such as electric sliding doors or electric folding interior seats," continued Mr. Yang. "The Harbin Electric built motor is part of a system that offers one-touch powered operation, which completely folds a seat in less than 15 seconds. The intelligent motorized power-folding seat also includes an obstacle-detection system that will stop the seat from folding in the event a person or object is in the way. We will continue to leverage our design and manufacturing expertise to bring continued cost effective innovations to all industrialized motor markets that we serve."
About Harbin Electric, Inc.
Harbin Electric, Inc. designs, develops and manufactures linear motors and special electric motors. With proprietary technology and core patents, the Company builds a wide array of customized linear motors and other special motor for a variety of applications and industries. The Company currently designs and supplies its motor products and systems to numerous end users throughout the Chinese domestic market, as well as, to other industrial OEM customers overseas. Industry applications for linear motors include oilfield services, conveyor systems, factory automation, packaging equipment, as well as mass transportation systems. The Company is based in Harbin, China along with its wholly owned subsidiaries. The Company has approximately 270 employees with approximately 270,000 square feet of state-of-the-art manufacturing space. For further information, please see our filings with the Securities and Exchange Commission ( http://www.sec.gov ).
Safe Harbor Statement
The actual results of Harbin Electric, Inc. could differ materially from those described in this press release. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in the Company's periodic filings with the U.S. Securities and Exchange Commission, including the factors described in the section entitled "Risk Factors" in its annual report on Form 10-QSB for the quarter ended March 31, 2007. The Company does not undertake any obligation to update forward-looking statements contained in this press release. This press release contains forward-looking information about the Company that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations and products.
For more information, please contact:
Integrated Corporate Relations, Inc.
IR: Ashley Ammon or Bill Zima
Media: Brian Ruby
Tel: +1-203-682-8200
Barry L. Raeburn
EVP Finance & Corporate Development
Tel: +1-215-854-8104
Email: info@HarbinElectric.com
