WEIFANG, China, August 30, 2011 /PRNewswire-Asia/ -- Xinde Technology Company (OTCBB: WTFS), a widely respected China based designer and manufacturer of internal combustion engines and parts, primarily for the $100 billion diesel engine and parts market in China, said today the Company, its subsidiaries and Chairman, President and Chief Executive Officer, Mr. Dianjun Liu, recently have been the recipients of important awards from the Chinese business community.
In May this year, The China Association for the Promotion of a Credit Economy and The China Market Credit Management Association bestowed their highest honor on the Company for its efforts to develop standardized credit management procedures and its promotion of a sound credit economy. This followed a prior award to the Company in 2009 for its contributions to society through the development of credit construction.
Earlier in the year, the Chinese Commerce Association awarded Hengyuan, a Xinde subsidiary, the title of "Most Investment Value Worthy Unit in China." This was the second year in a row the Company was bestowed with this honor.
In May, the World Outstanding Chinese Businessman Association granted Xinde subsidiary Hengyuan Pump and Nozzle Tip Limited its highest award.
During the year, Mr. Liu received two major awards. In May, he was named "Innovative and Astute Business Leader in China" by the Chinese Commerce Association. Additionally, at the annual meeting of the Chinese Private Entrepreneurs Association he won the title of "Outstanding Private Entrepreneur in China."
About Xinde Technology Company
Based in China's Shandong Province in the city of Weifang, Xinde Technology Company, with fiscal 2010 revenues of $123 million, competes in three primary product segments, namely (1) fuel injection system products, (2) diesel engine products and (3) generator products. The Company has a broad range of products including non-vehicle diesel engines, diesel generators, injection pumps, injectors and three-coupling components, agricultural machinery and construction machinery which greatly reduces its comprehensive costs which, in turn, increases its competitiveness. The Company's focus is on the domestic market in China, where its customers include several of China's largest companies in the country's most rapidly growing industries. As a consequence, the Company's production volume has been growing approximately 30% annually.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety important factors, including, but not limited to, the impact of competitive conditions and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, financing and other factors as discussed in the Company's reports filed with the Securities and Exchange Commission from time to time, In addition, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date hereof. No securities regulatory authority has either approved or disapproved the contents of this new release. This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements. The Company filings with the US Securities and Exchange Commission, including the quarterly report for the three months ended March 31, 2011 on Form 10-Q, can be viewed on EDGAR Online or www.sec.gov.
