KAIFENG, China, March 1 /PRNewswire-Asia/ -- China Valves Technology, Inc. (Nasdaq: CVVT) ("China Valves" or the "Company"), a leading Chinese metal valve manufacturer, today announced that that it has delivered approximately $1.4 million worth of specialized valves to the Shanghai Qingcaosha water resources project, the largest water supply project in Asia that will soon provide top grade drinking water to more than 18 million people in the greater Shanghai area.
In addition to manual butterfly valves, the Company provided the largest diameter valves used in the Qingcaosha project: the DN5500 D341x-6 valve that has a diameter of 5.5 meters, which is not only the largest valve used in the project, but also the largest valve ever produced in China. The valves are used for the water supply tunnels in the project. The Company delivered all valves in February and expects to receive more orders in the future.
"The valves for Shanghai Qingcaosha were developed and manufactured by our recently-acquired Changsha subsidiary," said Siping Fang, China Valve's Chairman and CEO. "We are delighted that our investment in Changsha is already yielding such impressive results. We are consolidating our leadership position within the valves industry by joining forces with the best in the business."
When completed, Shanghai Qingcaosha will bring more than seven million tons of top grade potable water from the Yangtze River to Shanghai daily, replacing lower grade water currently obtained from the Huangpu River. The project includes a 500 million ton reservoir that can supply Shanghai for nearly 70 days.
"The Shanghai Qingcaosha water project is one of the city's largest government-supported infrastructure projects and a tremendously important venture for the Chinese people. When this exceptional project required top-quality valves for mission-critical applications, they turned to China Valves," said Mr. Fang. "We are proud that we were able to design, manufacture and deliver the special valves required for the tunnels and expect our products to be an important part of the modernization of China's infrastructure in the future as well."
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., Tai Zhou Tai De Valve Co., Ltd., Yangzhou Rock Valve Lock Technology Co., Ltd., and Able Delight (Changsha) 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
Linda Salo, Sr. Financial Writer
Tel: +1-646-922-0894
Email: linda.salo@ccgir.com
Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
