WEIFANG, China, August 23, 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, reported today that since winning a bid in March this year for diesel engine and drainage equipment with the Office of State Flood and Drought Relief, its Huaxin Diesel Engine subsidiary has delivered more than RMB 40 million ($4,633,953.31) of these products. These include its 20KW-200KW diesel engine series and 100m3/h - 1000 m3/h drainage facilities.
In order to receive the required product approvals, the Company had to meet the strict requirements of the Office of State Flood Control and Drought Relief Headquarters. This included demonstrating appropriate production capacity, high service levels and a rapid response ability. The high standards for production included packaging, storage and transportation management and detailed inspections to ensure product durability.
Significant Opportunity in the Growing Water Market
"More than anything," stated Mr. Dianjun Liu, President and Chief Executive Officer of the Company, "our initial success with these new products opens the door to participation in China's water market, which we believe will offer major growth opportunities over the next several years." Mr. Liu noted that according to China's "Twelfth Five-Year Plan" over the next ten years China will invest more than RMB 10 trillion ($1.55 trillion) in conserving its water resources. He added, "We firmly believe Xinde technology and products can make important contributions to this effort."
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.
