KAIFENG, China, Aug. 3 /PRNewswire-Asia-FirstCall/ -- 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 (the "PRC"), today announced that its subsidiary, Zhengzhou Zhengdie Valve Co, Ltd. ("Zhengdie") received purchase orders in July 2009 for two-way metal sealing butterfly valves from Kunshan Water Group, Inc. ("Kunshan Water") and Guangzhou Water Supply Company ("Guangzhou Water"), valued at $1.2 million and $3.1 million, respectively.
Two-way metal sealing butterfly valves are primarily used to control municipal water and sewage flow. Traditionally, the PRC has relied on imports from overseas manufacturers for these high-tech valves. At the end of 2008, the Company’s Integral Foundry DN3600 two-way metal sealing butterfly valves passed the examination by China’s authoritative machinery inspection institution in the PRC, making the Company the only domestic manufacturer capable of manufacturing these products in the PRC.
"As the only company in China in possession of the patented, cutting-edge technology required to produce these flow control valves, we are in a unique position to benefit from the Chinese central government’s plans to secure the water supply and increase water treatment capacity," said Mr. Siping Fang, Chairman and CEO of China Valves. "We believe these purchase orders are an indication of increased infrastructure investment by municipal governments as a result of the Chinese government’s overall economic stimulus program. We expect China Valves to continue to benefit from additional investment in municipal infrastructure projects in the second half of 2009, as the stimulus funds continue to work their way through the Chinese economy."
About Guangzhou Water Supply Company
Guangzhou Water Supply Company, founded in October 1905, is a large state-owned water supply enterprise headquartered in Guangzhou, Guangdong province, the PRC. It provides integrated water treatment and water supply services. It supplies water to a total acreage of 486 square kilometers (approximately 188 square miles) and has a total designed capacity of 4.65 million cubic meters (approximately 1.23 billion gallons) per day.
About Kunshan Water Group, Inc
Kunshan Water Group, Inc. is a state-owned water supply enterprise headquartered in Kunshan, Jiangsu province, the PRC. It provides integrated services, including drinking water source maintenance, water supply and treatment, and sewage water treatment. It supplies water to a total acreage of 927 square kilometers (approximately 358 square miles), covering the entire city of Kunshan in Jiangsu province. Its total designed capacity is 1.2 million cubic meters (0.32 billion gallons) of water per day.
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., and Tai Zhou Tai De Valve Co., Ltd. is engaged in development, manufacture and sale of high-quality metal valves for nuclear and thermal power electricity, petroleum, chemical, water supply, 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 of the Company to obtain additional orders for municipal infrastructure projects, the ability of the Company to improve, its cash position, 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
+86-13925279478
Email: raychen@cvalve.net
Web: http://www.cvalve.com
CCG Investor Relations
Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
