WUXI, China, Oct. 14 /PRNewswire-Asia/ -- China Wind Systems, Inc. (OTC Bulletin Board: CHWY, formerly OTC Bulletin Board: CWSI) ("China Wind Systems" or the "Company"), a leading supplier of forged products and industrial equipment to the wind power and other industries in China, announced today that the Company completed a one-for-three reverse split of the Company's common stock and changed its ticker symbol to "CHWY.OB" on the Over-The-Counter Bulletin Board, effective at the market-open on October 13, 2009.
Each issued and outstanding share of common stock was converted into one-third issued and outstanding share in connection with the reverse split. Fractional shares were rounded up to the nearest whole number. As a result, the Company now has approximately 15,034,767 shares of common stock issued and outstanding.
"The reverse stock split is an important step for the Company to meet the minimum share price requirements for listing on a senior exchange in the United States," commented Mr. Jianhua Wu, Chairman and CEO of China Wind Systems, Inc. "As we continue to expand our footprint in the fast-growing wind power industry in China, we believe upgrading to a major exchange will enable us to broaden our shareholder base and increase our stock's liquidity."
About China Wind Systems, Inc.
China Wind Systems supplies forged rolled rings to the wind power and other industries and industrial equipment to the textile and energy industries in China. With its newly finished state-of-the-art production facility, the Company is expected soon to significantly increase its shipment of high-precision rolled rings and other essential components. For more information on the Company, please visit http://www.chinawindsystems.com . Information on the Company's Web site or any other Web site does not constitute a portion of this release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Mr. Leo Wang
Chief Financial Officer
China Wind Systems, Inc.
Tel: +1-877-224-6696 x705
Email: leo.wang@chinawindsystems.com
Website: http://www.chinawindsystems.com
Investor Relations Contact:
Mr. Crocker Coulson
President
CCG Investor Relations
Tel: +1-646-213-1915 (NY Office)
Email: crocker.coulson@ccgir.com
Website: http://www.ccgirasia.com
