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Harbin Electric Approved as Supplier to North American Auto Supplier

2007-05-15 18:49 1459

HARBIN, China, May 15 /Xinhua-PRNewswire-FirstCall/ -- Harbin Electric, Inc. (Nasdaq: HRBN) a U.S. company, with operations based in Harbin, China, today announced that the Company has been selected as an approved supplier to a large diversified automotive OEM supplier based in North America to supply customized motors for use in various purposes including interior electric seating applications. Harbin Electric has dedicated capacity for this customer for a period of 5 years.

Tianfu Yang, Chairman and Chief Executive Officer of Harbin Electric stated, "We are very excited to be selected as an approved supplier to one of the most well-respected automotive OEM suppliers in the world. After months of custom design and testing, we have successfully passed all the necessary requirements to establish this customer relationship. This approval marks a significant achievement for our team of engineers and production managers and truly reflects the Harbin team's dedication to excellence in serving our customer's needs."

"We hope to begin shipping to this customer within the next few months and happily begin what we hope will be a long lasting working relationship that will provide us with a new outlet for our customized motor products." Mr Yang continued. "In our view, this approval is an excellent validation of our design expertise, production quality, and business strategy to expand into international markets."

About Harbin Electric, Inc.

Harbin Electric, Inc. designs, develops and manufactures linear motors and special electric motors. With proprietary technology and core patents, the Company builds a wide array of customized linear motors and other special motors for a variety of applications and industries. The Company currently designs and supplies its motor products and systems to numerous end users throughout the Chinese domestic market, as well as to other industrial OEM customers overseas. Industry applications for linear motors include oilfield services, conveyor systems, factory automation, packaging equipment, as well as mass transportation systems. The Company is based in Harbin, China along with its wholly owned subsidiaries. The Company has approximately 275 employees with approximately 270,000 square feet of state-of-the-art manufacturing space. For further information, please see our filings with the Securities and Exchange Commission ( http://www.sec.gov ).

Safe Harbor Statement

The actual results of Harbin Electric, Inc. could differ materially from those described in this press release. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in the Company's periodic filings with the U.S. Securities and Exchange Commission, including the factors described in the section entitled "Risk Factors" in its annual report on Form 10-KSB for the quarter ended December 31, 2006. The Company does not undertake any obligation to update forward-looking statements contained in this press release. This press release contains forward-looking information about the Company that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations and products.

For more information, please contact:

Integrated Corporate Relations, Inc

IR: Ashley Ammon or Bill Zima

Media: Brian Ruby

Tel: +1-203-682-8200

Barry L. Raeburn

EVP Finance & Corporate Development

Tel: +1-215-854-8104

Email: info@HarbinElectric.com

Source: Harbin Electric, Inc.
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Keywords: Auto
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