HARBIN, China, Aug. 29 /Xinhua-PRNewswire/ -- Harbin Electric, Inc. (or "the Company", Nasdaq: HRBN), a technology-oriented market leader in product development and integrated production tailored to customer applications in linear motors, motor/controller automation systems, specialty micro-motors for automobile interior applications and other specialty micro-motors, today announced that Kanenori Okawa, former Chief Technology Advisor of Nittoku Engineering Co., Ltd., Japan, has been appointed Chief Technology Officer (CTO) and a member of the Company’s senior management team, effective August 27, 2007.
Kanenori Okawa, 59, has more than 36 years of experience in the electric motor industry and has contributed substantially to the field of electric motor technology. While working with Honda Motor Co., Ltd., he made major contributions to the successful development of the EV/EPS (Electric Vehicle/Electric Power Steering) specialty motor. He developed the world first fully automated Freon-free rotor wash static system used in compressors for air conditioners and refrigerators while he worked at Industrial Far East Co., Ltd. He also developed the Coil Insert System for factory automation which became widely used by Hitachi, Honda, Toshiba, and Sanyo in Japan, LG and Samsung in South Korea, and other manufacturers in Southeast Asia, Europe, and the United States. Mr. Okawa holds numerous patents in the field of electric motors.
"As a highly respected expert in the electric motor industry, Mr. Okawa is an excellent choice to be our Chief Technology Officer," said Tianfu Yang, Harbin Electric’s Chairman and Chief Executive Officer. "He not only brings world-class skills and years of experience to enhance the Company’s research & development capabilities, but also the best manufacturing practices which will help further improve our manufacturing processes. With Mr. Okawa joining the Company, we have added more international talent to our management team. This clearly demonstrates the Company’s strategic focus on assembling a team of both Chinese and internationally acknowledged talent and becoming a global enterprise. Mr. Okawa will be a strong addition to our leadership team as we continue to execute our growth plan and increase value for our shareholders. I am very pleased to welcome Mr. Okawa to Harbin Electric."
Mr. Okawa began his career with Ikegami Tuusinki Co., Ltd. after he graduated in 1971 from Nihon Densi Kougakuin with a Bachelor of Science degree in electrical engineering. From 1973 to 1997, he worked for the Industrial Far East Co., Ltd, a subsidiary of General Motors, and held various positions including serving as the President from 1978 to 1997. From 1997 until June 2007, he was Chief Technology Advisor for Nittoku Engineering Co., Ltd.
"I am very excited to join Harbin Electric at this historical moment when the Company is expanding rapidly and focusing on building the Company into a strong technically-sophisticated and technology-advantaged global enterprise," commented Mr. Okawa. "I believe in the vision and strategy that Harbin Electric has laid out and I feel honored to have this opportunity to join a fine and internationally diversified management team. I look forward to working with the Company and making Harbin Electric a global leader in the electric motor industry."
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is the market leader in linear motors, motor/controller automation systems, specialty micro-motors for automobile interior applications, and other specialty micro-motors and is the first and currently the only Chinese company to provide product development and integrated production tailored to customer applications. The Company is highly technology-oriented with a focus on innovation, creativity, and value-added products and is environmentally conscious and socially responsible. It provides its customers with energy efficient products and its employees with friendly working and living conditions, competitive compensation, and reasonable work schedules. One of the Company’s greatest assets is its strong R&D capability achieved by recruiting talent worldwide and through collaboration with top scientific institutions. Its ISO certified manufacturing facility is equipped with state-of-the-art production lines and quality control systems to ensure product quality. Driven by advantages in closer customer relationships, better understanding of local markets and customer needs, and lower production cost, the Company is able to outperform its competition, which is mainly foreign, and has steadily improved its competitive position in the domestic linear motor market. With fast economic growth in China and favorable government policies, Harbin Electric has formulated and is in execution of a multi-faceted growth strategy to expand the business into the linear motor systems for urban mass transportation and rotary motors with a clear focus on providing high-end, energy efficient products. To learn more about Harbin Electric, visit http://www.harbinelectric.com .
Safe Harbor Statement
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. 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 quarterly report on Form 10-QSB for the quarter ended June 30, 2007. The Company does not undertake any obligation to update forward-looking statements contained in the press release.
For investor and media inquiries, please contact:
Harbin Electric, Inc.
Barry L. Raeburn
Tel: +1-215-854-8104
Email: info@HarbinElectric.com
cQuest, a Christensen Affiliate
Christy Shue
Tel: +1-917-576-2209
Email: cshue@ChristensenIR.com
