TIANJIN, China, Aug. 10 /PRNewswire-Asia/ -- Shengkai Innovations, Inc. (OTC Bulletin Board: SKII), a leading ceramic valve manufacturer with operations in the People's Republic of China (the "PRC"), announces that the construction timetable of its new manufacturing plant has been revised and is now scheduled to be completed during the first quarter of calendar year 2010. Mr. Wang states, "The changes to the construction plans had to be effected to aid the flow of production on the manufacturing floor and create greater efficiency both in manufacturing and production. In addition, the implemented changes will result in an overall reduction in construction costs." Completion of the Company's headquarters building is estimated to be in the second quarter of calendar 2010.
At this time, management expects production at the new facility to begin late in the second quarter of calendar year 2010.
Given the complexity and uncertainties of managing a large construction project, management will not issue fiscal year 2010 guidance.
For more information, please contact:
Shengkai Innovations, Inc.
Jeffrey T. Roney
V.P. Investor Relations
Tel: +1-434-531-4146
Email: Jeffrey.roney@shengkai.com
Web: http://www.shengkai.com
About Shengkai Innovations, Inc.
Shengkai Innovations is engaged in the design, manufacture and sale of ceramic valves, high-tech ceramic materials and the provision of technical consultation and related services. The Company's industrial valve products are used by companies in the electric power, petrochemical, metallurgy, and environmental protection industries as high-performance, more durable alternatives to traditional metal valves. The Company was founded in 1994 and is headquartered in Tianjin, the PRC.
The Company is one of the few ceramic valve manufacturers in the world with research and development, engineering, and production capacity for structural ceramics and is the only valve manufacturer that is able to produce large-sized ceramic valves with calibers of 6" or more. The Company's product portfolio includes a broad range of valves that are sold throughout the PRC, to North America, United Arab Emirates, and other countries in the Asia-Pacific region. The Company has over 300 customers, and is the only ceramic valve supplier qualified to supply SINOPEC. The Company also became a member of the PetroChina supply network in 2006.
Safe Harbor Statements
Under the Private Securities Litigation Reform Act of 1995: 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 effect of political, economic, and market conditions and geopolitical events, legislative and regulatory changes, the Company's ability to expand and upgrade its production capacity, the actions and initiatives of current and potential competitors, 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 publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
