China Valves Technology, Inc. Receives Further Purchase Orders Worth About $4 Million from the Sino-Kazakhstan Pipeline Project
ZHENGZHOU, China, May 10, 2012 /PRNewswire-Asia-FirstCall/ — China Valves Technology, Inc. (NASDAQ: CVVT) (“China Valves” or the “Company”), a leading Chinese metal valve manufacturer, today announced that one of the Company’s subsidiaries, Shanghai Pudong Hanwei Valve Co., Ltd. (“Hanwei Valve”), has received a purchase order worth about $4 million from Beijing China-Petroleum Everbright Energy Technology Co., Ltd. (“CPEEC”) for the Sino-Kazakhstan oil pipeline’s Phase Two project. The products ordered are mainly ball valve, axial-flow check valve and sluice gate valve, which will be used in the No. 8 and No. 10 stations.
Sino-Kazakhstan oil pipeline project is the first oil pipeline between China and Kazakhstan, which is expected to play an essential role in supporting China’s oil importation. In the year of 2010, Hanwei Valve provided the valve products mix for the No. 11 station of Sino-Kazakhstan oil pipeline’s Phase Two project and received positive feedbacks with all the payment from CPEEC.
“The order itself is the best reflection of Hanwei Valve’s sound products and services,” said Mr. Jianbao Wang, Chief Executive Officer of China Valves. “I am very glad that we maintain a good long-term relationship with CPEEC based on the past trading record, which will bring us more cooperation opportunities in the future.”
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou City ZD Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., Taizhou Taide Valve Co., Ltd., Yangzhou Rock Valve Lock Technology Co., Ltd., China Valve Technology (Changsha) Valve Co., Ltd. and Shanghai Pudong Hanwei Valve Co., Ltd., is engaged in the development, manufacturing and sale of high-quality metal valves for the electricity, petroleum, chemical, water, 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 through extensive research and development and owns a number of patents. It enjoys significant domestic market share 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 to access capital for expansion, the ability to acquire other companies, 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.
China Valves Technology, Inc.
Gang Wei, CFO
CCG Investor Relations
Crocker Coulson, President
Tel: +1 646-213-1915
SOURCE China Valves Technology, Inc.