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China Power Equipment Reacts to Thursday's National People's Congress Standing Committee Resolution on 'Actively Tackling Climate Change'

Posted on: Tuesday, 1 September 2009, 08:30 CDT

NEW YORK, Sept. 1 /PRNewswire-Asia-FirstCall/ -- China Power Equipment, Inc. (OTC Bulletin Board: CPQQ) announced today its intent to expand manufacturing and distribution of its amorphous transformers and transformer cores in response to an action Thursday by China's top legislative body, the National People's Congress Standing Committee, as well as China's recovery from the global economic slowdown.

The resolution on "actively tackling climate change" was passed by the National People's Congress' Standing Committee ("NPC") on August 27th. A developing country that was not been required by the 1997 UNFCCC Kyoto Protocol to quantify emissions limitations and reduction objectives, China has already voluntarily set green targets.

Initiated in 2006 through its "General Work Plan for Energy Conservation and Pollutant Discharge Reduction," China sought to curtail its greenhouse gases emissions by 10 percent and reduce energy consumption by 20 percent per unit of gross domestic product from 2006 to 2010. Last week's NPC's Standing Committee meeting resulted in China's commitment to "accelerate the country's attempts to tackle the pressing challenge of global warming."

Commenting on this announcement, Song Yong Xing, Chairman of China Power Equipment, stated, "We are committed to being part of the solution to help China meet its growing energy needs while minimizing the environmental impact. China Power Equipment's amorphous transformers and cores provide up to 80 percent energy savings in no-load loss as compared to traditional steel transformers, and can reduce emissions of pollutants such as CO2 and SO2."

Mr. Song went on to say, "China Power Equipment intends to increase its manufacturing and distribution of amorphous transformers and cores by at least 200 percent for 2010 over 2009. This will be accomplished by both increasing production at the Company's existing facilities as well as hopefully adding additional production facilities during the first or second quarters of 2010."

ABOUT CHINA POWER EQUIPMENT, INC.

China Power Equipment, Inc., through its wholly-owned subsidiary, Xi'an Amorphous Zhongxi Co., Ltd., has developed a proprietary, patented technology to produce a new generation of energy saving transformers and transformer cores. The Company currently manufactures 55 different models of transformers in four product series which are sold throughout China. The Company was formed in 2006 as a U.S. corporation, and in November 2006, formed a Chinese subsidiary which was granted a license as a privately held, Wholly-Owned Foreign Enterprise, or "WOFE", by the Chinese government.

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings, including our Prospectus dated November 7, 2008, 10-K filed on March 31, 2009, 10-Q for the second quarter ended June 30, 2009, and our other recent filings. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.

For More Information on China Power Equipment, Inc., visit the website at: http://www.chinapower-equipment.com

SOURCE China Power Equipment, Inc.

Source: PR Newswire

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