China Valves Technology, Inc.’s Nuclear Core Island Valves Passes All Tests by CIAE and NPIC at First Attempt
ZHENGZHOU, China, Jan. 18, 2011 /PRNewswire-Asia-FirstCall/ — China Valves Technology, Inc. (Nasdaq: CVVT) (“China Valves” or the “Company”), a leading Chinese metal valve manufacturer, today announced that its gate and check valves used in the core island of nuclear power plants successfully passed all tests administered by China Institute of Atomic Energy (“CIAE”), the primary nuclear science and technology research institute in China, and Nuclear Power Institute of China (“NPIC”), the leading base in China for nuclear reactor engineering research, design, testing and operation. With a diameter of 250mm and 1500LB of compressive resistance, the prototype valves are among the largest and highest performing valves which can ever been made by Chinese manufacturers. Thus, China Valves became the only valve manufacturer in China that passed all tests provided by these two institutes at first attempt and China Valves is now eligible to supply valves for core islands of nuclear power plants, which are mostly being imported from overseas.
The valves underwent detailed tests, including functional tests and an earthquake test. The functional tests consist of a working life test which examines the valves resistance under 20 MPa high pressure at 38 degrees Celsius repeated 500 times and under extreme temperatures in a range of 316 degrees Celsius under pressure of 16 MPa and repeated 1,500 times, impact tests under different temperatures, a high-pressure blocking test, a flow coefficient test and a pipe loading test.
According to National Development and Reform Commission (NDRC), China will install at least eight nuclear power generating units each year between 2010 and 2020, which require more than 30,000 valves for each unit, of which over one-third are used in the core island, while accounting for approximately 70% of the total value. Each nuclear power generating unit will require valves for an amount of more than RMB350 million at core inland, of which imports have traditionally accounted for the majority.
“Following the successful tests, we believe we are well-positioned to win orders in the nuclear core island valve market. Meanwhile, we have continued to make progress in supplying valves for the conventional island of nuclear power plants,” said Mr. Jianbao Wang, Chief Executive Officer of China Valves. “We believe power generation will remain a growth driver for the upcoming years. In addition to nuclear valves, our strong competitive advantages include extra large diameter ball valves. We are the only company in China that is able to produce the extra large diameter ball valves for pumped storage hydropower plants, which are built in conjunction with nuclear plants.”
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co., Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., Tai Zhou 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 any forward-looking statements, whether as a result of new information, future events, or otherwise. 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 Tel: +86-371-8600-9777 E-mail: firstname.lastname@example.org http://www.cvalve.com CCG Investor Relations Linda Salo, Account Manager Tel: +1 646-922-0894 E-mail: email@example.com Crocker Coulson, President Tel: +1 646-213-1915 E-mail: firstname.lastname@example.org http://www.ccgirasia.com
SOURCE China Valves Technology, Inc.