Xinde Technology Reports Additional Preliminary Supply Agreements Are in Place for Its Lower Cost Technically Advanced Diesel Engine Fuel Injection System
WEIFANG, China, June 20, 2011 /PRNewswire-Asia/ — Xinde Technology Company (OTCBB: WTFS), which has developed China’s first domestically produced diesel engine FIRCRI common rail electronically-controlled fuel injection system, today reported that domestic interest in its ground breaking new product continues to grow, as reflected in several preliminary supply agreements the Company has signed with diesel manufacturers throughout China.
The Company, a widely respected China-based designer and manufacturer of internal combustion engine and parts, particularly for China’s $100 billion diesel engine and parts market, previously reported that after successful testing of its patented fuel injection system, it received a supply letter of intent for 200,000 sets of the product annually once production commenced from Weichai Power, Ltd., one of China’s largest diesel engine manufacturers. It reported that similar agreements since have been forged with Jiangsu Jianghui Engine Co. Ltd. and Sichuan Emei Diesel Engine Co. Ltd., two large PRC diesel manufacturers. The Company said letters of intent for long term guaranteed fixed quantities now also have been signed with several other domestic diesel manufacturers and it anticipates the number of agreements will continue to grow.
Diesel Engines Must Meet Higher Emission Standards
“Fueling this strong interest,” stated Mr. Dianjun Liu, President and Chief Executive Officer of the Company, “is the year end 2015 deadline that all diesel engines in China must meet for higher emission standards, initially the Euro III standard, and very likely the higher Euro IV/V standards in succeeding years.”
“Our new electrically-controlled fuel injection system meets and exceeds the new Euro III standard, and can be upgraded to meet the higher standards anticipated in the future,” Mr. Liu said. “Further, our cost for the new system is approximately 50% to 75% lower than the systems available from the foreign suppliers that have dominated China’s domestic market to date,” he added.
About Xinde Technology Company
Based in China’s Shandong Province in the city of Weifang, Xinde Technology Company, with fiscal 2010 revenues of $123 million, competes in three primary product segments, namely (1) fuel injection system products, (2) diesel engine products and (3) generator products. The Company has a broad range of products including non-vehicle diesel engines, diesel generators, injection pumps, injectors and three-coupling components, agricultural machinery and construction machinery which greatly reduces its comprehensive costs which, in turn, increases its competitiveness. The Company’s focus is on the domestic market in China, where its customers include several of China’s largest companies in the country’s most rapidly growing industries. As a consequence, the Company’s production volume has been growing approximately 30% annually.
“Safe Harbor“ Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, statements concerning the Company’s operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety important factors, including, but not limited to, the impact of competitive conditions and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, financing and other factors as discussed in the Company’s reports filed with the Securities and Exchange Commission from time to time, In addition, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date hereof. No securities regulatory authority has either approved or disapproved the contents of this new release. This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements. The Company filings with the US Securities and Exchange Commission, including the quarterly report for the three months ended March 31, 2011 on Form 10-Q, can be viewed on EDGAR Online or www.sec.gov.
Contacts: Dianjun Liu President and CEO firstname.lastname@example.org Tel (Fax):86-536-8322068
SOURCE Xinde Technology Company