China Power Equipment Chairman & CEO Buys Company’s Common Stock
XI’AN, China, June 28, 2011 /PRNewswire-Asia-FirstCall/ — China Power Equipment, Inc. (“China Power” or “China Power Equipment” or the “Company,” OTCBB: CPQQ), the designer, manufacturer, and distributor of a new generation of energy saving electric transformers and transformer cores in the People’s Republic of China, today announced that Mr. Yongxing Song, Chairman and Chief Executive Officer of China Power Equipment purchased 123,500 shares of the Company’s common stock in open market transactions.
Mr. Yongxing Song, Chairman and Chief Executive Officer of China Power Equipment, said, “We are fully committed to maximizing value for shareholders, and will continue to invest to grow our business, in particular our new transformer production line. Our strong balance sheet and cash flow are providing the capital for this new production line, as well as substantial increases in working capital.” He added, “More than ever, I believe in China Power’s continued success.”
Mr. Song bought shares on the open market on June 24, and June 27, 2011.
About China Power Equipment, Inc.
China Power Equipment, Inc., is a U.S. corporation, which through its wholly-owned subsidiary, An Sen (Xi’an) Power Science & Technology Co., Ltd., and its affiliated operating company, Xi’an Amorphous Alloy Zhongxi Transformer Co., Ltd., designs, manufactures, and distributes amorphous alloy transformer cores and amorphous alloy core distribution transformers in the People’s Republic of China. The company currently manufactures 59 different products, primarily amorphous alloy cores and amorphous alloy core transformers.
Safe Harbor Statement
Certain statements in this release concerning our future growth prospects are forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These forward-looking statements can be identified by terminology such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “future,” “intends,” “plans,” “should,” “will,” and similar statements.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of the company’s investments, risks and uncertainties regarding fluctuations in earnings, its ability to sustain its previous levels of profitability including on account of its ability to manage growth, intense competition, wage and inflation increases in China, its ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, its 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 the company’s future operating results are more fully described in its filings with U.S. Securities and Exchange Commission. These filings are available at www.sec.gov and at www.chinapower-equipment.com.
The company may, from time to time, make additional written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q, and 8-K, in its annual report to shareholders, in news releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. The company does not undertake to update any forward-looking statements that may be made from time to time by or on its behalf, except as required under law.
For more information about China Power Equipment, please visit its website at www.chinapower-equipment.com.
For more information, please contact: Ms. Nicole Chen (English and Chinese) Vice President of Finance China Power Equipment, Inc. Telephone +86 (29) 6261 9758 Mobile +86 186 1633 1170 Email: firstname.lastname@example.org or Christensen Mr. Chen Yuanyuan (English and Chinese) Mobile +86 139 2337 7882 email@example.com Mr. Tom Myers (English) Mobile +86 139 1141 3520 in Beijing firstname.lastname@example.org Ms. Kathy Li (English and Chinese) Telephone +1 212 618 1978 in the USA email@example.com www.chinapower-equipment.com
SOURCE China Power Equipment, Inc.