ZHENGZHOU, China, Aug. 12, 2011 /PRNewswire-Asia-FirstCall/ --
China Valves Technology, Inc. (NASDAQ: CVVT) ("China Valves" or the
"Company"), a leading Chinese metal valve manufacturer, today
announced a change in its fiscal year end from December 31 to September 30. This change will be
effective September 30, 2011.
China Valves expects to report its financial results for a
nine-month transition period of January 1,
2011 through September 30,
2011 on an Annual Report on Form 10-K. The first 12-month
fiscal year will run from October 1,
2011 through September 30,
2012. The Company will provide comparative financial
information to assist in period-to-period comparisons. The change
in fiscal year end has been made because the first quarter of the
calendar year is inefficient for the audit work due to the
Chinese New Year holidays.
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, manufacture
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 numerous patents. It enjoys a large domestic
market share and also exports to Asia and Europe. For more information, visit
http://www.cvalve.com
Safe Harbor Statement
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. 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, except as
required by law. This news 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 news release is based upon information
available to the public, as well as other information from sources
that 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: +86-371-8601-8777
E-mail: ir@cvalve.com
http://www.cvalve.com
CCG Investor Relations
Linda Salo, Account Manager
Tel: +1 646-922-0894
E-mail: linda.salo@ccgir.com
Crocker Coulson, President
Tel: +1 646-213-1915
E-mail: crocker.coulson@ccgir.com
http://www.ccgirasia.com
SOURCE China Valves Technology, Inc.