ZHENGZHOU, China, Nov. 3, 2011 /PRNewswire-Asia-FirstCall/ -- China
Valves Technology, Inc. (NASDAQ: CVVT) ("China Valves" or the
"Company"), a leading Chinese metal valve manufacturer, today
announced that it has engaged BDO China Shu Lun Pan CPAs LLP ("BDO
China"), the Shanghai-based member
firm of the BDO International network, as its new independent
auditor, replacing Frazer Frost LLP. The change is effective as of
October 29, 2011. Frazer Frost LLP
will audit the financial statements for the nine-month transition
period ended September 30, 2011, and
BDO China will take over starting from the quarter ended
December 31, 2011. The Company
operates on a fiscal year ending September
30.
''We look forward to working with our new independent auditor
BDO China for our future audits,'' said Mr. Jianbao Wang, Chief
Executive Officer of China Valves. "Changing to a larger accounting
firm is an important milestone for us as it signifies a long-term
commitment to being a public company and to our shareholders.
Meanwhile, we want to thank Frazer Frost LLP for the professional
services provided to us for the past three and a half years."
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.