ZHENGZHOU, China, Nov. 23, 2011 /PRNewswire-Asia-FirstCall/ --
China Valves Technology, Inc. (NASDAQ: CVVT) ("China Valves" or the
"Company"), a leading Chinese metal valve manufacturer, today
announced that Henan Tonghai Fluid Equipment Co., Ltd., China
Valves' PRC holding company, has been recognized as a National
Corporate Technology Center by an array of China's regulatory and
government agencies. China Valves is the only company that has
received this recognition in China's valve industry. Normally China Central
Government entitles one single National Corporate Technology Center
for one industry.
The selection process consisted of various factors such as a
company's patents, its research & development ("R&D") team,
its R&D investments, its R&D equipments and its tax-related
legal compliance, its R&D co-operation with outside institutes
and universities, among other factors. As a National Corporate
Technology Center, China Valves is
eligible to benefit from certain preferred policies from the
Chinese government agencies that determined this recognition, which
are the National Development and Reform Commission, the Ministry of
Science and Technology, the Ministry of Finance, the General
Administration of Customs and the State Administration of
Taxation.
"This unique acknowledgement validates our leading position in
China's valve industry, as our six
subsidiaries, each with specific product applications, are all
leaders in their respective target markets," said Mr. Jianbao Wang,
Chief Executive Officer of China Valves. "Meanwhile, this
recognition also represents our great efforts in R&D of high
gross margin products in these years. With this platform we have
more responsibility and duty to localize high end valves to help
the construction of the key projects in China. In addition, we will also expect to
receive more government support such as fund appropriation from
central government, provincial government and municipal
governments, tax benefits, possible preferred land use right and
other subsidies. "
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
Crocker Coulson, President
Tel: +1 646-213-1915
E-mail: crocker.coulson@ccgir.com
http://www.ccgirasia.com
SOURCE China Valves Technology, Inc.