XI'AN, China, Oct. 27,
2011 /PRNewswire-Asia-FirstCall/ -- China Power Equipment,
Inc. ("China Power Equipment" or the "Company," OTC Bulletin Board:
CPQQ), a manufacturer of a new generation of energy saving
amorphous metal transformer cores and transformers in China, today provided update on business
operations.
The Company commenced commercial operations at its new amorphous
alloy step down transformer production line in the third quarter
this year. Mr. Song Yongxing, Chairman, President and CEO of China
Power Equipment, stated, "After the installation and testing of the
equipments in the second quarter this year, we have been actively
dedicated to the preparation of the commercial production. We have
started our commercial operations since the third quarter. I am
pleased to report that China Power Equipment has achieved a
significant milestone. The commencement of commercial operations at
our new amorphous alloy step down transformer production line,
which has an annual production capacity of 5,000 units, brings
transformer production in house and improves quality control. The
commercial operation will further help us test whether our
equipments, workers and other supporting segment are ready to the
increased capacity. Meanwhile, with the increase in capacity, we
become more advantageous and capable in bidding and serving larger
grid purchase projects. The new facility of both amorphous cores
and amorphous transformers will build a highly efficient product
portfolio, which will help the Company expand market share in
energy efficient electric products. We welcome investors to visit
our new production facility in Xi'an to see how China Power Equipment has
positioned itself for its next phase of growth," concluded Mr.
Song.
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:
COMPANY:
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: xa-fj@xa-fj.com
www.chinapower-equipment.com
INVESTOR RELATIONS:
Scott Powell
Senior Vice President
MZ-HCI
Tel: + 1-212-301-7130
Email: scott.powell@hcinternational.net
SOURCE China Power Equipment, Inc.
