KAIFENG,
China Valves will consolidate Yangzhou Rock's operations into its
financial results effective
As a result of this acquisition, China Valves owns all patents that were applied for by Yangzhou Rock, including a patent for a 90 degree rotating valve lock device, a patent for a key management control device and a patent for a type of mechanical valve interlock.
Formed in
Yangzhou Rock's annual designed production capacity is 15,000 units of mechanical interlock machines using a production facility of over 10,000 square meters (approximately 108,000 square feet) equipped with advanced computer numerical controlled, or CNC, equipment. Yangzhou Rock is the only manufacturer that is able to produce interlock valves and machines using proprietary technologies, and the products have higher than average gross margin as compared to China Valves' existing products. China Valves plans to utilize Yangzhou Rock's distribution channels and customer base.
"We are pleased to have formally closed this acquisition after a careful
due diligence process and negotiations over the past six months. As a result,
we are highly confident that the acquisition of Yangzhou Rock will create
value for our shareholders," commented Mr.
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie
Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., and Tai Zhou Tai
De Valve Co., Ltd. is engaged in 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
Safe Harbor Statements
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, expectations regarding the financial performance of Yangzhou Rock, 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 and other regulatory authorities. 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. This press 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 press release is based upon information available to the public, as well as other information from sources which 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.
For more information, please contact: China Valves Technology, Inc. Ray Chen, VP of Investor Relations Tel: +1-650-281-8375 +86-13925279478 Email: raychen@cvalve.net Web: http://www.cvalve.com CCG Investor Relations Linda Salo, Senior Financial Writer Tel: +1-646-922-0894 Email: linda.salo@ccgir.com Crocker Coulson, President Tel: +1-646-213-1915 Email: crocker.coulson@ccgir.com Web: http://www.ccgirasia.com
SOURCE China Valves Technology, Inc.