EX-99.1
2
v120032_ex99-1.htm
Exhibit
99.1
Harbin
Electric Completes Acquisition of Hengda Electric Motor, a Leading Industrial
Rotary Motor Business
Tuesday
July 15, 8:00 am ET
HARBIN,
China, July 15 /Xinhua-PRNewswire-FirstCall/ -- Harbin Electric, Inc., ("Harbin
Electric" or the "Company"; Nasdaq: HRBN), a market leader in customized linear
motors, motor/controller automation systems, automobile specialty micro-motors,
and other special motors, today announced that Harbin Tech Full Electric Co.
Ltd., a wholly owned subsidiary of the Company ('Harbin Tech Full') completed
the acquisition of Weihai Hengda Electric Motor Co. Ltd and Wendeng Second
Electric Motor Factory (together "Hengda Electric Motor"). As of the closing,
Harbin Tech Full has completed the required PRC legal procedures regarding
the
share and assets transfer and business registration of Hengda Electric Motor
with respect to the acquisition, as contemplated by the definitive agreement
signed on July 10, 2008.
"We
are
extremely pleased to have completed the acquisition of Hengda Electric Motor,"
Harbin Electric's Chairman and Chief Executive Officer Tianfu Yang commented.
"We believe that this acquisition marks a strategic milestone for the Company.
Together, by combining our knowledge, talents, and expertise, we plan to
continue to build on our successes to create better electric motor solutions
for
our customers and create value for our shareholders".
About
Harbin Electric, Inc.:
Harbin
Electric, headquartered in Harbin, China, is a market leader in linear motors,
motor/controller automation systems, automobile specialty micro-motors, and
other specialty motors. It is the first and currently, to our knowledge, the
only Chinese company to provide product development and integrated production
tailored to customer applications in this industry. The Company takes pride
in
its environmental and social policies, providing customers with energy efficient
products and employees with a family-friendly working environment, based on
competitive compensation and humane work schedules.
Harbin
Electric emphasizes technology, innovation and creativity in its award-winning
research and development (R&D) efforts. It recruits professional engineering
and operating talent worldwide and through collaboration with top scientific
institutions. Its ISO certified manufacturing facility is equipped with
state-of-the-art production lines and quality control systems to ensure product
quality.
China's
rapidly expanding economy together with its government policy supporting the
industry provides a sizeable market opportunity for Harbin Electric. To learn
more about Harbin Electric, visit http://www.harbinelectric.com
.
Safe
Harbor Statement
The
actual results of Harbin Electric, Inc. could differ materially from those
described in this press release. Detailed information regarding factors that
may
cause actual results to differ materially from the results expressed or implied
by statements in this press release may be found in the Company's periodic
filings with the U.S. Securities and Exchange Commission, including the factors
described in the section entitled "Risk Factors" in its annual report on Form
10-KSB for the year ended December 31, 2007. The Company does not undertake
any
obligation to update forward-looking statements contained in the press release.
This press release contains forward-looking information about the Company that
is intended to be covered by the safe harbor for forward-looking statements
provided by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking terminology such
as
"believe", "expect", "may", "will", "should", "project", "plan", "seek,"
"intend", or "anticipate" or the negative thereof or comparable terminology,
and
include discussions of strategy, and statements about industry trends and the
Company's future performance, operations and products.
For
investor and media inquiries, please contact:
In
China
Harbin
Electric, Inc.
Tel:
+86-451-8611-6757
Email:
MainlandIR@Tech-full.com
In
the
U.S.
Christy
Shue
Harbin
Electric, Inc.
Executive
VP, Finance & Investor Relations
Tel:
+1-631-312-8612
Email:
cshue@HarbinElectric.com
Kathy
Li
Christensen
Investor Relations
Tel:
+1-212-618-1987
Email:
kli@christensenir.com
____________________
Source:
Harbin Electric Inc.

EX - 99 . 1 2 v120032 _ ex99 - 1 . htm Exhibit 99 . 1 Harbin Electric Completes Acquisition of Hengda Electric Motor , a Leading Industrial Rotary Motor Business Tuesday July 15 , 8 : 00 am ET HARBIN , China , July 15 / Xinhua - PRNewswire - FirstCall / -- Harbin Electric , Inc . , ( " Harbin Electric " or the " Company " ; Nasdaq : HRBN ) , a market leader in customized linear motors , motor / controller automation systems , automobile specialty micro - motors , and other special motors , today announced that Harbin Tech Full Electric Co . Ltd . , a wholly owned subsidiary of the Company ( ' Harbin Tech Full ' ) completed the acquisition of Weihai Hengda Electric Motor Co . Ltd and Wendeng Second Electric Motor Factory ( together " Hengda Electric Motor " ) . As of the closing , Harbin Tech Full has completed the required PRC legal procedures regarding the share and assets transfer and business registration of Hengda Electric Motor with respect to the acquisition , as contemplated by the definitive agreement signed on July 10 , 2008 . " We are extremely pleased to have completed the acquisition of Hengda Electric Motor , " Harbin Electric 's Chairman and Chief Executive Officer Tianfu Yang commented . " We believe that this acquisition marks a strategic milestone for the Company . Together , by combining our knowledge , talents , and expertise , we plan to continue to build on our successes to create better electric motor solutions for our customers and create value for our shareholders " . About Harbin Electric , Inc . : Harbin Electric , headquartered in Harbin , China , is a market leader in linear motors , motor / controller automation systems , automobile specialty micro - motors , and other specialty motors . It is the first and currently , to our knowledge , the only Chinese company to provide product development and integrated production tailored to customer applications in this industry . The Company takes pride in its environmental and social policies , providing customers with energy efficient products and employees with a family - friendly working environment , based on competitive compensation and humane work schedules . Harbin Electric emphasizes technology , innovation and creativity in its award - winning research and development ( R & D ) efforts . It recruits professional engineering and operating talent worldwide and through collaboration with top scientific institutions . Its ISO certified manufacturing facility is equipped with state - of - the - art production lines and quality control systems to ensure product quality . China 's rapidly expanding economy together with its government policy supporting the industry provides a sizeable market opportunity for Harbin Electric . To learn more about Harbin Electric , visit http://www.harbinelectric.com . Safe Harbor Statement The actual results of Harbin Electric , Inc . could differ materially from those described in this press release . Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in the Company ' s periodic filings with the U . S . Securities and Exchange Commission , including the factors described in the section entitled " Risk Factors " in its annual report on Form 10 - KSB for the year ended December 31 , 2007 . The Company does not undertake any obligation to update forward - looking statements contained in the press release . This press release contains forward - looking information about the Company that is intended to be covered by the safe harbor for forward - looking statements provided by the Private Securities Litigation Reform Act of 1995 . Forward - looking statements are statements that are not historical facts . These statements can be identified by the use of forward - looking terminology such as " believe " , " expect " , " may " , " will " , " should " , " project " , " plan " , " seek , " " intend " , or " anticipate " or the negative thereof or comparable terminology , and include discussions of strategy , and statements about industry trends and the Company 's future performance , operations and products . For investor and media inquiries , please contact : In China Harbin Electric , Inc . Tel : + 86 - 451 - 8611 - 6757 Email : MainlandIR@Tech-full.com In the U . S . Christy Shue Harbin Electric , Inc . Executive VP , Finance & Investor Relations Tel : + 1 - 631 - 312 - 8612 Email : cshue@HarbinElectric.com Kathy Li Christensen Investor Relations Tel : + 1 - 212 - 618 - 1987 Email : kli@christensenir.com ____________________ Source : Harbin Electric Inc .
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