EX-99.1
3
exhibit99-1.htm
EXHIBIT 99.1
China Valves Technology, Inc.: Exhibit 99.1 - Filed by newsfilecorp.com
Exhibit 99.1
China Valves Technology, Inc.
Ray Chen, VP of Investor Relations
Linda Salo, Sr. Financial Writer
Tel:
+1 650-281-8375
Tel: +1 646-922-0894
+86 13925279478
E-mail:
linda.salo@ccgir.com
E-mail: raychen@cvalve.net
http://www.cvalve.com
Crocker Coulson, President
Tel: +1 646-213-1915
E-mail:
crocker.coulson@ccgir.com
CCG Investor Relations
http://www.ccgirasia.com
China Valves Technology, Inc. Completes the Acquisition of
Shanghai Pudong Hanwei Valve Co., Ltd.
KAIFENG and ZHENGZHOU, CHINA, April 9, 2010 - China Valves
Technology, Inc. (NASDAQ: CVVT) ("China Valves" or the "Company"), a leading
Chinese metal valve manufacturer, today announced that on April 8, 2010, the
Company completed the acquisition of Shanghai Pudong Hanwei Valve Co., Ltd.
("Hanwei Valve"), a Shanghai-based valve manufacturer with several patents for
high-tech valve specifications in the petrochemical and bioengineering
industries, for approximately $21 million.
Through the transaction, China Valve has acquired 100% of the
assets of Hanwei Valve and will consolidate Hanwei Valve's operations into its
financial results effective April 8, 2010. For fiscal year 2010, the Company
expects Hanwei Valve to contribute $20 million in revenue and $5 million in net
income.
As previously disclosed, Hanwei Valve was established in 1992
and produces more than 20 series of valve products in over 6,000 different sizes
ranging from 0.38 inches to 116 inches in diameter. Its main products include
ball valves, check valves, butterfly valves, gate valves and other general
purpose valves for a variety of applications, including oil refineries, chemical
production and transport, electric power plants, and water supply. Hanwei Valve
owns patents for a 24-way rotary valve used in simulating moving bed molecular
sieve absorption-separation units in large-scale petrochemical equipment, for
chromatogram separation units used in bioengineering, and for fully welded ball
valves used in long distance gas pipelines. Hanwei Valve is the sole producer of
the fully-welded ball valve and 24-way rotary valve in China.
"The acquisition of Hanwei Valve is an important step toward
diversifying our product portfolio by adding sophisticated products and patented
applications, to improve our position in key end-user markets such as the
petrochemical industry. The acquisition will also allow us to enter new end-user
markets such as bioengineering, and to strengthen our distribution network in
our core end-user industries of water supply and power generation", said Mr. Siping Fang, Chairman and CEO of China Valves. "As we
incorporate Hanwei Valve into the China Valves family of companies, we will
continue to look for strategic opportunities to expand in these markets to drive
future growth".
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries,
Zhengzhou Zhengdie Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd.,
Tai Zhou Tai De Valve Co., Ltd., Yangzhou Rock Valve Lock Technology Co., Ltd.,
Able Delight (Changsha) Valve Co., Ltd., and Shanghai Pudong Hanwei 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 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 by extensive
research and development and owns a number of patents. It enjoys significant
domestic market shares and exports to Asia and Europe. For more information,
visit
http://www.cvalve.com
.
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, 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 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.
###

EX - 99 . 1 3 exhibit99 - 1 . htm EXHIBIT 99 . 1 China Valves Technology , Inc . : Exhibit 99 . 1 - Filed by newsfilecorp.com Exhibit 99 . 1 China Valves Technology , Inc . Ray Chen , VP of Investor Relations Linda Salo, Sr. Financial Writer Tel : + 1 650 - 281 - 8375 Tel : + 1 646 - 922 - 0894 + 86 13925279478 E - mail : linda.salo@ccgir.com E - mail : raychen@cvalve.net http://www.cvalve.com Crocker Coulson , President Tel : + 1 646 - 213 - 1915 E - mail : crocker.coulson@ccgir.com CCG Investor Relations http://www.ccgirasia.com China Valves Technology , Inc . Completes the Acquisition of Shanghai Pudong Hanwei Valve Co . , Ltd . KAIFENG and ZHENGZHOU , CHINA , April 9 , 2010 - China Valves Technology , Inc . ( NASDAQ : CVVT ) ( " China Valves " or the " Company " ) , a leading Chinese metal valve manufacturer , today announced that on April 8 , 2010 , the Company completed the acquisition of Shanghai Pudong Hanwei Valve Co . , Ltd . ( " Hanwei Valve " ) , a Shanghai - based valve manufacturer with several patents for high - tech valve specifications in the petrochemical and bioengineering industries , for approximately $ 21 million . Through the transaction , China Valve has acquired 100 % of the assets of Hanwei Valve and will consolidate Hanwei Valve 's operations into its financial results effective April 8 , 2010 . For fiscal year 2010 , the Company expects Hanwei Valve to contribute $ 20 million in revenue and $ 5 million in net income . As previously disclosed , Hanwei Valve was established in 1992 and produces more than 20 series of valve products in over 6,000 different sizes ranging from 0.38 inches to 116 inches in diameter . Its main products include ball valves , check valves , butterfly valves , gate valves and other general purpose valves for a variety of applications , including oil refineries , chemical production and transport , electric power plants , and water supply . Hanwei Valve owns patents for a 24 - way rotary valve used in simulating moving bed molecular sieve absorption - separation units in large - scale petrochemical equipment , for chromatogram separation units used in bioengineering , and for fully welded ball valves used in long distance gas pipelines . Hanwei Valve is the sole producer of the fully - welded ball valve and 24 - way rotary valve in China . " The acquisition of Hanwei Valve is an important step toward diversifying our product portfolio by adding sophisticated products and patented applications , to improve our position in key end - user markets such as the petrochemical industry . The acquisition will also allow us to enter new end - user markets such as bioengineering , and to strengthen our distribution network in our core end - user industries of water supply and power generation " , said Mr . Siping Fang , Chairman and CEO of China Valves . " As we incorporate Hanwei Valve into the China Valves family of companies , we will continue to look for strategic opportunities to expand in these markets to drive future growth " . About China Valves Technology , Inc . China Valves Technology , Inc . through its subsidiaries , Zhengzhou Zhengdie Valve Co , Ltd . , Henan Kaifeng High Pressure Valve Co . , Ltd . , Tai Zhou Tai De Valve Co . , Ltd . , Yangzhou Rock Valve Lock Technology Co . , Ltd . , Able Delight ( Changsha ) Valve Co . , Ltd . , and Shanghai Pudong Hanwei 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 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 by extensive research and development and owns a number of patents . It enjoys significant domestic market shares and exports to Asia and Europe . For more information , visit http://www.cvalve.com . 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 , 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 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 . # # #
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