Jinpan International Announces Receipt Of New Purchase Order From Xi'an Subway System
CARLSTADT, N.J., Sept. 24 /PRNewswire/ -- Jinpan International Ltd. (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers for voltage distribution equipment, today announced that it has received a purchase order from the Xi'an Subway System. The order, comprised of 80 transformers with a total value of approximately US$3 million, is expected to be shipped in late 2011.
Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented, "We are very pleased to have received this order from the Xi'an Subway System. Railroad and subway orders represent a small percentage of Jinpan's overall sales but we believe this market can serve as a significant opportunity for our company in the coming years as many cities in China continue to increase infrastructure spending. We are optimistic that the Chinese government's increased investment in railroads, particularly in Tier 2 cities, will bode well for us as we look to 2011 and beyond."
About Jinpan International Ltd.
Jinpan International Ltd. (Nasdaq: JST) designs, manufactures, and markets cast resin transformers for power distribution and wind energy products. Jinpan's cast resin transformers allow high voltage transmissions of electricity to be distributed to various locations in lower, more usable voltages. The Company has obtained ISO9001 and ISO14001 certifications of its cast resin transformers. Its principal executive offices are located in Hainan, China and its U.S. headquarters is based in Carlstadt, New Jersey.Safe Harbor Provision This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations and involve known and unknown risks, and uncertainties or other factors not under the Company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors are listed from time-to-time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 20-F for the period ended December 31, 2009 and our subsequent reports on Form 6-K. Except as required by law, we are not under any obligation, and expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. SOURCE Jinpan International Ltd.
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