China Valves Technology, Inc. Signs Strategic Partnership Agreement With University Of Cambridge, UK
KAIFENG, China, Dec. 20, 2010 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. (Nasdaq: CVVT) ("China Valves" or the "Company"), a leading metal valve manufacturer with operations in the People's Republic of China (the "PRC"), today announced that the company has signed a strategic partnership agreement with the Centre for Advanced Photonics and Electronics ("CAPE"), University of Cambridge and becomes the sole member of the steering committee of CAPE of Cambridge University in Greater China with veto regarding any future new participants world-wide.
CAPE is based around world-leading facilities and expertise in electronics and photonics at Cambridge University. It was established to encourage collaboration between the university and international strategic industrial partners. CAPE provides a unique form of joint university-industry research that is leading edge, vertically integrated and commercially relevant and is established as such so that all industrial investors and contributors can participate collectively to improve the supply chain as a whole and individually be licensed to use any resulting technology in their particular field of use.
Under the agreement, China Valves is able to access research and development resources at the University of Cambridge through advanced research and development projects in the fields of solid state electronics & nanoscale science, electronics, power & energy conversion, and photonics, sensors & optoelectonics. Through CAPE, China Valves may gain access to new materials, new power devices and modules, nanoinstruments, and other groundbreaking technologies to help it further develop its leadership position in the valve industry in China. The agreement is in force for a period of one year, and will be automatically renewed year by year for an additional one year period each time, unless terminated earlier.
"We are honored of being partner of University of Cambridge, as we believe that it will tremendously improve our position in the field and maintain our key competence by using the leading technology from Cambridge," said Mr. Jianbao Wang, CEO of China Valves. "We are currently in the process of finalizing the joint research and development projects with Cambridge. With the help of Cambridge University, China Valves can help maintain profitability by launching new products in the coming years.""We are happy to have Cambridge University as a partner," said Mr. Siping Fang, Chairman of China Valve. "China Valves is strengthening our commitment to high-level research and development and executing our strategies. We look forward to a fruitful outcome from this partnership." 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 Taide Valve Co., Ltd., Yangzhou Rock Valve Lock Technology Co., Ltd., China Valves Technology ( Changsha) Valve Co., Ltd., and Shanghai Pudong Hanwei Valve Co., Ltd., is engaged in the development, manufacturing 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 through extensive research and development and owns a number of patents. It enjoys significant domestic market share 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. China Valves Technology, Inc. Gang Wei, CFO
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