CARLSTADT, N.J., Feb. 2, 2011 /PRNewswire/ -- Jinpan International Ltd. (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers for voltage distribution, today announced that it secured five large domestic China orders in January 2011. Each order is between RMB 6.4 million (approximately US$ 0.95 million ) and RMB 10.7 million (approximately US$ 1.6 million), totaling RMB 40.20 million (approximately US$ 6.0 million). The orders are all scheduled for delivery between March and June of 2011.
Three of the five orders, totaling RMB 26.0 million (approximately US$3.9 million), are for transformers and switchgears customized for plants manufacturing polysilicon for solar panels. The remaining two orders, totaling RMB 14.2 million (approximately US$ 2.1 million), are for customized transformers for other industrial and infrastructure applications.
Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented, "We are glad to see strong demand in China for our products in January. Jinpan has consistently outperformed its competitors in supplying cast resin transformers to polysilicon manufacturers in China. We intend to grow domestic sales this year by selling new higher value products and extending the application of our core cast resin transformer and switchgear product lines into new sectors."
Safe Harbor ProvisionThis 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 include, but are not limited to, the following:
- our ability to successfully implement our business strategy;
- the impact of existing and new competitors in the markets in which we compete, including competitors that may offer less expensive products and services, more desirable or innovative products or technological substitutes, or have more extensive resources or better financing;
- the effects of rapid technological changes and vigorous competition in the markets in which we operate;
- uncertainties about the future growth in electricity consumption and infrastructure development in the markets in which we operate;
- other factors or trends affecting the industry generally and our financial condition in particular;
- the effects of the higher degree of regulation or higher level of taxation in the markets in which we operate;
- the monetary and interest rate policies of the countries in which we operate;
- changes in competition and the pricing environments in the countries in which we operate;
- exchange rates;
- general economic and political conditions in the countries in which we operate or other countries which have an impact on our business activities or investments; and
- other factors 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.