China Valves Schedules Delivery Of One 1200 Mm 24-way Rotary Valve Worth Several Million Dollars
ZHENGZHOU, China, Oct. 12, 2011 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. (NASDAQ: CVVT) ("China Valves" or the "Company"), a leading Chinese metal valve manufacturer, today announced that it has successfully conducted system tests for the RV III-1200 24-way rotary valve, which is newly developed by the Company's subsidiary Shanghai Pudong Hanwei Valve Co., Ltd ("Hanwei Valve"). The valve is ready for dispatch next week.
The valve is developed for a purchase order from Yangzi Petrochemical for the separation of Metaxylene, or MX, and Paraxylene, or PX, the original ingredients for Purified Terephthalic Acid, or PTA, commonly used in polyester production. It is the key equipment of a simulating moving bed molecular sieve absorption-separation unit. After several months of design and manufacture, Hanwei Valve successfully completed the overall structure of this new valve specification, which is the only product of its kind currently being produced in China.
"The successful system tests demonstrate our strong design and development capabilities and our commitment to delivering cutting-edge technology," said Mr. Jianbao Wang, Chief Executive Officer of China Valves. "We expect this delivery to open doors for many similar orders in the future."
About China Valves Technology, Inc.China Valves Technology, Inc. through its subsidiaries, Zhengzhou City ZD Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., Taizhou Taide Valve Co., Ltd., Yangzhou Rock Valve Lock Technology Co., Ltd., China Valve Technology ( Changsha) Valve Co., Ltd. and Shanghai Pudong Hanwei Valve Co., Ltd., is engaged in the 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 through extensive research and development and owns numerous patents. It enjoys a large domestic market share and also exports to Asia and Europe. For more information, visit http://www.cvalve.com Safe Harbor Statement 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. 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, except as required by law. This news 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 news release is based upon information available to the public, as well as other information from sources that 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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