ZHENGZHOU, China, Nov. 23, 2011 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. (NASDAQ: CVVT) ("China Valves" or the "Company"), a leading Chinese metal valve manufacturer, today announced that Henan Tonghai Fluid Equipment Co., Ltd., China Valves' PRC holding company, has been recognized as a National Corporate Technology Center by an array of China's regulatory and government agencies. China Valves is the only company that has received this recognition in China's valve industry. Normally China Central Government entitles one single National Corporate Technology Center for one industry.
The selection process consisted of various factors such as a company's patents, its research & development ("R&D") team, its R&D investments, its R&D equipments and its tax-related legal compliance, its R&D co-operation with outside institutes and universities, among other factors. As a National Corporate Technology Center, China Valves is eligible to benefit from certain preferred policies from the Chinese government agencies that determined this recognition, which are the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Finance, the General Administration of Customs and the State Administration of Taxation.
"This unique acknowledgement validates our leading position in China's valve industry, as our six subsidiaries, each with specific product applications, are all leaders in their respective target markets," said Mr. Jianbao Wang, Chief Executive Officer of China Valves. "Meanwhile, this recognition also represents our great efforts in R&D of high gross margin products in these years. With this platform we have more responsibility and duty to localize high end valves to help the construction of the key projects in China. In addition, we will also expect to receive more government support such as fund appropriation from central government, provincial government and municipal governments, tax benefits, possible preferred land use right and other subsidies. "
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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