XI'AN, China, Dec. 31, 2012 /PRNewswire-FirstCall/ -- China Power Equipment Inc. ("China Power Equipment" or the "Company," OTCBB: CPQQ), a leading manufacturer of a new generation of energy saving amorphous alloy transformer cores and transformers in China, today announced that the Company has shipped its product to a top energy corporation in China to be tested for its application in energy production areas and the product passed the test.
The recent shipment is for the test of the Company's energy saving solutions at the oil production sector which is conducted at one of the biggest oil fields in China. The testing run constitutes a national project of a top Chinese energy corporation to evaluate application of the Company's solution in its production.
"Driven by fast increasing energy prices and rising emphasis of energy saving initiatives by Chinese government and social awareness, the demand for energy saving solutions is significantly growing in industrial sectors in China. We believe this creates a large and fast growing but less competitive potential market for our proven energy saving technologies for specialty customer market aside from our traditional grid customers," said Mr. Song, Chairman, CEO, and President of China Power Equipment, "The Company has committed dedicated efforts into the research and development of ad hoc solutions for the market and sees promising response for the efforts. We believe the energy production and resource exploration sectors will be one of the biggest users of amorphous technology in the future."
About China Power Equipment, Inc.
China Power Equipment, Inc., is a U.S. corporation, which through its wholly-owned subsidiary, An Sen (Xi'an) Power Science & Technology Co., Ltd., and its affiliated operating company, Xi'an Amorphous Alloy Zhongxi Transformer Co., Ltd., designs, manufactures, and distributes amorphous alloy transformer cores and amorphous alloy core distribution transformers in the People's Republic of China. The company currently manufactures 59 different products, primarily amorphous alloy cores and amorphous alloy core transformers.
Safe Harbor Statement
Certain statements in this release concerning our future growth prospects are forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "could," "estimates," "expects," "future," "intends," "plans," "should," "will," and similar statements.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of the company's investments, risks and uncertainties regarding fluctuations in earnings, its ability to sustain its previous levels of profitability including on account of its ability to manage growth, intense competition, wage and inflation increases in China, its ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, its ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts, and legal restrictions on raising capital or acquiring companies outside China.
Additional risks that could affect the company's future operating results are more fully described in its filings with U.S. Securities and Exchange Commission. These filings are available at www.sec.gov and at www.chinapower-equipment.com.
The company may, from time to time, make additional written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q, and 8-K, in its annual report to shareholders, in news releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. The company does not undertake to update any forward-looking statements that may be made from time to time by or on its behalf, except as required under law.
For more information about China Power Equipment, please visit its website at www.chinapower-equipment.com.
For more information, please contact:
Ms. Nicole Chen (English and Chinese)
Vice President of Finance
China Power Equipment, Inc.
Telephone: +86 (29) 6261 9758
Mobile: +86 186 1633 1170
SOURCE China Power Equipment, Inc.