Mr. Yongxing Song, Chairman and Chief Executive Officer of China Power,
said, "China has embarked on an ambitious mission to dramatically increase
energy efficiency nationwide. This will have a major improvement, not just on
the economy but also on the environment.
"Our products are perfectly aligned with the government policies and,
therefore, should continue to be in high demand. Nevertheless, we cannot rest
with our current success. It is important that our engineers, technicians, and
entire research and development department continue to improve the quality,
safety, and cost-effectiveness of our products. These two pending patents are
a testament to their hard work, extensive technical skills, and drive to
innovate. Our sustained investment in research and development should continue
to help create substantial value for our shareholders in the years ahead."
The pending two new patents are for a Vacuum Oiling Device for amorphous
alloy transformer (pending patent number 201020195939.5) and another new type
of amorphous alloy transformer (pending patent number 201020195940.8). In the
traditional production process for transformers, oil is injected into the oil
box from the top of the box, which could easily carry impurities into the box
and could lead to a lower insulation level and, in some cases, an explosion of
the transformer. The Vacuum Oiling Device prevents the ingestion of air, water,
and other impurities during the injection of oil and will ensure that the oil
can deliver the highest insulation level for the transformer. The new design
and process can also reduce the production and testing time by as much as two
days. The new type of amorphous alloy transformer also effectively lowers the
cost of production and the transformer's operating noise level.
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 Zhongxi Co., Ltd.,
designs, manufactures, and distributes amorphous alloy transformer cores and
amorphous alloy core electricity 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, which involve a number of risks and
uncertainties that could cause actual results to differ materially from those
in such forward-looking statements.
The risks and uncertainties relating to these statements include, but are
not limited to, risks and uncertainties regarding the success of our
investments, risks and uncertainties regarding fluctuations in earnings, our
ability to sustain our previous levels of profitability including on account
of our ability to manage growth, intense competition, wage increases in China,
our ability to attract and retain highly skilled professionals, time and cost
overruns on fixed-price, fixed-time frame contracts, client concentration, our
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 our future results are described in our
filings with United States Securities and Exchange Commission. These filings
are available at www.sec.gov and at our website at
We may, from time to time, make additional written and oral
forward-looking statements, including statements contained in our filings with
the Securities and Exchange Commission and our reports to shareholders. We do
not undertake any obligation to update any forward-looking statement that may
be made from time to time by or on our behalf except as required by law.
For additional information, please contact:
China Power Equipment, Inc.
Phone: +1-646-623-6999 in the USA
Mr. Yuanyuan Chen (English and Chinese)
Mobile: +86-139-2337-7882 in Beijing
Mr. Tom Myers (English)
Mobile: +86-139-1141-3520 in Beijing
Ms. Kathy Li (English and Chinese)
Phone: +1-212-618-1978 in the USA