XI'AN, China, March 14, 2011 /PRNewswire-Asia-FirstCall/ -- China Power Equipment, Inc. ("China Power Equipment" or "the Company", OTC Bulletin Board: CPQQ), the designer, manufacturer, and distributor of a new generation of energy saving electric transformers and transformer cores in the People's Republic of China, today expressed its sympathies to the citizens of Japan as they deal with the tragic and devastating earthquake, aftershocks, and tsunami waves that hit northeastern Japan this past week.
Mr. Yongxing Song, Chairman, President, and CEO of China Power Equipment, Inc., said, "As you know, Japan and many countries have been directly or indirectly affected by the tragic and devastating earthquake and tsunami that hit Japan this past week.
"We extend our sympathies, thoughts, concerns, and hopes to the citizens of Japan and to our colleagues at Hitachi Metals and their families and friends. We wish them well as Japan works to recover from these huge natural disasters.
"Hitachi Metals, headquartered in Tokyo, Japan, is our largest supplier of amorphous alloy strip, the primary raw material for making our amorphous alloy electricity transformer cores. Hitachi Metals is the largest manufacturer of amorphous alloy in the world. Its alloy manufacturing operations are located in southern Japan, so to date they have not been affected by the earthquake, aftershocks, or the tsunami that hit northeastern Japan, according to our contracting officer at Hitachi Metals this morning.
"Hitachi Metals currently does not expect any disruption in its ability to supply amorphous alloy strip to China Power Equipment, including any significant change in the supply of electricity to its plants that might affect Hitachi's ability to supply to us.
"As we assess our future risks, although Hitachi Metal's employees and manufacturing operations were not directly affected by the natural disasters, the consequences of closing more nuclear power stations in Japan might eventually reduce Hitachi Metals' ability to produce or ship alloy to us. We believe this conclusion is quite conservative, but currently there is no way to assess this possible risk with any accuracy.
"We wish the Japanese citizens good health, deep strength, and steadfast determination as the country continues its difficult recovery process."
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 news 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," "expects," "estimates," "future," "intends," "plans," "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 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 the U.S. Securities and Exchange Commission. These filings are available at www.sec.gov.
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 applicable law.
For more information about China Power Equipment, please visit its website at www.chinapower-equipment.com.
For more information, please contact:
China Power Equipment, Inc.
Telephone +1-646-623-6999 in the USA
Mr. Tom Myers (English)
Mobile +86-139-1141-3520 in Beijing
Ms. Kathy Li (English and Chinese)
Telephone +1-212-618-1978 in the USA
SOURCE China Power Equipment, Inc.