ZHENGZHOU, China, March 1, 2011 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. (Nasdaq: CVVT) ("China Valves" or the "Company"), a leading Chinese metal valve manufacturer, today announced that the Company's subsidiary Henan Tonghai Fluid Equipment Co., Ltd. received a class AAA credit rating by the China Machinery Enterprise Management Association ("CMEMA") on February 12, 2011. CMEMA is the successor of the former Ministry of China Machinery Industry that supervises and provides guidance to the machinery industry in China. The rating evaluates the Company's product quality and payment history to suppliers, among other factors, and provides a comprehensive quality rating for manufacturing enterprises. The rating is valid for three years starting from the date of issuance and re-evaluated annually. In 2011, CMEMA only granted seven companies an AAA rating in China.
"We highly value the credit rating authorized by CMEMA, as we believe it will enhance our reputation with our customers," said Mr. Jianbao Wang, China Valve's Chief Executive Officer. "CMEMA has cooperated with our company for more than half a century and we look forward to strengthening our relationship with the authority in Beijing. As a leader of China's valve industry, we believe we have a duty and responsibility to develop the industry."
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co., Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., Tai Zhou 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, manufacturing 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 a number of patents. It enjoys significant domestic market share and exports to Asia and Europe. For more information, visit http://www.cvalve.com
Safe Harbor Statements
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 and other regulatory authorities. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. This press release is based upon information available to the public, as well as other information from sources which 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.
For more information, please contact:
China Valves Technology, Inc.
Gang Wei, CFO
CCG Investor Relations
Linda Salo, Account Manager
Crocker Coulson, President
SOURCE China Valves Technology, Inc.