ZHENGZHOU, China, Dec. 8, 2010 /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 has received approval for the localization of ultra-supercritical valves for thermal power plants and also has successfully developed cryogenic valves. The Company's subsidiary Henan Kaifeng High Pressure Valve Co., Ltd. ("Kaifeng Valve") has been recognized by the State Council as a key company for the localization of high-performance valves for thermal power plants. Cryogenic valves have also been developed by the Company's subsidiary Yangzhou Rock Valve Lock Technology Co., Ltd. ("Yangzhou Rock").
Kaifeng Valve possesses unique advantages within its industry, such as ultra-supercritical materials research, the ability to perform structure and stress analysis and key component research, as well as testing technologies. Its ultra-supercritical valves have been used in the Shandong Zouxian ultra-supercritical thermal power plant, which has a capacity of 1000 MW. This application is the first localized use of ultra-supercritical valves in China. Previously, all ultra-supercritical valves for thermal power plants were imported.
Yangzhou Rock is the sole company in China that possesses comprehensive technologies for valve locks, an interlock system, interlock valves and related control systems. It has four patents and strong pricing ability within its industry. Recently, Yangzhou Rock received an order for 931 valve locks. Yangzhou Rock has also successfully developed cryogenic valves, which will be used in chemical equipment for handling ethylene and liquid petroleum gas, at a capacity of over 300,000 tons. The safety of cryogenic valves is crucial when the output medium is ethylene, liquid oxygen, liquid hydrogen, liquid petroleum gas or other liquid petroleum products.
Separately, China Valves appointed Mr. Zhiming Wang as the department head for research and development. Mr. Wang began researching valves in 1965 and served as chief engineer for a large national valve manufacturing company. He founded Shanghai Pudong Hanwei Valve Co., Ltd. in 1992 and successfully developed large-caliber single-slit welded ball valves and 24-way rotary valves. Mr. Wang has already begun researching high-pressure ball valves for use in deep-sea applications at depths of 1,500-2,000 meters, as well as military special valves. The successful development of these products could fill a gap in the domestic market.
"Each of our subsidiaries has unique competitive strengths and is a leader in niche markets," said Mr. Jianbao Wang, Chief Executive Officer of China Valves. "With the localization of ultra-supercritical valves for thermal plants and the successful development of cryogenic valves, China Valves has demonstrated its capabilities, and the management team plans to accelerate the development of other advanced products in the future."
"Research and development is the foundation of our company and provides us with continuous inspiration," said Mr. Siping Fang, China Valve's Chairman. "Our progress demonstrates these strengths. With the support of the government, we expect to leverage our strengths and create sustainable long-term value for our shareholders."
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., Able Delight (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.
SOURCE China Valves Technology, Inc.