ZHENGZHOU, China, June 16, 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 has signed a strategic cooperation agreement (the "Agreement") with Sinopec International Petroleum Service Corporation ("Sinopec Petroleum Service"). Under the agreement, the Company would supply various valve products for Sinopec Petroleum Service's international projects.
The Agreement is a general cooperation agreement and is valid from June 16, 2011 to June 15, 2013, and can be further extended for another two years by negotiation between two parties. Both parties agreed that they would sign specific contracts for specific projects under the general cooperation framework. Depending on the specific project, Sinopec Petroleum Service would buy all valve products directly from China Valves or act as a sales agent of China Valves through its more than 35 subsidiaries in the world.
"We are very pleased to sign this agreement today. Sinopec is expanding very quickly overseas, which we expect will benefit us as a supplier of valve products," said Jianbao Wang, Chief Executive Officer of China Valves. "This agreement serves as a framework for strategic cooperation between China Valves and a major global player. We hope to partner with more firms like Sinopec in the future."
About Sinopec International Petroleum Service Corporation
Sinopec International Petroleum Service Corporation, a fully-owned subsidiary of Sinopec Group, is engaged in contracting international petroleum projects or other related technical services and is responsible for uniform management, coordination and organization of contracted international projects and technical services, performed by the Sinopec's overseas upstream subsidiaries. The petroleum service teams of Sinopec Group, working in 14 provinces/autonomous regions of China, have over 50 years of experience. It has performed services in 76 basins in China alone.
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou City ZD 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 to the public any forward-looking statements, whether as a result of new information, future events or otherwise. This press release was developed by China Valves, and is intended solely for informational purposes and is not to be construed as an offer or solicitation of an offer to buy or sell the Company's stock. 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.
China Valves Technology, Inc.
Gang Wei, CFO
CCG Investor Relations
Linda Salo, Account Manager
Tel: +1 646-922-0894
Crocker Coulson, President
Tel: +1 646-213-1915
SOURCE China Valves Technology, Inc.