WUXI, China, Feb. 9, 2011 /PRNewswire-Asia-FirstCall/ -- China Wind Systems, Inc. (Nasdaq: CWS), ("China Wind Systems" or the "Company"), a leading supplier of forged products and industrial equipment to the wind power and other industries in China, today announced that, the Company granted an inducement award of 30,000 shares of common stock to Mr. Fernando Liu, the Company's newly-elected Chief Financial Officer pursuant to his employment agreement dated January 1, 2011. The 30,000 shares are issuable in quarterly installments of 7,500 shares on the first business day of each of January, April, July, and October 2011, provided that Mr. Liu is employed by the Company on those dates.
The inducement grant of 30,000 shares of the Company's common stock was approved by the Compensation Committee of the Board of Directors and does not require stockholder approval under the NASDAQ rules. Any shares issued pursuant to Mr. Liu's employment agreement subsequent the initial 30,000 shares will be issued either pursuant to the 2010 long-term incentive plan, which was approved by the Company's stockholders, or through another plan which is approved by the stockholders.
China Wind Systems is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).
About China Wind Systems, Inc.
China Wind Systems, Inc. is a profitable, rapidly growing supplier of precision forged components primarily to the wind industry in China - the world's leading wind-power market. The Company also supplies forged and other components and fabricated products to other industries. For more information on the Company, visit http://www.chinawindsystems.com. Information on the Company's Web site or any other Web site does not constitute a portion of this release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary and affiliated companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
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SOURCE China Wind Systems, Inc.