WUXI, Jiangsu, China, Aug. 25 /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 was awarded a new contract to supply forged rolled rings to Luoyang Xin Qiang Lian Bearing Co., Ltd., a wind power component producer.
Xin Qiang Lian has advised us that its customer base includes leading companies such as Dongfang Turbine Co., Ltd., Guodian United Power Technology Co., Ltd., Xiangtan Electrical and Mingyang Wind Power Group Company Ltd.
Pursuant to the contract, China Wind Systems will supply 2,526 tons of forged rolled rings to Xin Qiang Lian by September 30, 2010 at a selling price of RMB12,000 ($1,765) per ton. The total sales price is to be RMB 30.3 million ($4.5 million).
"We are pleased to enter into a supply contract with Xin Qiang Lian, which further validates our product's high-quality and performance," said Mr. Jianhua Wu, Chairman and CEO of China Wind Systems. "We are excited about the growth prospects for wind power in China and continue to position China Wind Systems as a leading component supplier to the rapidly-growing wind power industry."
About China Wind Systems, Inc.
China Wind Systems supplies precision forged components such as rolled rings, shafts and flanges to the wind power and other industries and industrial equipment primarily to the textile industry in China. With its newly finished state-of-the-art production facility, the Company has increased its production and shipment of high-precision rolled rings and other essential components primarily to the wind power and 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.
For more information, please contact: Company Contact: Ms. Teresa Zhang Chief Financial Officer China Wind Systems, Inc. Tel: +1-877-224-6696 x705 Email: [email protected] Web: http://www.chinawindsystems.com Investor Relations Contact: Mr. Athan Dounis Account Manager CCG Investor Relations Tel: +1-646-213-1916 Email: [email protected] Web: http://www.ccgirasia.com
SOURCE China Wind Systems, Inc.