HARBIN, China, May 27, 2011 /PRNewswire-Asia-FirstCall/ -- Harbin Electric, Inc., ("Harbin Electric" or the "Company";Nasdaq: HRBN), a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China, has received telephone calls and emails from a number of investment professionals inquiring about rumors concerning its Chairman and Chief Executive Officer, Mr. Tianfu Yang ("Mr. Yang") and its Chief Financial Officer, Mr. Zedong Xu ("Mr. Xu"), including that Mr. Yang and Mr. Xu have gone missing.
The Company, Mr. Tianfu Yang and Mr. Zedong Xu categorically deny such rumors. The Company is happy to report that the entire management team of the Company including Mr. Yang and Mr. Xu have been and are at work and are fully performing their respective corporate duties.
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is a leading developer and manufacturer of a wide array of electric motors with a focus on innovative, customized, and value-added products. Its major product lines include industrial rotary motors, linear motors, and specialty micro-motors. The Company's products are purchased by a broad range of domestic and international customers, including those involved in the energy industry, factory automation, food processing, packaging, transportation, automobile, medical devices, machinery and tool manufacturing, chemical, petrochemical, as well as in the metallurgical and mining industries. The Company operates four manufacturing facilities in China located in Xi'an, Weihai, Harbin, and Shanghai.
Harbin Electric has built a strong research and development capability by recruiting talent worldwide and through collaboration with top scientific institutions. The Company owns numerous patents in China and has developed award-winning products for its customers. Relying on its own proprietary technology, the Company developed an energy efficient linear motor driven oil pump, the first of its kind in the world, for the largest oil field in China. Its self-developed linear motor propulsion system is powering China's first domestically-made linear-motor-driven metro train. As China continues to grow its industrial base, Harbin Electric aspires to be a leader in the industrialization and technology transformation of the Chinese manufacturing sector. To learn more about Harbin Electric, visit www.harbinelectric.com.
For investor and media inquiries, please contact:
Harbin Electric, Inc.
Executive VP, Finance & Investor Relations
Christensen Investor Relations
SOURCE Harbin Electric, Inc.