CARLSTADT, N.J., March 27, 2012 /PRNewswire/ -- Jinpan International Ltd. (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers for voltage distribution equipment, today announced that it has received approximately $11 million in purchase orders for cast resin transformers to support the development of subway systems in Beijing, Nanjing and Zhengzhou, China. This cumulative order total represents three separate orders placed by the local government in each respective city. Jinpan estimates that each of the preceding city subway orders will be shipped in 2012.
Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented, "We are very pleased to have received orders to support the development of three separate subway systems in China. Our ability to secure these new orders demonstrates the ongoing demand for Jinpan's high quality cast transformer products. We continue to support large scale infrastructure projects for subway and train systems in China and continue to actively bid on new subway projects. Our recent efforts to expand our manufacturing capacity continue to pay off, particularly as we experience increased investment in China's infrastructure sector. We project demand will remain strong for the foreseeable future which bodes well for our business in 2012 and beyond."
About Jinpan International Ltd
Jinpan International Ltd. (Nasdaq: JST) designs, manufactures, and markets cast resin transformers for power distribution and wind energy products. Jinpan's cast resin transformers allow high voltage transmissions of electricity to be distributed to various locations in lower, more usable voltages. The Company has obtained ISO9001 and ISO14001 certifications for its cast resin transformers. Its principal executive offices are located in Hainan, China and its U.S. headquarters is based in Carlstadt, New Jersey.
Safe Harbor Provision
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations and involve known and unknown risks, and uncertainties or other factors not under the Company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors are listed from time-to-time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 20-F for the period ended December 31, 2010 and our subsequent reports on Form 6-K.
Except as required by law, we are not under any obligation, and expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Jinpan International