China Valves Obtains Qualified Supplier Certificate from China's Largest Nuclear Power Company
KAIFENG, China, Feb. 1 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. (Nasdaq: CVVT) ("China Valves" or the "Company"), a leading metal valve manufacturer with operations in the People's Republic of China ("China" or the "PRC"), today announced that the Company recently formally obtained a Qualified Supplier certificate from China Nuclear Power Engineering Corporation, Ltd. ("CNPEC").
The certificate authorizes the Company to provide valves for conventional islands of nuclear power plants commissioned by CNPEC, as defined by the Company's Special Equipment Manufacturing License issued by China's State Quality Supervision & Inspection Bureau. In addition, the Company is also qualified to supply valves for Balance of Plant (BOP), the supporting system in a nuclear power plant. Only a few out of several thousands of valve manufacturers have obtained this certification from CNPEC. In order to qualify as a supplier, manufacturers must meet a range of predefined standards, such as having the ability to produce valves for power plants with a generation capacity of at least 300MW.
The Company estimates that approximately 45% of all valves in a typical nuclear power plant are used in the conventional island, while 11% are used in the BOP.
State-owned CNPEC, China's largest company engaged in nuclear power research, development and operation, undertakes and has completed the most nuclear power engineering projects in China. Additionally, CNPEC has generated more than 300 nuclear power related industry standards and has a prominent role in the development and implementation of a plan for the nuclear power industry under China's Eleventh Five-Year Plan.
"This certificate is an indication of confidence in our ability to deliver high-quality valves for demanding applications in the emerging nuclear power industry," said Mr. Siping Fang, Chairman and Chief Executive Officer of China Valves. "China is aiming to become self-sufficient in nuclear power development, and is therefore increasingly relying on high-quality domestic suppliers. China Valves hopes to capitalize on this growing demand by actively developing our product offerings and improving quality."
China Valves is already certified to supply valves used in conventional islands for China's second largest nuclear power development company, Guangdong Nuclear Power Group ("GNPG"). It has yet to obtain the license to manufacture valves used in the core island of nuclear power plants.
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., Tai Zhou Tai De Valve Co., Ltd. and Yangzhou Rock Valve Lock Technology Co., Ltd., is engaged in development, manufacture 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 by extensive research and development and owns a number of patents. It enjoys significant domestic market shares 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, expectations regarding the financial performance of Yangzhou Rock, 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.
For more information, please contact:
China Valves Technology, Inc.
Ray Chen, VP of Investor Relations
Tel: +1-650-281-8375
+86-139-2527-9478
Email: [email protected]
Web: http://www.cvalve.com
CCG Investor Relations
Linda Salo, Senior Financial Writer
Tel: +1-646-922-0894
Email: [email protected]
Crocker Coulson, President
Tel: +1-646-213-1915
Email: [email protected]
Web: http://www.ccgirasia.com
SOURCE China Valves Technology, Inc.
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