MY Reiterates Commitment to Technology Innovation
- Does Not See Impact From Chinese Government Subsidy Cut
ZHONGSHAN, China, June 8, 2011 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or "the Company") (NYSE: MY), a leading wind turbine manufacturer in China, today reiterated that the Company is committed to continuous innovation, and does not see any impact from a proposed subsidy cut by the Chinese Government. According to news agencies Reuters and Bloomberg, the Chinese Government has now agreed to stop providing a subsidy for Chinese wind turbine generator ("WTG") manufacturers and component suppliers endorsing home-made parts for new products.
Ming Yang does not currently receive any subsidy under the aforementioned Chinese Government subsidy program, and does not expect the subsidy cut to affect the Company's operations.
"Our vertically integrated business model is a key part of our competitive design and cost improvement program," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Together with our tradition of technological innovation in WTG design and manufacturing for both our 1.5MW WTG as well as the ground-breaking 2.5/3.0MW Super Compact Drive ("SCD") WTG, we are confident that we can continue to deliver shareholder value."
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "goal," "strategy" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Ming Yang's control, which may cause Ming Yang's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Ming Yang's filings with the U.S. Securities and Exchange Commission. Ming Yang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading and fast-growing wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines. Ming Yang produces advanced, highly adaptable wind turbines with high energy output and low energy production costs and provides customers with comprehensive post-sales services. Ming Yang cooperates with aerodyn Energiesysteme, one of the world's leading wind turbine design firms based in Germany, to develop wind turbines and share intellectual property rights. Ming Yang's key customers include the five largest state-owned power producers in China, with an aggregate installed capacity accounting for more than 55% of China's newly installed capacity in 2010. For further information, please visit the Company's website: http://ir.mywind.com.cn.
Investor and Media Contacts
China Ming Yang Wind Power Group Limited |
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Calvin Lau |
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T: +86 760 2813 8898 |
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Fleishman-Hillard |
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New York |
Hong Kong |
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Kristen Lewko |
Pamela Leung |
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T: +1 212 453 2212 |
T: +852 2530 0228 |
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SOURCE China Ming Yang Wind Power Group Limited
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