Shengkai Innovations, Inc. Engages BDO as Independent Auditor

TIANJIN, China, July 1 /PRNewswire-Asia-FirstCall/ -- Shengkai Innovations, Inc. (Nasdaq: VALV; "Shengkai Innovations" or the "Company"), a leading ceramic valve manufacturer with operations in the People's Republic of China (the "PRC"), today announced its Board of Directors has appointed BDO China Li Xin Da Hua CPA Co., Ltd., a BDO Member Firm ("BDO China Li Xin Da Hua"), as its independent registered public accounting firm, replacing Albert Wong & Co.

Mr. Chen Wang, Chairman and Chief Executive Officer of Shengkai Innovations, commented, "After careful consideration by our Board of Directors, we are glad to bring on a world-class accounting firm to review our financials. As we continue to dedicate the resources necessary to support our expansion, we are committed to providing best practice transparency and disclosure. We believe that BDO's track record and resources will provide us with the critical local support and expertise as we continue to grow and generate value for our shareholders in the future."

About Shengkai Innovations, Inc.

Shengkai Innovations is engaged in the design, manufacture and sale of ceramic valves, high-tech ceramic materials and the provision of technical consultation and related services. The Company's industrial valve products are used by companies in the electric power, petrochemical, metallurgy, and environmental protection industries as high-performance, more durable alternatives to traditional metal valves. The Company was founded in 1994 and is headquartered in Tianjin, the PRC.

The Company is one of the few ceramic valve manufacturers in the world with research and development, engineering, and production capacity for structural ceramics and is the only valve manufacturer in China that is able to produce large-sized ceramic valves with calibers of 6" or more. The Company's product portfolio includes a broad range of valves that are sold throughout the PRC, to Europe, North America, United Arab Emirates, and other countries in the Asia-Pacific region. The Company has over 400 customers, and is the only ceramic valve supplier qualified to supply SINOPEC. The Company also became a member of the PetroChina supply network in 2006.

Safe Harbor Statements

Under the Private Securities Litigation Reform Act of 1995: 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 effect of political, economic, and market conditions and geopolitical events, legislative and regulatory changes, the Company's ability to expand and upgrade its production capacity, the actions and initiatives of current and potential competitors, 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. 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 undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For more information, please contact:

     Shengkai Innovations, Inc.
     David Ming He
     Chief Financial Officer
     Tel:   +86-22-2858-8899
     Email: [email protected]

     Web site: http://www.shengkaiinnovations.com

SOURCE Shengkai Innovations, Inc.

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