ZHENGZHOU, China, Nov. 28, 2011 /PRNewswire-Asia-FirstCall/ --
China Valves Technology, Inc. (NASDAQ: CVVT) ("China Valves" or the
"Company"), a leading Chinese metal valve manufacturer, today
announced that one of its subsidiaries, Henan Kaifeng High Pressure
Valve Co., Ltd. ("Kaifeng Valve"), has received permits for design
and manufacture for nuclear safety devices for civil use from the
National Nuclear Safety Administration of China ("NNSA"). Both permits are valid for
five years. In addition, the Company won two purchase orders from
Sanmen Nuclear Power Station in Zhejiang
Province ("Sanmen NPS") and Haiyang Nuclear Power Station in
Shandong Province ("Haiyang NPS")
for gate valves, check valves and globe valves worth several
million in total. Both NPS adopted the most advanced technology of
AP1000 pressurized water reactor ("PWR").
The permits cover a range of products, including gate valves and
check valves for nuclear power plants and nuclear facilities for
civil use. The permit inspection is executed by the NNSA according
to the "Regulation on Supervision and Management of Nuclear Safety
Devices for Civil Use", including design, manufacture and test of
product sample applied to nuclear power station's safety standard,
functional test and anti-seismic test according to ASME and QME,
and 500 cold life test runs and 1500 thermal life test runs.
Kaifeng Valve passed all the texts at the first attempt. The permit
identification numbers are S(11)15 and Z(11)19.
AP1000 PWR design is the first Generation III+ reactor to
receive final design approval from the U.S. Nuclear Regulatory
Commission, while Sanmen NPS and Haiyang NPS are the first
implementation of the AP1000 PWR in the world.
''These permits represent an additional step in establishing our
position as a qualified supplier to the nuclear safety industry,''
said Mr. Jianbao Wang, Chief Executive Officer of China Valves.
"With the addition of these permits, we are better positioned in
the domestic market in this field. With the most recent two
purchase orders received, we continue our momentum and expect more
revenue from the nuclear industry in the future."
About National Nuclear Safety Administration of
China
Established in 1984, the National Nuclear Safety Administration
is China's independent nuclear
regulatory authority, overseeing civilian nuclear material. It
leads the organizational system for nuclear safety in China, and is responsible for
standards/regulations, construction permits/operating licenses,
monitoring plant operations, and conducting joint research on
nuclear safety with other countries.
The NNSA is responsible for regulating and licensing nuclear
power plants and nuclear facilities for civilian use. Additionally,
the NNSA also:
- Drafts and enacts nuclear safety regulations
- Grants nuclear reactor operator licenses
- Reviews and approves nuclear safety licenses
- Approves licenses granted by the Office of Nuclear Control
(ONC) on nuclear material use for civilian needs
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries,
Zhengzhou City ZD Valve Co, Ltd., Henan Kaifeng High Pressure Valve
Co., Ltd., Taizhou Taide Valve Co., Ltd., Yangzhou Rock Valve Lock
Technology Co., Ltd., China Valve Technology (Changsha) Valve Co., Ltd. and Shanghai Pudong
Hanwei Valve Co., Ltd., is engaged in the 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 through extensive research and
development and owns numerous patents. It enjoys a large domestic
market share and also exports to Asia and Europe. For more information, visit
http://www.cvalve.com.
Safe Harbor Statement
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, the ability to access capital for expansion, 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. 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, except as
required by law. This news 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 news release is based upon information
available to the public, as well as other information from sources
that 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.
China Valves Technology,
Inc.
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Gang Wei,
CFO
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Tel:
+86-371-8601-8777
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E-mail: ir@cvalve.com
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http://www.cvalve.com
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CCG Investor
Relations
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Crocker Coulson,
President
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Tel: +1 646-213-1915
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E-mail: crocker.coulson@ccgir.com
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http://www.ccgirasia.com
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SOURCE China Valves Technology, Inc.