WUXI, China, Oct. 19 /PRNewswire-Asia-FirstCall/ -- China Wind
Systems, Inc. (Nasdaq: CWS), ("China Wind Systems" or the
"Company"), a leading supplier of forged products and industrial
equipment to the wind power and other industries in China, today announced that the Company was
awarded a new contract to supply high-speed shafts to Nanjing Chang
Feng New Energy Holdings ("Nanjing Chang Feng"), an electric
generator manufacturer.
As per the sales contract, China Wind Systems will deliver a
total of 1,500 units of high-speed shafts at a pre-determined price
of RMB 13,100 ($1,973) per unit, amounting to total revenue of
approximately $3.0 million. The
Company will deliver the first 500 units by the end of fiscal year
2010 and the remaining 1,000 units in the first half of fiscal year
2011. The high-speed shaft is used to transmit energy from the
gearbox to the generator to produce electricity from wind
turbines.
"Our cooperation with Nanjing Chang Feng further demonstrates
our growing reputation as a high-quality product manufacturer and
preferred wind component supplier in China," said Mr. Jianhua Wu, Chairman and CEO of China Wind
Systems. "We have increasingly observed downstream wind power
players expand their production capacity to meet the growing market
demand for wind power fuelled by China's aggressive renewable energy policy. In
light of our recent sales contract wins and our attractive market
position as a leading wind component supplier, we reaffirm our 2010
financial guidance of revenue to be in the range of $76.5 million to $85.0 million and net income to
be between $15.5 million and $16.3
million. We are also confident that our wind industry
segment will exhibit a 75% year-over-year growth to reach
$35 million in fiscal year 2010."
About Nanjing Chang Feng New Energy Holdings
Nanjing Chang Feng New Energy Holdings is a subsidiary of
Nanjing Turbine & Electric Machinery Group which was founded in
1956 and is engaged in manufacturing electric generators for
various industries. Nanjing Chang
Feng was formed as a subsidiary to focus on production of
electric generators for the wind power industry.
About China Wind Systems, Inc.
China Wind Systems supplies forged rolled rings to the wind
power and other industries and industrial equipment to the textile
industry in China. With its new
state-of-the-art production facility, the Company has increased its
production and shipment of high-precision rolled rings and other
essential components primarily to the wind power and other
industries. For more information on the Company, visit
http://www.chinawindsystems.com . Information on the Company's Web
site or any other Web site does not constitute a portion of this
release.
Safe Harbor Statement
This release contains certain
"forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies. These forward looking statements are often
identified by the use of forward-looking terminology such as
"believes," "expects"
or similar expressions. Such forward looking statements involve
known and unknown risks and uncertainties that may cause actual
results to be materially different from those described herein as
anticipated, believed, estimated or expected. Investors should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The
Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of a variety of factors, including those discussed in the
Company's periodic reports that are filed with the
Securities and Exchange Commission and available on its website
(www.sec.gov). 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 does not assume
a duty to update these forward-looking statements.
For more information, please
contact:
|
|
|
|
Company Contact:
|
|
Ms. Teresa Zhang
|
|
Chief Financial
Officer
|
|
China Wind Systems,
Inc.
|
|
Tel: +1-877-224-6696
x705
|
|
Email:
teresa.zhang@chinawindsystems.com
|
|
Web:
http://www.chinawindsystems.com
|
|
|
|
Investor Relations
Contact:
|
|
Mr. Athan Dounis
|
|
Account Manager
|
|
CCG Investor
Relations
|
|
Tel:
+1-646-213-1916
|
|
Email:
athan.dounis@ccgir.com
|
|
Web:
http://www.ccgirasia.com
|
|
|
SOURCE China Wind Systems, Inc.
Copyright . 19 PR Newswire