WUXI, China, Jan. 24, 2011 -- 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 sold
35,014 shares of its common stock to Fernando Liu, its newly-elected Chief Financial
Officer, at $3.57 per share for a
total purchase price of $125,000. The
purchase price per share represents the market price on
January 18, 2011, the date the
Company and Mr. Liu agreed upon the purchase by Mr. Liu. The
transaction was approved by the Company's audit committee and board
of directors on January 18, 2011.
Under the audit committee charter, audit committee approval
is required for transactions between the Company and related
parties.
Mr. Liu stated, "I have made this investment in China Wind Systems to reflect my confidence in
the Company and my belief that China Wind Systems is well
positioned for sustainable long-term growth and profitability in
the renewable energy industry."
About China Wind Systems, Inc.
China Wind Systems, Inc. is a profitable, rapidly growing
supplier of precision forged components primarily to the wind
industry in China - the world's
leading wind-power market. The Company also supplies forged and
other components and fabricated products to 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:
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Company Contact:
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Investor Relations
Contact:
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Mr. Fernando Liu
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Mr. Athan Dounis
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Chief Financial
Officer
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China Wind Systems,
Inc.
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CCG Investor
Relations
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Tel: +
86-13761347367
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Tel:
+1-646-213-1916
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Email:
fol@chinawindsystems.com
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Email:
athan.dounis@ccgir.com
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Web: www.chinawindsystems.com
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Web: www.ccgirasia.com
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SOURCE China Wind Systems, Inc.