WUXI, China, Feb. 9, 2011 /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 granted an inducement award of 30,000 shares of common
stock to Mr. Fernando Liu, the
Company's newly-elected Chief Financial Officer pursuant to his
employment agreement dated January 1,
2011. The 30,000 shares are issuable in quarterly
installments of 7,500 shares on the first business day of each of
January, April, July, and October
2011, provided that Mr. Liu is employed by the Company on
those dates.
The inducement grant of 30,000 shares of the Company's common
stock was approved by the Compensation Committee of the Board of
Directors and does not require stockholder approval under the
NASDAQ rules. Any shares issued pursuant to Mr. Liu's employment
agreement subsequent the initial 30,000 shares will be issued
either pursuant to the 2010 long-term incentive plan, which was
approved by the Company's stockholders, or through another plan
which is approved by the stockholders.
China Wind Systems is providing this information in accordance
with NASDAQ Listing Rule 5635(c)(4).
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:
|
|
|
|
Company Contact:
Mr. Fernando Liu
Chief Financial
Officer
China Wind Systems,
Inc.
Tel: +
86-13761347367
Email:
fol@chinawindsystems.com
Web:
www.chinawindsystems.com
|
|
|
|
Investor Relations
Contact:
Mr. Athan Dounis
CCG Investor
Relations
Tel:
+1-646-213-1916
Email:
athan.dounis@ccgir.com
Web:
www.ccgirasia.com
|
|
|
SOURCE China Wind Systems, Inc.