Zhengzhou, China /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:
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.
SOURCE China Valves Technology, Inc.
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