WUXI, China, Nov. 8, 2010 /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 conditional purchase contract for approximately
$1.0 million to supply precision
manufactured subassemblies for solar cell manufacturing
equipment.
The purchase contract is conditional upon the successful
inspection and acceptance by the customer of sample units by the
end of December 2010. Upon successful
inspection and acceptance of the initial components, China Wind
Systems has agreed to supply initial production units for the
balance of the contract during first and second quarters of
2011.
"We are excited to announce this new contract and our expansion
in the solar market. We are confident we have the technical
expertise to fulfill our customer's requirements," said Mr.
Jianhua Wu, Chairman and Chief
Executive Officer. "Although the size of this contract is modest,
we believe our relationship with our new customer has the potential
to evolve into significant additional business. Based on our
customer's current estimates and anticipated order flow, if this
initial order proves successful, its potential purchases from China
Wind Systems on annual basis during 2011 could total between
$12 million and $20 million."
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:
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Company Contact:
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Investor Relations
Contact:
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Ms. Teresa Zhang
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Mr. Athan Dounis
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Chief Financial
Officer
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CCG Investor
Relations
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China Wind Systems,
Inc.
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Tel:
+1-646-213-1916
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Tel: +1-877-224-6696
x705
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Email:
athan.dounis@ccgir.com
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Email:
teresa.zhang@chinawindsystems.com
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Web:
http://www.ccgirasia.com
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Web:
http://www.chinawindsystems.com
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SOURCE China Wind Systems, Inc.