HARBIN, China, Aug. 24, 2011 /PRNewswire-Asia-FirstCall/ --
Harbin Electric, Inc. ("Harbin Electric" or the "Company") (NASDAQ:
HRBN) today responded to allegations made by a blog posting today
(the "Report").
"As I have mentioned before, we fully expected that die-hard
short sellers would continue to try and create opportunities to
make money for themselves to the detriment of the large community
of loyal shareholders of the Company as we get closer to the
expected completion of the pending going private transaction," said
Mr. Yang Tianfu, Chairman and CEO.
"I am happy to reiterate emphatically that we stand by the
accuracy of our filings with the SEC. As disclosed in the Company's
recent filings of the preliminary proxy statement in connection
with the pending going private transaction, the Company was subject
to extensive due diligence conducted by third parties and provided
all requested materials, including its relevant PRC tax
filings.
"At this stage, I believe that our loyal shareholders fully
understand the motivations behind this type of 'research work' and
are clearly focused on their opportunity to finally speak with
their votes and be rewarded accordingly. I am happy to leave it at
that."
The Company reserves the right to bring legal actions against
the author(s) of the Report for their unfounded allegations.
This press release is not a proxy statement or a solicitation of
proxies from the holders of common stock of the Company. Any
solicitation of proxies will be made only by the proxy statement
that will be provided to the Company's stockholders. Investors and
security holders of the Company are urged to read the proxy
material because it contains important information about the
Company and the proposed going private transaction.
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is a leading developer and
manufacturer of a wide array of electric motors with a focus on
innovative, customized, and value-added products. Its major product
lines include industrial rotary motors, linear motors, and
specialty micro-motors. The Company's products are purchased by a
broad range of domestic and international customers, including
those involved in the energy industry, factory automation, food
processing, packaging, transportation, automobile, medical devices,
machinery and tool manufacturing, chemical, petrochemical, as well
as in the metallurgical and mining industries. The Company operates
four manufacturing facilities in China located in Xi'an, Weihai, Harbin, and Shanghai.
Harbin Electric has built a strong research and development
capability by recruiting talent worldwide and through collaboration
with top scientific institutions. The Company owns numerous patents
in China and has developed
award-winning products for its customers. Relying on its own
proprietary technology, the Company developed an energy efficient
linear motor driven oil pump, the first of its kind in the world,
for the largest oil field in China. Its self-developed linear motor
propulsion system is powering China's first domestically-made
linear-motor-driven metro train. As China continues to grow its industrial base,
Harbin Electric aspires to be a leader in the industrialization and
technology transformation of the Chinese manufacturing sector. To
learn more about Harbin Electric, visit www.harbinelectric.com.
For investor and media inquiries, please contact:
Christy Shue
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Harbin Electric, Inc.
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Executive VP, Finance &
Investor Relations
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Tel:
+1-631-312-8612
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Email:
IR@HarbinElectric.com
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Linda Bergkamp
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Christensen Investor
Relations
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Tel:
+1-480-614-3004
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Email: lbergkamp@christensenir.com
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SOURCE Harbin Electric, Inc.