news out !!!!!!!!
Press Release Source: China Valves Technology, Inc. On Tuesday June 14, 2011, 9:08 am EDT
ZHENGZHOU, China, June 14, 2011 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. (NASDAQ:CVVT - News) ("China Valves" or the "Company"), a leading Chinese metal valve manufacturer, today announced that one of the Company's subsidiaries, China Valve Technology (Changsha) Valve Co., Ltd. ("Changsha Valve"), received purchase orders for the Tibet Pangduo Hydro Project (the "Pangduo Project") and South-to-North Water Diversion Project worth several million USD in total. The Company expects to deliver these orders in July 2012 and October 2011, respectively.
The Pangduo Project is the largest water control project under construction in the Tibet Autonomous Region, focusing mainly on irrigation and hydropower generation and costing an estimated RMB 4.69 billion. The construction of the Pangduo Project was launched on July 15, 2009, and is expected to be completed in 2016.
For the South-to-North Water Diversion Project, Changsha Valve expects to provide electronic or manual butterfly valves. The purpose of the South-to-North Water Diversion Project is to improve utilization of water resources in China.
"The Pangduo Project is our first move into the Tibetan market, which is a region with rich water resources, and we expect to continue exploring this large and developing market," said Jianbao Wang, Chief Executive Officer of China Valves. "In addition, the purchase order for the South-to-North Water Diversion Project represented our leading market position in China's hydro market."
