BEIJING, Nov. 19 /PRNewswire-Asia-FirstCall/ -- Hollysys Automation
Technologies Ltd. (Nasdaq: HOLI) ("Hollysys" or the "Company"), a leading
provider of automation and control technologies and applications in China,
announced today that it will supply its high-speed railway on-ground control
product Train Control Centers (TCCs) for the Chengdu-Guanxian (Dujiangyan City)
High-Speed Railway project, pursuant to a contract signed with China Railway
Electrification Bureau Co., Ltd. The contract is valued at RMB 27.7 million,
or approximately USD $4 million. This is Hollysys' follow-on high-speed
railway contract win in China's Southwest region, in addition to the Dacheng
high-speed railway project completed in June, 2009. Under the terms of the
contract, the product delivery will be completed by December, 2009.
Hollysys will supply its high-speed railway on-ground signaling control
product TCCs for the 72 kilometers Chengdu-Guanxian railway line, which is the
first inter-city high-speed railway line built in China. The line is designed
with a traveling speed of 200kph, with 12 railway stations connecting Chengdu,
Pixian County, and Dujiangyan City, in the Sichuan Province of China.
Hollysys' on-ground signaling system TCC is one of the major product offerings
of the Company's product portfolio in the high-speed railway sector, which
works together with the on-board signaling system ATP (Automatic Train
Protection), to ensure the safe and reliable operation of the high-speed
railway traffic.
Dr. Changli Wang, CEO of Hollysys, commented, "We are very pleased to win
the follow-on Chengdu-Guanxian railway contract, subsequent to our previous
contract win in China's southwest region on the Dacheng high-speed railway
line. The new contract win is a solid recognition from China's Chengdu
Railway Bureau, on Hollysys' strong project implementation capabilities and
high-quality TCC products supplied for the previous Dacheng line, for which we
completed all the delivery within two months horizon to accommodate the tight
commissioning schedule. This follow-on project for Hollysys to work with
China's Chengdu Railway Bureau again will further strengthen our presence in
the country's southwest region railway build-out. As China's high-speed
railway network continues to expand, a lot more inter-city transit lines will
be built in the next few years. As one of the leading players in China's
high-speed railway signaling segment, Hollysys will continue to take its fair
share in this booming marketplace, and to further strengthen its leadership
position going forward."
About China Railway Electrification Bureau Co. Ltd.
China Railway Electrification Bureau Co., Ltd. is a wholly owned
subsidiary of China Railway Engineering Group Co. Ltd. (CREC), a state-owned
Chinese conglomerate with a multi-disciplinary group of corporations covering
a broad business scope. Over the past century, CREC has successively taken
part in the construction of more than 100 major railway lines in China, and
has completed the design and construction of thousands of key state projects,
including airports, wharfs, water and electricity facilities, power plants,
and communication and signaling projects. As one of China's major
state-owned backbone enterprises, CREC is also playing a critical role in
China's recent economic development. Subordinated to CREC, the China Railway
Electrification Group Co., Ltd. is mainly engaged in providing electrification
projects for railways, roads, urban facilities and urban mass transit, as well
as construction projects.
About Hollysys Automation Technologies, Ltd.
Hollysys Automation Technologies is a leading provider of automation and
control technologies and applications in China that enables its diversified
industry and utility customers to improve operating safety, reliability, and
efficiency. Founded in 1993, Hollysys has approximately 2,100 employees with
9 sales centers and 13 service centers in 21 cities in China and serves over
1700 customers in the industrial, railway, subway & nuclear industries. Its
proprietary technologies are applied in product lines including Distributed
Control System (DCS) and Programmable Logic Controller (PLC), high-speed
railway Train Control Center (TCC) and Automatic Train Protection (ATP),
subway supervisory and control platform (SCADA), and nuclear conventional
island automation and control products. Hollysys is the largest SCADA systems
supplier to China's subway automation market, and is the only certified
domestic automation control systems provider to the nuclear industry in China.
Hollysys is also one of only five automation control systems and products
providers approved by China's Ministry of Railways in the 200km to 250km
high-speed rail segment, and is one of only two automation control systems and
products providers approved in the 300km to 350km high-speed rail segment.
Safe Harbor
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements, other than
statements of historical fact included herein are "forward-looking
statements," including statements regarding: the significance of the contract
win and the Company's ability to successfully implement the project; the
Company's ability to benefit from market opportunities in the high-speed
railway segment through 2011 as a result of the Chinese government's stimulus
plan; the ability of the Company to achieve its commercial objectives; the
business strategy, plans and objectives of the Company and its subsidiaries;
and any other statements of non-historical information. These forward-looking
statements are often identified by the use of forward-looking terminology such
as "believes," "expects" or similar expressions, involve known and unknown
risks and uncertainties. Such forward-looking statements, based upon the
current beliefs and expectations of HLS' management, are subject to risks and
uncertainties, which could cause actual results to differ from the forward
looking statements. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may prove to be
incorrect. 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 reports that are filed with the
Securities and Exchange Commission and available on its website
( http://www.sec.gov ). All forward-looking statements attributable to the
Company or 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:
Hollysys Automation Technologies, Ltd.
http://www.hollysys.com
Jennifer Zhang
Investor Relations
Tel: +86-10-5898-1386
Email: investors@hollysys.com
Serena Wu
Investor Relations
Tel: +1-646-593-8125
Email: serena.wu@hollysys.com
SOURCE Hollysys Automation Technologies, Ltd.