TIANJIN, China, Sept. 3 /PRNewswire-Asia-FirstCall/ -- Shengkai
Innovations, Inc. (Nasdaq: VALV; "Shengkai Innovations" or the "Company"), a
leading ceramic valve manufacturer in the People's Republic of China (the
"PRC"), today announced that it recently attended a key coal-chemical
exhibition in China.
The "2010 China International Exhibition on Coal Processing & Utilization
and Coal Chemicals" took place in late August 2010 with over 100 exhibitors to
showcase their most recent coal chemical technologies and equipment, among
which there are multinational companies such as Shell, Total, GE, Dow Chemical
and Davy. At this event, Shengkai Innovations presented a series of products
with strong resistance to chemical erosion, high temperature and intense
attrition, and long product life span. Currently, metal valves are widely used
in most Chinese domestic coal-chemical companies for use in pipes to transport
coal-derived particles and powders. Metal valves typically feature a shorter
life span and are substantially less cost-effective than their ceramic
counterparts.
Mr. Chen Wang, Chairman and Chief Executive Officer of Shengkai
Innovations, commented, "We are making strides into another important market
where quality standards are rising and demand is growing. The Coal-chemical
market in China is experiencing rapid growth, as China is not only the world's
largest coal consumer, but also one of the most active coal and coal byproduct
producers. Taking advantage of ceramic's anti-chemical-erosion feature, we see
that the potential of our ceramic products in coal chemical industry in China
is just as great as in petrochemical industry. Unlike the ceramic valves used
in the petrochemical industry, where liquid and gas are in direct contact with
the valves, our coal-chemical ceramic valves are specifically designed for
solid state particles and powders, which normally cause high abrasion in
traditional metal valves. We are also excited that our new marketing efforts
to pursue the coal-chemical market segment have begun to pay off as we have
recently signed our first contract for ceramic valves with a coal-chemical
engineering company in China."
About Shengkai Innovations, Inc.
Shengkai Innovations is engaged in the design, manufacture and sale of
ceramic valves, high-tech ceramic materials and the provision of technical
consultation and related services. The Company's industrial valve products are
used by companies in the electric power, petrochemical, metallurgy, and
environmental protection industries as high-performance, more durable
alternatives to traditional metal valves. The Company was founded in 1994 and
is headquartered in Tianjin, the PRC.
The Company is one of the few ceramic valve manufacturers in the world
with research and development, engineering, and production capacity for
structural ceramics and is the only valve manufacturer in China that is able
to produce large-sized ceramic valves with calibers of 6" or more. The
Company's product portfolio includes a broad range of valves that are sold
throughout the PRC, to Europe, North America, United Arab Emirates, and other
countries in the Asia-Pacific region. The Company has over 400 customers, and
is the only ceramic valve supplier qualified to supply SINOPEC. The Company
also became a member of the PetroChina supply network in 2006.
Safe Harbor Statements
Under the Private Securities Litigation Reform Act of 1995: 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 effect of political, economic, and market
conditions and geopolitical events, legislative and regulatory changes, the
Company's ability to expand and upgrade its production capacity, the actions
and initiatives of current and potential competitors, and other factors
detailed from time to time in the Company's filings with the United States
Securities and Exchange Commission and other regulatory authorities. 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 undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
For more information, please contact:
Shengkai Innovations, Inc.
David Ming He
Chief Financial Officer
Phone: +86-22-2858-8899
Email: ir@shengkai.com
Web: http://www.shengkaiinnovations.com
SOURCE Shengkai Innovations, Inc.