CFO of China Wind Systems, Inc. Interviewed by Bloomberg News

Tag : industrial textile

WUXI, Jiangsu, China , July 29 /Xinhua-PRNewswire-FirstCall/ -- China Wind Systems, Inc. ( CWSI ) ("China Wind Systems" or the "Company"), which through its whollyowned subsidiaries manufactures and sells industrial equipment foruse in the textile and energy-related industries in the People's Republic of China , announced today that its CFO, Adam Wasserman , was interviewed by Bloomberg News about the Company's expandingwind business.
In the Bloomberg interview, which was published July 25 , Wasserman stated that the Company can increase sales by 50 to 100percent annually over the next three years. The new rolled-ringfactory, which should be completed by October 2008 , could boost the Company's sales of forged rolled rings to $40 million in 2009, Wasserman said in the interview. Currently the Companysupplies forged rolled rings of less than five meters in diameterfor use in the wind power and other industries. The new factoryshould be capable of producing larger forged rolled rings of up to6.3 meters in diameter, as well as other essential components ofwind turbines.
"We are way ahead of the competition in terms of being able to makemuch larger pieces," Wasserman stated in the interview. On July 21 the Company forecast that 2008 overall sales would climb to $40 million , a 64 percent increase from 2007.
About China Wind Systems, Inc.
China Wind Systems, through its affiliates, Huayang Dye Machine andHuayang Electrical Power Equipment, manufactures and sellsindustrial equipment for use in the textile and energy relatedindustries in China . Since August 2007 , the Company has shifted its strategy to focus on the growing windenergy industry in China , and has begun to supply high precision rolled rings to companiesin the wind power energy industry.
Safe Harbor Statement
This release contains certain "forward-looking statements" relatingto the business of the Company and its subsidiary companies. Theseforward-looking statements are often identified by the use offorward-looking terminology such as "believes, expects" or similarexpressions. Such forward looking statements involve known andunknown risks and uncertainties that may cause actual results to bematerially different from those described herein as anticipated,believed, estimated or expected. Investors should not place unduereliance on these forward-looking statements, which speak only asof the date of this press release. The Company's actual resultscould differ materially from those anticipated in theseforward-looking statements as a result of a variety of factors,including those discussed in the Company's periodic reports thatare filed with the Securities and Exchange Commission and availableon its website ( www.sec.gov ). All forward-looking statements attributable to the Company or topersons acting on its behalf are expressly qualified in theirentirety by these factors other than as required under thesecurities laws. The Company does not assume a duty to update theseforward-looking statements.
SOURCE China Wind Systems, Inc.