BEIJING, Sept. 24 /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,
today announced that it has entered into a contractual agreement with the
Institute of Railway and Urban Rail Transit of Tongji University, to test its
proprietary subway signaling systems on the pilot line, constructed by Tongji
University.
Under the three-year contract, Hollysys is committed to provide its
proprietary subway signaling products to Tongji University's pilot railway
line, and entitled to conduct test runs of its proprietary subway products,
including signaling systems, on this pilot line. The intended use of the 2.1
km pilot line, built by the Railway and Urban Rail Transit Institute of
Shanghai Tongji University, is to accelerate China's localization of urban
transportation technologies by meeting experimental needs of trial operations
for trains. This pilot line of Tongji University will eventually form a
portion of the 11th line of the Shanghai Subway Network.
Dr. Changli Wang, CEO of Hollysys, commented, "We are very pleased to
cooperate with Tongji University to access its pilot railway line in testing
our proprietary subway signaling systems. Commercial environment testing is a
prerequisite for commercializing our proprietary signaling products. Tongji
Universtiy's utilization of our signaling products for its pilot railway line
is a strong validation of Hollysys' strong brand name and recognition. We hope
this working relationship will result in the further cooperation of
establishing a joint R&D laboratory with Tongji University to co-develop urban
transit-related automation and control technologies. By leveraging Tongji
University's academic resources and infrastructure platform, Hollysys will
continue to make progress in developing and commercializing our proprietary
technologies in the subway sector."
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
nine 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.
About the Institute of Railway and Urban Rail Transit of Tongji University
The Institute of Railway and Urban Rail Transit of Tongji University,
Shanghai, China, is mainly engaged in teaching and researching works in the
field of equipment and facilities of railway transportation such as intercity
rail, metro, LRV, and maglev vehicle, etc. It is committed to develop
innovative, convenient, and environmental-friendly public transportation
systems. The focus areas of the Institute include: vehicle dynamics, vehicle
safety technology, vehicle dependability technology, train breaking technology,
the relationship between wheel & rail, rail track engineering, electric
traction and control technology, train control and fault diagnostic technology,
information transmission and display technology.
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 impact of the Company's
contract signing on the Company's business and operations; 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 Hollysys 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.
Jennifer Zhang
Investor Relations
Tel: +86-10-5898-1386
Email: investors@hollysys.com
Web: http://www.hollysys.com
Serena Wu
Investor Relations
Tel: +1-646-593-8125
Email: serena.wu@hollysys.com
SOURCE Hollysys Automation Technologies, Ltd.