BEIJING, Dec. 1 /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 continues to supply its proprietary nuclear
conventional island automation and control products for the Ningde Nuclear
Power Station #1 and #2 reactors, pursuant to a follow-on contract signed with
China Techenergy Co., Ltd. (CTEC), the 50-50 joint venture by Hollysys
Automation Technologies and China Guangdong Nuclear Power Holding Co., Ltd.
(CGNPC). The USD $2 million, or RMB 13.6 million procurement contract is the
second batch in a series of order contracts granted to Hollysys for the Ningde
Nuclear Power Station project.
Dr. Changli Wang, CEO of Hollysys, commented, "We are pleased to commence
supplying the 2nd batch of the Conventional Island automation and control
products for the #1 and #2 reactors of the Ningde Nuclear power station, which
is being built by our nuclear JV partner, China Guangdong Nuclear Power
Holding Co. As China continues to implement the ambitious nuclear build-out
plan with more emphasis on domestic components, we expect to leverage on our
proprietary nuclear automation technology and strategic alliance with China's
largest nuclear operator to further establish Hollysys' leading position in
this area."
The Ningde nuclear power station in Fujian province is designed to have
six one-gigawatt (GW) pressurized water reactors using CGNPC's proprietary
CPR-1000 technology, with the total estimated cost at around USD $13 billion,
or RMB 90 billion.
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.
About China Guangdong Nuclear Power Holding Co., Ltd (CGNPC)
China Guangdong Nuclear Power Holding Co., Ltd (CGNPC) is a state-owned
nuclear power corporation under Assets Supervision and Administration
Commission (SASAC) of the State Council of China. CGNPC was established in
1994 with nuclear power as its core business. With CGNPC as its core
enterprise, China Guangdong Nuclear Power Group (CGNPG) is comprised of more
than twenty wholly-owned or controlling subsidiaries.
About China Techenergy Co., Ltd. (CTEC)
China Techenergy Co., Ltd. (CTEC) is a joint venture co-funded by China
Guangdong Nuclear Power Holding Co., Ltd. (CGNPC) and Beijing Hollysys Co.,
Ltd. (Hollysys) in October, 2005. The company is engaged in engineering design
of digital Instrument &Control systems, system integration, and technical
services for nuclear power plants in China. Since its inception, the company
has been dedicated to assimilating cutting-edge technologies from global
renowned nuclear players through project cooperation and technical exchanges,
and developing its proprietary technologies for the nuclear safety-level
control. CTEC employs over 500 people and has over ten years of professional
experience in nuclear power I&C systems in all nuclear power plants in China
either under construction or already in service.
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.
Web: http://www.hollysys.com
Jennifer Zhang
Investor Relations
Phone: +86-10-5898-1386
Email: investors@hollysys.com
Or
Serena Wu
Investor Relations
Phone: +1-646-593-8125
Email: serena.wu@hollysys.com
SOURCE Hollysys Automation Technologies, Ltd.