May 23, 2012
Jinpan International Successfully Develops Large-Scale Cast Resin Dry Type Transformer
Carlstadt, N.J., May 23, 2012 – Jinpan International Ltd (Nasdaq: JST) (the 揅ompany), a leading designer, manufacturer, and distributor of cast resin dry type transformers, today announced that its subsidiary Hainan Jinpan Electric Co. Ltd. successfully developed a 40,000KVA / 35KV cast resin dry type power transformer. The Company has shipped the transformer to the customer抯 site in China抯 Anhui province for installation in a transformer substation that will deliver power to gas liquification systems.
In recent years, utilities in China have favored dry-type over oil-filled transformers due to the dry type transformers- advantages in terms of energy efficiency, safety, and environmental impact. However, due to limitations in insulation and manufacturing technology, only a handful of manufacturers in China are capable of manufacturing large-scale dry-type transformers with capacities exceeding 10,000KVA.
Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented that 揥e believe that Jinpan is the first company in China to successfully develop a 40,000 KVA / 35KV cast resin dry type transformer, which we also believe is one of the largest cast resin dry type transformers in the world. Prior to this transformer, the largest cast resin dry type transformer developed by Chinese manufacturers was 25,000KVA. Jinpan抯 development of a 40,000KVA transformer represents a significant technical break-through in its manufacturing technology. It further demonstrates that Jinpan is a world class manufacturer.
Safe Harbor Provision
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management抯 current expectations and observations and involve known and unknown risks, and uncertainties or other factors not under the Company抯 control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors are listed from time-to-time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 20-F for the period ended December 31, 2011 and our subsequent reports on Form 6-K.
Except as required by law, we are not under any obligation, and expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.