China Wind Systems Signs US $2.9M Deal

China Wind Systems Inc., a supplier of rolled rings to the wind power industry in China, has signed a preliminary agreement with Wuxi Lida Gear Manufacturing Co. Ltd., a gear-rim fabricator, to supply rolled rings measuring 3-4.5 meters in diameter.

The agreement with Wuxi Lida stipulates that China Wind Systems will supply 1,350 tons of forged rolled rings for a total purchase price of approximately US $2.9 million starting from the fourth quarter of 2008. Wuxi Lida fabricates the rolled rings into gear rims and in turn sells the gear rims to companies in the wind power industry.

“We expect to sign more contracts with wind power equipment manufacturers as we ramp up our production in October 2008. Thus, we are confident we will meet the newly updated guidance for full year 2008 of US $45 million in revenues and more than US $7 million in net income,” said Jianhua Wu, chairman and CEO of China Wind Systems.
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