CWS to supply Nanjing with high-speed shafts

China Wind Systems will supply high-speed shafts to Nanjing Chang Feng, an electric generator manufacturer.

As per the sales contract, China Wind Systems will deliver a total of 1,500 units of high-speed shafts at a pre-determined price of US$1,973 per unit, amounting to total revenue of approximately $3.0 million.

The Company will deliver the first 500 units by the end of fiscal year 2010 and the remaining 1,000 units in the first half of fiscal year 2011. The high-speed shaft is used to transmit energy from the gearbox to the generator to produce electricity from wind turbines.

"Our cooperation with Nanjing Chang Feng further demonstrates our growing reputation as a high-quality product manufacturer and preferred wind component supplier in China," said Mr. Jianhua Wu, Chairman and CEO of China Wind Systems. "We have increasingly observed downstream wind power players expand their production capacity to meet the growing market demand for wind power fuelled by China's aggressive renewable energy policy. In light of our recent sales contract wins and our attractive market position as a leading wind component supplier, we reaffirm our 2010 financial guidance of revenue to be in the range of $76.5 million to $85.0 million and net income to be between $15.5 million and $16.3 million. We are also confident that our wind industry segment will exhibit a 75% year-over-year growth to reach $35 million in fiscal year 2010."