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HLS Systems International, Ltd.
Announces New Project with Shenzhen Metro Worth $23.8 Million
Oct 15,2007
HLS Systems International, Ltd. (OTCBB: HLSYF,
HLSWF, HLSUF) ("HLS") today announced that it has been awarded a new
project worth $23.8 million to provide subway automation systems as
part of the Line 2 subway expansion in Shenzhen, China. This is in
addition to the previously announced $7.9 million contract HLS
received in July for Shenzhen Metro Line 1. HLS plans to begin work
on Shenzhen Metro Line 2 project in 2008 and expects it will take
approximately two years to complete.
Dr. Wang Changli, HLS' Chief Executive Officer commented, "The PRC
government expects to invest over $62 billion to construct at least
55 new subway or light city rail lines over the next 10 years. Our
expanded role with the Shenzhen Metro is proof that our light rail
automation systems are highly valued by our customers and we
anticipate that this only represents the beginning of an increasing
presence for us in China's burgeoning subway industry."
About HLS Systems
HLS has become one of the leading automation systems providers in
the PRC, developing a number of core technologies and completing
over 4700 projects utilizing a wide array of automation products.
The Company specializes in the research, development, production,
sale and distribution of industrial automation and control systems,
competing effectively with both domestic Chinese companies and
large, multinational participants in the industrial, rail and
nuclear power sectors.
This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward
looking statements are statements that are not historical facts,
including statements relating to the expected growth of HLS. Such
forward-looking statements, based upon the current beliefs and
expectations of HLS' management, are subject to risks and
uncertainties, which could cause actual results to differ from the
forward looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: business conditions in China and in
Southeast Asia; continued compliance with government regulations;
legislation or regulatory environments, requirements or changes
adversely affecting the businesses in which HLS is engaged;
cessation or changes in government incentive programs: potential
trade barriers affecting international expansion; fluctuations in
customer demand; management of rapid growth and transitions to new
markets; intensity of competition from or introduction of new and
superior products by other providers of automation and control
system technology; timing, approval and market acceptance of new
product introductions; general economic conditions; geopolitical
events and regulatory changes, as well as other relevant risks
detailed in HLS' filings with the Securities and Exchange
Commission. The information set forth herein should be read in light
of such risks. HLS does not assume any obligation to update the
information contained in this press release or filings.
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