HARBIN, China, Aug. 5, 2011 /PRNewswire-Asia-FirstCall/ --
Harbin Electric, Inc., ("Harbin Electric" or the "Company";
Nasdaq: HRBN), a leading developer and manufacturer of a wide array
of electric motors in the People's
Republic of China, in response to a rumor in a blog posting,
states that the Company is not and has not been the subject of any
informal or formal SEC investigation.
"Let me make it very clear that the Company is not the subject
of any informal or formal SEC investigation and that it has never
been," said Mr. Tianfu Yang,
Chairman and CEO of the Company. "As we expected, it is becoming
quite clear that people aligned with short-selling interests are
doing everything they can to mislead the market in general, and our
loyal shareholders in particular, to continuously depress our stock
price for the benefit of a few. We condemn this latest attempt to
harm our shareholders and we encourage them to be vigilant when
considering information that may be disseminated about the Company,
including the source of such information," added Chairman Yang.
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is a leading developer and
manufacturer of a wide array of electric motors with a focus on
innovative, customized, and value-added products. Its major product
lines include industrial rotary motors, linear motors, and
specialty micro-motors. The Company's products are purchased by a
broad range of domestic and international customers, including
those involved in the energy industry, factory automation, food
processing, packaging, transportation, automobile, medical devices,
machinery and tool manufacturing, chemical, petrochemical, as well
as in the metallurgical and mining industries. The Company operates
four manufacturing facilities in China located in Xi'an, Weihai, Harbin, and Shanghai.
Harbin Electric has built a strong research and development
capability by recruiting talent worldwide and through collaboration
with top scientific institutions. The Company owns numerous patents
in China and has developed
award-winning products for its customers. Relying on its own
proprietary technology, the Company developed an energy efficient
linear motor driven oil pump, the first of its kind in the world,
for the largest oil field in China. Its self-developed linear motor
propulsion system is powering China's first domestically-made
linear-motor-driven metro train. As China continues to grow its industrial base,
Harbin Electric aspires to be a leader in the industrialization and
technology transformation of the Chinese manufacturing sector. To
learn more about Harbin Electric, visit www.harbinelectric.com.
For investor and media
inquiries, please contact:
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Christy Shue
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Harbin Electric, Inc.
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Executive VP, Finance &
Investor Relations
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Tel:
+1-631-312-8612
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Email:
IR@HarbinElectric.com
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Linda Bergkamp
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Christensen Investor
Relations
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Tel:
+1-480-614-3004
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Email:
lbergkamp@christensenir.com
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SOURCE Harbin Electric, Inc.