Business News

Harbin Electric Completes Acquisition of Hengda Electric Motor, a Leading Industrial Rotary Motor Business

2008-07-15 07:00:00

    HARBIN, China, July 15 /Xinhua-EMWNews-FirstCall/ -- Harbin

Electric, Inc., ("Harbin Electric" or the "Company"; Nasdaq: HRBN), a

market leader in customized linear motors, motor/controller automation

systems, automobile specialty micro-motors, and other special motors, today

announced that Harbin Tech Full Electric Co. Ltd., a wholly owned

subsidiary of the Company ('Harbin Tech Full') completed the acquisition of

Weihai Hengda Electric Motor Co. Ltd and Wendeng Second Electric Motor

Factory (together "Hengda Electric Motor"). As of the closing, Harbin Tech

Full has completed the required PRC legal procedures regarding the share

and assets transfer and business registration of Hengda Electric Motor with

respect to the acquisition, as contemplated by the definitive agreement

signed on July 10, 2008.

    "We are extremely pleased to have completed the acquisition of Hengda

Electric Motor," Harbin Electric's Chairman and Chief Executive Officer

Tianfu Yang commented. "We believe that this acquisition marks a strategic

milestone for the Company. Together, by combining our knowledge, talents,

and expertise, we plan to continue to build on our successes to create

better electric motor solutions for our customers and create value for our


    About Harbin Electric, Inc.:

    Harbin Electric, headquartered in Harbin, China, is a market leader in

linear motors, motor/controller automation systems, automobile specialty

micro-motors, and other specialty motors. It is the first and currently, to

our knowledge, the only Chinese company to provide product development and

integrated production tailored to customer applications in this industry.

The Company takes pride in its environmental and social policies, providing

customers with energy efficient products and employees with a

family-friendly working environment, based on competitive compensation and

humane work schedules.

    Harbin Electric emphasizes technology, innovation and creativity in its

award-winning research and development (R&D) efforts. It recruits

professional engineering and operating talent worldwide and through

collaboration with top scientific institutions. Its ISO certified

manufacturing facility is equipped with state-of-the-art production lines

and quality control systems to ensure product quality.

    China's rapidly expanding economy together with its government policy

supporting the industry provides a sizeable market opportunity for Harbin

Electric. To learn more about Harbin Electric, visit .

    Safe Harbor Statement

    The actual results of Harbin Electric, Inc. could differ materially

from those described in this press release. Detailed information regarding

factors that may cause actual results to differ materially from the results

expressed or implied by statements in this press release may be found in

the Company's periodic filings with the U.S. Securities and Exchange

Commission, including the factors described in the section entitled "Risk

Factors" in its annual report on Form 10-KSB for the year ended December

31, 2007. The Company does not undertake any obligation to update

forward-looking statements contained in the press release. This press

release contains forward-looking information about the Company that is

intended to be covered by the safe harbor for forward-looking statements

provided by the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are statements that are not historical facts.

These statements can be identified by the use of forward-looking

terminology such as "believe," "expect," "may," "will," "should,"

"project," "plan," "seek," "intend," or "anticipate" or the negative

thereof or comparable terminology, and include discussions of strategy, and

statements about industry trends and the Company's future performance,

operations and products.

For investor and media inquiries, please contact: In China Harbin Electric, Inc. Tel: +86-451-8611-6757 Email: In the U.S. Christy Shue Harbin Electric, Inc. Executive VP, Finance & Investor Relations Tel: +1-631-312-8612 Email: Kathy Li Christensen Investor Relations Tel: +1-212-618-1987 Email:

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