BEIJING, Sept. 14 /PRNewswire-Asia-FirstCall/ -- Duoyuan
Global Water Inc. (NYSE: DGW) ("Duoyuan" or the "Company"), a
leading China-based domestic water
treatment equipment supplier, today announced that the Company's
Board of Directors has instructed the audit committee of the Board
of Directors to initiate a pre-emptive independent third party
review of the accounting, internal controls and corporate
governance of the Company, as may be necessary, to confirm that the
Company's standards are in accordance with the standards expected
of an NYSE-listed company.
The Board of Directors voted unanimously to take proactive
action following a recent announcement by Duoyuan Printing, Inc.
("Duoyuan Printing"), that may have been perceived to involve the
Company [which is an affiliate of Duoyuan Printing], as
Wenhua Guo (the Company's Chairman
and CEO) is also Duoyuan Printing's Chairman of the Board and its
largest shareholder. While there are presently no known accounting
or corporate governance issues to be reviewed and the Company
consistently has received unqualified audits from Grant Thornton, an international accounting
firm, for four successive years, the Company's Board of Directors
is of the opinion that the appointment of an independent third
party is necessary to ensure the highest level of transparency and
accountability.
As additional material information becomes available, the
Company's Board of Directors intends to provide updates. Investor
inquiries can be directed to the Company's investor relations
department, reachable at (646) 277-1227.
About Duoyuan Global Water Inc.
Duoyuan Global Water Inc. is a leading China-based domestic water treatment equipment
supplier. Duoyuan's product offerings address key steps in the
water treatment process, such as filtration, water softening,
water- sediment separation, aeration, disinfection and reverse
osmosis. Duoyuan offers a comprehensive set of complementary
products across three product categories: water conservation,
including circulating water treatment; water purification; and
water reuse treatment, including wastewater treatment. The Company
has an extensive local distribution network, which provides
proximity to end-user customers and responsiveness to local market
demand. Learn more at http://www.duoyuan-hq.com .
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including certain plans, expectations, goals, and
projections, which are subject to numerous assumptions, risks, and
uncertainties. These forward-looking statements may include, but
are not limited to, statements containing words such as "may,"
"could," "would," "plan," "anticipate," "believe," "estimate,"
"predict," "potential," "expects," "intends" and "future" or
similar expressions. These forward-looking statements speak only as
of the date of this press release and are subject to change at any
time. These forward-looking statements are based upon management's
current expectations and are subject to a number of risks,
uncertainties and contingencies, many of which are beyond the
Company's control that may cause actual results, levels of
activity, performance or achievements to differ materially from any
future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. The
Company's actual results could differ materially from those
contained in the forward-looking statements due to a number of
factors, including those described under the heading "Risk Factors"
in the Company's final prospectus, dated January 27, 2010, filed with the Securities and
Exchange Commission, and in documents subsequently filed by the
Company from time to time with the Securities and Exchange
Commission. The Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE Duoyuan Global Water Inc.
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