BEIJING, Sept. 28 /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 Audit
Committee of its Board of Directors has engaged Skadden, Arps,
Slate, Meagher & Flom LLP & Affiliates ("Skadden") to
conduct the preemptive third-party review authorized on
September 14, 2010.
The engagement of Skadden's global team of U.S. and China-based counsel is effective immediately.
The team will advise and assist the Audit Committee as part of a
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. While there are presently no known
accounting or corporate governance issues to be reviewed and the
Company consistently has received unqualified audit opinions on its
financial statements from Grant
Thornton, an international accounting firm, for four
successive years, the Company's Board of Directors previously
determined that the appointment of an independent third party is
appropriate to ensure the highest level of transparency and
accountability.
The Company's most recent Annual Report on Form 20-F for fiscal
year 2009 has been filed with the U.S. Securities and Exchange
Commission ("SEC"). The report is available on the Company's
corporate website at http://www.duoyuan-hq.com and on the SEC's
website at www.sec.gov. Requests for hard copies of the Company's
audited consolidated financial statements (free of charge) may be
made by contacting the Company's investor relations department at
(646) 277-1227 in the U.S. and at 86-10-6599-7968 in China.
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.
For more information, please contact:
ICR, LLC
In the U.S.:
Ashley M. Ammon
Phone: +1-646-277-1227
In China:
Wen Lei Zheng
Phone: +86-10-6599-7968
SOURCE Duoyuan Global Water Inc.
Copyright . 28 PR Newswire