VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/09/13 -- China Keli Electric Co., Ltd. (TSX VENTURE: ZKL) ("Keli" or the "Company") is pleased to announce that it has signed a Product Manufacturing and sales license agreement with Siemens Ltd., China.
This agreement involves disclosure of Siemens-owned intellectual property to Zhuhai Keli Electric Co Ltd., the operating subsidiary of Keli, and conveys to Keli the right to manufacture and sell the Siemens-designed SIVACON 8PT switchgear. It acknowledges that Keli is an authorized licensee of Siemens for the LV SIVACON switchboards. The agreement, which will be renewed annually provided Keli complies with the terms, recognizes that Keli has appropriate high quality manufacturing facilities and quality control procedures to comply with the stringent requirements for the manufacture of Siemens-designed electrical equipment. Siemens and Keli have agreed to some production and sales targets, which increase substantially over the first four years of the agreement, and will bring increased revenues to both companies.
"We are proud and honored to be chosen by Siemens, which is so well known for its innovative and high-quality products, and to be authorized for the manufacture of their SIVACON 8PT products," said Lou Meng Cheong, Keli's CEO. "This agreement will increase Keli's market competitiveness in our core business, and help to make a meaningful contribution to revenues and corporate earnings."
"Keli has always focused on quality and innovation," said Madame Wong, Keli's Chairperson, "and we are very pleased to be working with Siemens which has similar product design and manufacturing values."
About China Keli Electric Company Ltd.
China Keli Electric Company Ltd. specializes in the manufacturing of electrical components and equipment, including pre-assembled mini substations, electrical controllers, pressurized and vacuumed switchgear and circuit breakers.
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Keli's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada. All amounts are stated in Canadian dollars unless noted otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
China Keli Electric Company Ltd.
EVP Finance and Corporate Development
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