BEIJING, February 13, 2015 /PRNewswire/ — Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, announced today that it signed a contract to provide the ground-based high-speed rail signaling system and equipment to Jinhua – Wenzhou high-speed rail line ("Jinwen Line"), valued at RMB 58.46 million or approximately USD $9.35 million with a length of 188.8 km. Jinwen Line is expected to operate by the end of year 2015.
According to the contract, Hollysys will supply the ground-based high-speed rail signaling system and equipment, including Train Control Centers (TCC), Temporary Speed Restriction Servers (TSRS), Line-side Electronic Units (LEU) and other auxiliary equipment, which will work with the on-board signaling equipment ATP (Automatic Train Protection), as the critical control elements in the high-speed railway signaling systems to ensure the safety and reliability of the high-speed railway operation.
Jinwen Line starts from Dongxiao Station (included) to Wenzhou South Station (included) with a designed total length of 188.8 kilometers, including 9 stations along the route. Jinwen Line is an important line connecting Shanghai-Kunming high-speed railway with the eastern coastal railway in Zhejiang Province, which will improve the local rail network and make it more convenient to travel to the northeast and southwest provinces.
Hollysys’ management commented: "We are pleased to win this contract to supply the ground-based signaling equipment to Jinwen Line, which enhances our opportunities to win more such railway line contracts and helps Hollysys to further penetrate southeast railway market. In the future, Hollysys will continue to work closely with the China Railway Corporation and national railway authorities, to leverage its strong R&D capability, effective management, and high-quality products and service, to make more contributions to China’s railway construction and explore the vast rail and subway opportunities both in China and abroad, and to create value for our shareholders."
About Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI)
Hollysys Automation Technologies is a leading provider of automation and control technologies and applications in China that enables its diversified industry and utility customers to improve operating safety, reliability, and efficiency. Founded in 1993, Hollysys has approximately 3,600 employees with nationwide presence in over 60 cities in China, with subsidiaries and offices in Singapore, Malaysia, Dubai, India, and serves over 5,000 customers more than 20,000 projects in the industrial, railway, subway & nuclear industries in China, South-East Asia, and the Middle East. Its proprietary technologies are applied in its industrial automation solution suite including DCS (Distributed Control System), PLC (Programmable Logic Controller), RMIS (Real-time Management Information System), HAMS (HolliAS Asset Management System), OTS (Operator Training System), HolliAS BATCH (Batch Application Package), HolliAS APC Suite (Advanced Process Control Package), SIS (Safety Instrumentation System), high-speed railway signaling system of TCC (Train Control Center), ATP (Automatic Train Protection), Subway Supervisory and Control platform, SCADA (Surveillance Control and Data Acquisition), nuclear power plant automation and control system and other products.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys’ management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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