XI'AN, China, Feb. 4, 2011 /PRNewswire/ -- China Power
Equipment, Inc. ("China Power Equipment" or "the Company", OTC:
CPQQ), the manufacturer of a new generation of energy saving
electric transformers and transformer cores in the People's Republic of China, today
announced that it has dismissed its principal independent
accountant, Acquavella, Chiarelli, Shuster, Berkower & Co., LLP
("ACSB"). The decision to dismiss was approved by the Audit
Committee of the Company's Board of Directors on January 31, 2011.
On January 31, 2011, the Company
engaged Mazars CPA Limited ("Mazars") as its new principal
independent accountants, effective immediately. The decision to
engage Mazars as the Company's principal independent accountants
was approved by the Audit Committee of the Company's Board of
Directors on January 31, 2011. During
the period from January 1, 2009
through December 31, 2010, and
through the date of the Mazars' engagement, the Company did not
consult with Mazars regarding any of the matters or events set
forth in Item 304(a)(2)(i) and (ii) of Regulation S-K.
Mazars is a founding member of Praxity, a global alliance of
independent firms. Praxity ranks among the top 10 of global
accounting organizations in size and global billings.
The decision to change auditors was not the result of any
disagreement between the Company and ACSB on any matter of
accounting practices, financial statement disclosure, or auditing
scope or procedure.
Mr. Yongxing (Henry) Song,
Chairman and Chief Executive Officer of China Power, said, "In our selection process,
which was very thorough and disciplined, we were especially
impressed with Mazars' depth in its due diligence process, its
understanding of our business, and the excellence of its auditing
as an international professional firm. For more than a decade,
Mazars has built a strong presence in China and has a proven
ability to bridge Chinese accounting and regulations with U.S. GAAP
accounting and reporting.
"We look forward to benefiting from Mazars' highly professional
service and international experience. China Power Equipment is
deeply committed to good transparency and the highest standards of
corporate governance. We believe Mazars will provide great auditing
to help us achieve our very high standards."
About Mazars
Mazars is an international, independent, and integrated
organization specializing in audit, accounting, tax, and advisory
services. Mazars is a founding member of Praxity, a global alliance
of independent firms. Praxity ranks among the top 10 of global
accounting organizations in size and global billings. Mazars is one
of the world's largest accounting firms often ranked in the top 5
to 10 largest national audit firms in the countries in which it
operates. It has been established in China for more than a decade
and has many professionals who are expert in Chinese regulations
and accounting and in U.S. Generally Accepted Accounting Principles
and International Financial Reporting Standards. Mazars relies on
the skills of 13,000 professionals in the 61 countries who make up
its integrated partnership in Europe, Africa, the Middle
East, Asia Pacific,
North America, Latin America, and the Caribbean. Mazars also has correspondents and
joint ventures in 21 additional countries. In the Asia-Pacific region, Mazars has 24 offices in
13 countries with more than 2,000 highly skilled and dedicated
professionals, including more than 60 local and international
partners, serving a wide range of clients that include large
international groups and large local companies, as well as
bilateral and multilateral aid agencies. For more information on
Mazars, please visit www.mazars.com.
About China Power Equipment, Inc.
China Power Equipment, Inc., is a U.S. corporation, which
through its wholly-owned subsidiary, An Sen (Xi'an) Power Science & Technology Co.,
Ltd. and its affiliated operating company, Xi'an Amorphous Zhongxi
Co., Ltd., designs, manufactures, and distributes amorphous alloy
transformer cores and amorphous alloy core electricity transformers
in the People's Republic of China.
The company currently manufactures 59 different products, primarily
amorphous alloy cores and amorphous alloy core transformers.
For additional information about China Power Equipment please
visit its website at www.chinapower-equipment.com. For more
information, please contact:
China Power Equipment,
Inc.
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Telephone +1-646-623-6999
in the USA
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Email:
xa-fj@xa-fj.com
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or
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Christensen
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Mr. Tom Myers
(English)
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Mobile +86-139-1141-3520
in Beijing
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tmyers@christensenir.com
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Ms. Kathy Li (English and
Chinese)
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Telephone +1-212-618-1978
in the USA
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kli@christensenir.com
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SOURCE China Power Equipment, Inc.