Malex Merges, Becomes China Wind Systems

Resource from: CBCC Likes:3067

Dec 28,2007

Malex Merges, Becomes China Wind Systems Malex Inc. (China; OTCBB: MLEX) announced a share exchange with Fulland Ltd. (Caymans), and will change its name to China Wind Systems, Inc. Concurrently, the company placed USD $5.5 million of new debt and warrants at 3%. Malex, about becoming China Wind Systems, "has recently shifted its strategic direction to focus on growth opportunities in the alternative energy industry, primarily on precision components for wind power. The companies provide large, high-precision rolled rings, which are hollow cylindrical sections forged from a stainless steel stock piece with varying thickness and height that are a critical component for large scale windmills. Forged rolled rings are also well suited for use in building aircrafts and other heavy vehicle manufacturing industries. To that effect, the company has entered into contracts with manufacturers such as Luoyang Shengjia Bearing Co., Luoyang Special Large-Size Bearing Co., Luoyang Forged Bearings Co., and Luoyang Xinquianglian Bearing Co." The company only began manufacturing precision rings earlier this year, after building a 108,000 square foot addition to its plant in Wuxi. With the $5.5 million debt placement, "the company intends to significantly enhance its capacity to deliver rolled rings and other high-precision components and systems for windmills." The name change to China Wind Systems was effective on December 18, 2007. A new ticker symbol, replacing MLEX on the OTCBB is expected to be assigned sometime in early 2008.

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