SHANGHAI, China, August 27, 2013 /PRNewswire/ --
Dragon Capital Group Corp. (OTC: DRGV), a leading holding
company of emerging high-tech companies in China, announced today that its Shanghai
Yazheng Information Technology Company ("Yazheng") subsidiary has
been selected by the Chinese Central Government as one of the
participants in a national science and technology research project
focusing on the application of safe and large-scale programmable
logic controllers (PLC's). The project is expected to begin in the
fourth quarter of 2013 and last through 2015. The total
estimated R&D cost of the project for the government is
approximately 20 million RMB
($3 million U.S.).
As China continues to
accelerate the process of industrialization and automation, more
and more companies are attempting to expand the scale of
production. Productions facilities with multiple parameters,
high risk and full automation features are being deployed across a
wide array of industries including energy, transportation,
manufacturing, aerospace and chemical production. As a
result, market demand for high-end safety control products is
growing rapidly throughout China.
The current overall PLC market is estimated to be
approximately 6-7 million RMB
annually with the market for large-scale PLC's including
large industrial plant control systems, safety interlock systems,
safety instrumented systems and high-end security control systems
representing about 30% or 2 billion
RMB. This market, which is expected to experience a
better than 10% annual growth rate, has been mainly dominated by
large foreign corporations Projects like this are being
sponsored by the government to foster domestic development of
high-end control systems to enable China based companies to capture a much larger
percentage of this fast growing market. The
participants in this project will be able to utilize technologies
developed through this government assistance to design practical
applications for future commercialization.
Mr. Lawrence Wang, Chairman and
CEO of Dragon Capital Group, stated, "We are very pleased to have
been selected by the Central Government for this project as a
result of our automation work in the utility industry. With
the government essentially subsidizing the R&D efforts of the
participants, we have the unique opportunity to enter large scale
markets in the future. This will also help us add further
functionality to our current monitoring systems as we continue to
deploy and gain market share. We will continue to support
Yazheng in their efforts to build this important business segment
for the future growth of Dragon Capital."
About Dragon Capital Group
Corporation
Dragon Capital Group is doing business in China through its subsidiaries. Dragon was
established to serve as a conduit between Chinese high-growth
companies and Western investors. DRGV functions as an incubator of
high-tech companies in China,
offering support in the critical functions of general business
consulting, formation of joint ventures, access to capital, merger
& acquisition, business valuation, and revenue growth
strategies. DRGV has developed a portfolio of high-tech companies
operating in China. For more
information about DRGV, please visit
http://www.dragoncapital.us
Safe Harbor Statement
Certain statements set forth in this press release constitute
"forward-looking statements." Forward-looking statements include,
without limitation, any statement that may predict, forecast,
indicate, or imply future results, performance or achievements, and
may contain the word expressions of similar meaning. Such
statements are not guarantees of future performance and are subject
to risks and uncertainties that could cause the company's actual
results and financial position to differ materially from those
included within the forward-looking statements. Forward-looking
statements involve risks and uncertainties, including those
relating to the Company's ability to grow its business. Actual
results may differ materially from the results predicted and
reported results should not be considered as an indication of
future performance.
Contact:
Richard Galterio
U.S. Representative
Telephone: (954) 363-7333
Facsimile: (954) 726-2022
Email: info@dragoncapital.us
SOURCE Dragon Capital Group Corp.
