Date: 2013-07-31

Fuyang Bearing Science & Technology -- Wholly-owned Subsidiary of Luoyang Bearing Science & Technology -- Received Government Subsidies

Recently, Fuyang Bearing Science & Technology, the wholly-owned subsidiary of Fuyang Bearing Science & Bearing Co., Ltd., received "Notice of Provision of R & D Funding to Fuyang Bearing Science & Bearing Co., Ltd" (Secretariat of Development Administration in Fuyang [2012] No. 22) issued by the Management Committee in Fuyang Economic and Technological Development Zone.

According to the notice, the Management Committee in Fuyang Economic and Technological Development Zone will provide Bearing Science & Technology with 20 million yuan as R & D support, respectively for the R & D of low-noise bearings (300 million), precision bearings (600 million), automotive bearings (500 million), and automobile bearing (600 million)t.

As of the date of this announcement, Fuyang Bearing Science & Technology has received the funds.

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