China Wind Systems (NASDAQ:CWS)

WUXI, China, Jan. 24, 2011 -- -- China Wind Systems, Inc. today announced that the Company sold 35,014 shares of its common stock to Fernando Liu, its newly-elected Chief Financial Officer, at $3.57 per share for a total purchase price of $125,000. The purchase price per share represents the market price on January 18, 2011, the date the Company and Mr. Liu agreed upon the purchase by Mr. Liu. The transaction was approved by the Company's audit committee and board of directors on January 18, 2011.  Under the audit committee charter, audit committee approval is required for transactions between the Company and related parties.