At 1:45 p.m. on July 31, 2007, Powermax participated in the awarding ceremony of 2006 Shanghai top 100 new high-tech achievement commercialization and top 10 independent innovations, which is organized by Shanghai new high-tech achievement commercialization service center and held at the service center. The Powermax “digital control AC servo driving system” was awarded one of Shanghai top 100 new high-tech achievement commercialization projects; at the same time Powermax ranked one of the top 10 independent innovations, together with other prestigious enterprises such as the largest and modern steel joint enterprise --- Bao Steel Co., Ltd. and Shanghai Panda Machinery (Group) Co., Ltd. etc.

Background information:

1. “Top 100” and “top 10”: since promulgation of Shanghai technology achievement commercialization policies, there has been significant acceleration and new high-tech transfer projects have become a new economic growth point. Under the leadership of the municipal science committee, Shanghai new high-tech achievement commercialization service center assessed the appointed projects and selected some high quality projects with fast commercialization, fast enterprise growth, specific feature of industrial development, and prominent economic and social benefits. On the basis of top 100, ten excellent enterprises are chosen as top 10.

2. Digital control AC servo driving system: developed by Powermax, it adopts world-class power electronic control technology and modularized integrated design, especially for external belt transmitted drive for main-stream domestic sewing machines. It features superb performance, low noise, fast speed, easy operation and optimized functions etc. The system has not only a variety of complicated sewing functions, but also can reduce the cost by 30% -- 40%, which greatly improved the competitiveness of home-made sewing machines on the world market.