China Armco's subsidiary received AAA grade in credit rating
SAN MATEO, Calif., May 29, 2013 /PRNewswire/ -- China Armco Metals, Inc. (NYSE MKT: CNAM) ("China Armco" or the "Company"), a distributor of imported metal ore and a metal recycler with a state-of-the-art scrap metal recycling facility in China, today announced that Armco (Lianyungang) Renewable Metals, Inc., the Company's wholly owned subsidiary, was rated as AAA grade in credit rating by China Association of Metal Scrap Utilization.
The AAA rating was awarded and announced during the 6th International Symposium on China Metal Recycling. The Symposium was hosted by China Iron and Steel Association and China Association of Metal Scrap Utilization in Chongqing, a city in southwest China, from May 19, 2013 to May 22, 2013. The credit rating was initiated by the Chinese Ministry of Commerce and the Chinese State-owned Assets Supervision and Administration Commission, organized by the China Association of Metal Scrap Utilization, and conducted by an independent rating agency. The credit rating was rated based on various factors, including the Company's basic product quality, operation management capabilities, and social credit. The AAA rating is the highest level in the credit rating system. Mr.Weigang Zhao, director of China Armco and executive vice general manager of Armco (Lianyungang) Renewable Metals, Inc., was also elected as director of the Symposium. Companies and industry associations from worldwide, including China, U.S., Korea, and Japan attended the event and discussed the issues pertaining to Chinese metal recycling developments and policies.
"We are very pleased to receive the AAA rating from the China Association of Metal Scrap Utilization during the Symposium. This recognition is very important to us while we are building our brand in the industry and market which will help us to improve and strengthen our supply chain, customer base and bank credit facilities," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "During the Symposium, based on messages from the officers from China steel industry associations, the industry expects to receive more policy support from the Chinese government with government emphasis on energy saving and environmental protection. We believe that with the support of Chinese government industry guidance and policy support, our recycling business has substantial potential and tremendous opportunity to grow in the long term."
ABOUT CHINA ARMCO METALS, INC.
China Armco Metals, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout China and is in the recycling business in China. China Armco's customers include some of the fastest growing steel producing mills and foundries throughout China. Raw materials are acquired from a global group of suppliers located in various countries, including, but not limited to, Brazil, India, Indonesia, Ukraine and the United States. China Armco's product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore, steel billet and recycled scrap metals. For more information about China Armco, please visit http://www.armcometals.com.
SAFE HARBOR STATEMENT
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Armco Metals, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") are forward-looking and involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations regarding our revenues and production related to our scrap metal recycling operations, pricing and demand for our product lines and the extent of government imposed energy and monetary policy restrictions and resulting blackouts and associated impact on our trading and recycling operations.
We caution that investors should not place undue reliance on any forward-looking statements herein. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. This press release is qualified in its entirety by the following, including, but not limited to, any expectations with respect to the Company's revenues and operations, institution of governmental regulations relating to our businesses and the international economic climate, and the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2012, and our Quarterly Filings on Form 10-Q for the periods ended March 31, 2013.
SOURCE China Armco Metals, Inc.