China Precision Steel Announces Changes to Its Board of Directors
SHANGHAI, May 15, 2013 /PRNewswire/ -- China Precision Steel, Inc. (NASDAQ: CPSL) ("China Precision Steel" or the "Company"), a niche precision steel processing Company principally engaged in producing and selling high precision, cold-rolled steel products, announced today changes to its Board of Directors including the resignation of Mr. David P. Wong and the appointment of Mr. Jian Lin Li as of July 1, 2013.
"We are very pleased to welcome Mr. Li to our Board. Mr. Li brings immense experience in accounting and asset valuation in China as well as a strong knowledge of U.S. GAAP and International Accounting Standards. He has successfully led many projects of different scales covering a diverse range of industries over his career. We look forward to his contribution as China Precision Steel works to turnaround its operations and strengthens its financial position." commented Mr. Hai Sheng Chen, CEO of China Precision Steel. "I would also like to thank Mr. Wong for his years of dedication and contribution to the Company and wish him the very best in his future."
Mr. Li joins China Precision Steel's Board with extensive accounting and asset valuation experience in a variety of industries in China and in-depth knowledge of China's business regulations and he is proficient in U.S. GAAP and International Accounting Standards. Mr. Li is currently a Partner and Director at Jonten Certified Public Accountants ("Jonten"). From October 2002 to August 2006, Mr. Li was the Department Manager at China Enterprise Appraisals Company. Prior to that, Mr. Li was the Project Manager at Shenzhen Huaxin CPA Firm from January 2001 to October 2002. Mr. Li graduated with a Bachelor's degree in Accountancy from Hunan University of Commerce and is also a member of the Expert Advisory Committee for the Ministry of Information Industry, and a member of the Expert Advisory Committee for State-owned Assets Supervision and Administration Commission of Shenzhen.
About China Precision Steel
China Precision Steel is a niche precision steel processing company principally engaged in the production and sale of high precision cold-rolled steel products and provides value added services such as heat treatment and cutting medium and high carbon hot-rolled steel strips. China Precision Steel's high precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-rolled steel products are mainly used in the production of automotive components, food packaging materials, saw blades, steel roofing and textile needles. The Company sells to manufacturers in the People's Republic of China as well as overseas markets such as Nigeria, Ethiopia, Thailand and Indonesia. China Precision Steel was incorporated in 2002 and is headquartered in Sheung Wan, Hong Kong. Additional information can be found at the Company's website http://chinaprecisionsteelinc.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding the significance of Mr. Jian Lin Li's appointment as director and his ability to assist management in the turnaround, build on the momentum of the organization and enhance the Company's market position as a high quality precision steel processing company; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Leslie J. Richardson, Partner
SOURCE China Precision Steel Inc.