SHANGHAI, Nov. 11, 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 that the Company has appointed Mr. Wei Hong Xiao to its Board of Directors and the audit committee effective November 1, 2013.
"On behalf of China Precision Steel, I am very pleased to welcome Mr. Xiao to this appointment as we believe his in-depth experience in China's steel industry and business acumen will help guide the Company through this challenging period and strengthen our competitive position. Additionally, we feel Mr. Xiao will contribute to maintaining a high standard of corporate governance," commented Mr. Hai Sheng Chen, CEO of China Precision Steel. "With the addition of the new independent member to our Board of Directors and the audit committee, we now have a total of five directors, three of whom are independent directors and serve on our audit committee, bringing us in compliance with the NASDAQ independent director and audit committee requirements for continued listing."
Mr. Wei Hong Xiao has served as Professor, Department of Technology, China Iron and Steel Association since 1998. Prior to 1998, he spent over 25 years at the Ministry of Metallurgical Industry in various positions including Engineer, Senior Engineer, Vice Head of Division, Head of Division, Deputy Director and Director. Mr. Xiao holds a Master's Degree in Metal Physics and a Bachelor's Degree in Physics and Chemistry from the Beijing Iron and Steel Institute.
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.
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SOURCE China Precision Steel Inc.