2014

General Steel Files 2012 Annual Report on Form 10-K Company Reports Third, Fourth Quarter and Full Year 2012 Financial Results

Achieves Positive Gross Profits for Full Year 2012

BEIJING, June 18, 2013 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-owned steel producer in China, today announced financial results for the third quarter ended September 30, 2012, fourth quarter of 2012 and full-year ended December 31, 2012. In conjunction with this announcement, the Company has filed the corresponding Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and Annual Report on Form 10-K for year ended 2012 ("2012 Annual Report") with the U.S. Securities & Exchange Commission (the "SEC"). Upon the filing of the 2012 Annual Report, the Company has regained compliance with the New York Stock Exchange's ("NYSE") continued listing standards relating to the filing of its 2012 Annual Report.

"We are pleased to have completed the filing of our 2012 Annual Report, and thereby regaining compliance with the NYSE's continued listing requirement that we file our Annual Report," said Henry Yu, Chairman and Chief Executive Officer of General Steel. "Again, I would like to thank our finance team for their diligent efforts in completing these filings and we look forward to soon updating the investment community on our business strategy and development efforts for 2013 and beyond."

"According to the China Iron and Steel Association, 2012 was the most difficult year in the last decade for China's steel industry.  Due to the economic slowdown and an oversupply of inventory, steel prices declined sharply in 2012, and, as a result, more Chinese steel companies suffered net losses in 2012[1].  Given the challenging macro environment, we strategically focused on optimizing and upgrading our production capability and on strengthening our market competitiveness via our geographic advantages in Western China and through cooperation with the government and state-owned enterprises.  Our efforts helped us achieve positive gross profits and narrow net losses for the year. Looking ahead, we remain focused on further strengthening our geographic advantages in Western China, while forging ahead with upgrading our production capability and improving operating efficiency."

[1] Source: Press release distributed by China Iron and Steel Association on February 1, 2013.

Full Year 2012 Financial Review

  • Revenue decreased 19.6% year-over-year to $2.9 billion, from $3.6 billion in 2011, mainly due to decreased sales volumes as well as a decrease in average selling price of rebar products.
  • Sales volume totaled approximately 5.3 million metric tons, compared with 6.2 million metric tons in 2011.
  • Gross profit totaled $32.1 million, or 1.1% of revenue, compared with gross loss of $(88.2) million, or gross margin of negative (2.5%) in 2011.
  • Operating loss for the year improved to $(73.0) million, compared with an operating loss of $(180.0) million in 2011.
  • Net loss attributable to the Company narrowed to $(152.7) million, or $(2.78) per diluted share based on 54.9 million weighted average shares outstanding, compared with a net loss of $(177.2) million, or $(3.24) per diluted share based on 54.8 million weighted average shares outstanding in 2011.

The decreased net loss in 2012 was primarily attributable to improved gross profit, a decrease in operating loss, offset by an increase of $70.5 million in other expenses as compared to the same period of 2012. The increase in other expenses are mainly due to increased finance expanse, which include an increase of $15.4 million in interest expense on capital lease, and $45.9 million in interest expense on bank borrowings, related parties borrowings, and discounted notes receivables.

Third Quarter 2012 Financial Review

  • Revenue decreased 28.7% year-over-year to $711.4 million, from $998.2 million in the third quarter of 2011.
  • Sales volume totaled approximately 1.4 million metric tons, down from 1.7 million metric tons in the third quarter of 2011.
  • Gross loss was $(13.6) million, or negative (1.9%) of revenue, compared with gross profit of $34.1 million, or 3.4% of revenue in the third quarter of 2011.
  • Operating loss for the quarter was $(36.4) million, compared with an operating income of $9.7 million in the third quarter of 2011.
  • Net loss attributable to the Company was $(41.6) million, or $(0.76) per diluted share based on 54.5 million weighted average shares outstanding, compared with a net loss of $(13.8) million, or $(0.25) per diluted share based on 55.2 million weighted average shares outstanding in the third quarter of 2011.

Fourth Quarter 2012 Financial Review

  • Revenue decreased 8.8% year-over-year to $723.4 million, from $793.5 million in the fourth quarter of 2011.
  • Sales volume totaled approximately 1.4 million metric tons, compared with 1.6 million metric tons in the fourth quarter of 2011.
  • Gross profit totaled $12.0 million, or 1.7% of revenue, compared with gross loss of $(150.7) million, or negative (19.0%) of revenue in the fourth quarter of 2011.
  • Operating loss for the quarter decreased to $(31.5) million, compared with $(176.6) million in the fourth quarter of 2011.
  • Net loss attributable to the Company was $(49.9) million, or $(0.91) per diluted share based on 54.9 million weighted average shares outstanding, compared with a net loss of $(131.5) million, or $(2.38) per diluted share based on 55.4 million weighted average shares outstanding in the fourth quarter of 2011.

Balance Sheet

As of December 31, 2012, the Company had cash and restricted cash of approximately $369.9 million, compared to $518.2 million as of December 31, 2011. The Company had an inventory balance of approximately $212.7 million as of December 31, 2012, compared to $297.7 million as of December 31, 2011. As of December 31, 2012, the Company had total liabilities of approximately $3.1 billion.

About General Steel Holdings, Inc.

General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. The Company has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality with seven million metric tons of crude steel production capacity under management. For more information, please visit www.gshi-steel.com.

To be added to the General Steel email list to receive Company news, or to request a hard copy of the Company's Annual Report on Form 10-K, please send your request to generalsteel@asiabridgegroup.com.

Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs about future events and financial, political and social trends and assumptions it has made based on information currently available to it. The Company cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. These risks and uncertainties are set forth in the Company's filings under the Securities Act of 1933 and the Securities Exchange Act of 1934 under "Risk Factors" and elsewhere, and include: (a) those risks and uncertainties related to general economic conditions in China, including regulatory factors that may affect such economic conditions; (b) whether the Company is able to manage its planned growth efficiently and operate profitable operations, including whether its management will be able to identify, hire, train, retain, motivate and manage required personnel or that management will be able to successfully manage and exploit existing and potential market opportunities; (c) whether the Company is able to generate sufficient revenues or obtain financing to sustain and grow its operations; (d) whether the Company is able to successfully fulfill our primary requirements for cash; and (e) other risks, including those disclosed in the Company's Form 10-K, filed with the SEC.  Forward-looking statements contained herein speak only as of the date of this release. The Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.

Contact Us

General Steel Holdings, Inc.

In China:
Jenny Wang
Tel: +86-10-5775-7691
Email: jenny.wang@gshi-steel.com

In the US:
Joyce Sung
Tel: +1-347-534-1435
Email: joyce.sung@gshi-steel.com

Asia Bridge Capital Limited

Carene Toh
Tel: +1-888-957-3362
Email: generalsteel@asiabridgegroup.com

 

GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands)



December 31,


September 30,


December 31,

ASSETS

2012


2012


2011

CURRENT ASSETS:










Cash

$

46,467


$

83,602


$

120,016


Restricted cash


323,420



436,302



398,216


Notes receivable


145,502



190,507



92,910


Restricted notes receivable


357,900



67,562



584,241


Loans receivable - related parties


69,319



67,159



-


Accounts receivable, net


6,695



7,656



12,601


Accounts receivable - related parties


14,966



28,346



20,593


Other receivables, net


8,407



20,129



22,411


Other receivables - related parties


68,382



65,250



87,679


Inventories


212,671



225,490



297,729


Advances on inventory purchase


79,715



82,060



63,585


Advances on inventory purchase - related
parties


46,416



78,860



20,244


Prepaid expense and other


450



549



531


Prepaid taxes


24,116



20,212



24,189


Short-term investment


2,619



2,889



2,906

TOTAL CURRENT ASSETS


1,407,045



1,376,573



1,747,851










PLANT AND EQUIPMENT, net


1,167,836



1,197,472



1,257,236










OTHER ASSETS:










Advances on equipment purchase


6,499



6,748



10,420


Long-term other receivable


43,008



-



-


Investment in unconsolidated entities


1,166



1,027



12,840


Long-term loan receivable - related party


-



2,000



-


Long-term deferred expense 


1,062



517



631


Intangible assets, net of accumulated

amortization


24,066



24,227



25,143

TOTAL OTHER ASSETS


75,801



34,519



49,034










TOTAL ASSETS

$

2,650,682


$

2,608,564


$

3,054,121










 LIABILITIES AND DEFICIENCY










 CURRENT LIABILITIES:










Short term notes payable

$

983,813


$

867,769


$

1,113,504


Accounts payable


352,052



338,812



413,345


Accounts payable - related parties


177,432



117,662



121,828


Short term loans - bank


147,124



139,752



253,954


Short term loans - others


147,323



212,720



246,657


Short term loans - related parties


79,557



82,069



15,710


Current maturities of long-term loans - related

party


54,885



49,997



-


Other payables and accrued liabilities


54,589



74,640



49,548


Other payable - related parties


73,025



118,585



28,873


Customer deposits


125,890



81,761



90,556


Customer deposits - related parties


21,998



83,518



68,277


Deposit due to sales representatives


33,870



34,987



22,890


Deposit due to sales representatives - related

parties


1,238



1,235



943


Taxes payable


16,674



6,498



11,374


Deferred lease income, current


2,120



2,115



2,099


TOTAL CURRENT LIABILITIES


2,271,590



2,212,120



2,439,558











 NON-CURRENT LIABILITIES:










Long-term loans - related party


38,088



42,741



92,035


Long-term other payable - related party


43,008



-



-


Deferred lease income, noncurrent


75,079



75,418



76,425


 Capital lease obligations


330,099



324,171



306,350


 Profit sharing liability


328,827



322,386



303,233


 TOTAL NON-CURRENT LIABILITIES


815,101



764,716



778,043











TOTAL LIABILITIES


3,086,691



2,976,836



3,217,601













 COMMITMENTS AND CONTINGENCIES





















 DEFICIENCY:










Preferred stock, $0.001 par value, 50,000,000

shares authorized, 3,092,899 shares issued and

outstanding as of December 31, 2012,

September 30, 2012 and December 31, 2011


3



3



3


Common stock, $0.001 par value, 200,000,000

shares authorized, 57,269,838, 57,100,688 and

56,601,988 shares issued, 54,797,532,

54,628,382 and 55,511,010 shares outstanding

as of December 31, 2012, September 30, 2012

and December 31, 2011, respectively


57



57



56


Treasury stock, at cost, 2,472,306, 2,472,306

and 1,090,978 shares as of December 31, 2012,

September 30, 2012 and December 31, 2011


(4,199)



(4,199)



(2,795)


 Paid-in-capital


105,714



105,475



107,940


 Statutory reserves


6,076



6,078



6,388


 Accumulated deficits


(381,782)



(331,842)



(229,083)


 Accumulated other comprehensive income 


10,185



10,008



10,200


TOTAL GENERAL STEEL

HOLDINGS, INC. DEFICIENCY


(263,946)



(214,420)



(107,291)










 NONCONTROLLING INTERESTS


(172,063)



(153,852)



(56,189)


TOTAL DEFICIENCY


(436,009)



(368,272)



(163,480)










TOTAL LIABILITIES AND DEFICIENCY

$

2,650,682


$

2,608,564


$

3,054,121

 

GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

(UNAUDITED)

(In thousands, except per share data)




Three months ended September 30,


Nine months ended September 30,



2012


2011


2012


2011














SALES


$

518,542


$

662,437


$

1,441,325


$

1,978,515

SALES - RELATED PARTIES



192,883



335,724



698,824



791,841

  TOTAL SALES



711,425



998,161



2,140,149



2,770,356














COST OF GOODS SOLD



528,586



639,239



1,426,589



1,930,452

COST OF GOODS SOLD - RELATED

PARTIES



196,435



324,872



693,482



777,465

  TOTAL COST OF GOODS SOLD



725,021



964,111



2,120,071



2,707,917

GROSS PROFIT (LOSS)



(13,596)



34,050



20,078



62,439

SELLING, GENERAL AND 

ADMINISTRATIVE EXPENSES        



22,787



24,309



61,548



65,843














INCOME (LOSS) FROM OPERATIONS



(36,383)



9,741



(41,470)



(3,404)

OTHER INCOME (EXPENSE)













  Interest income



4,337



1,201



13,039



3,080

  Finance/interest expense



(36,615)



(35,081)



(138,929)



(72,317)

  Change in fair value of derivative liabilities



(55)



135



(48)



5,526

  Gain on debt settlement



-



-



-



3,430

  Gain on disposal of equipment



293



689



177



679

  Income from equity investments



44



790



80



4,301

  Foreign currency transaction gain (loss)



(581)



1,271



(1,169)



2,920

  Lease income



528



525



1,588



1,489

  Other non-operating income (expense), net



2,314



(1,047)



3,316



(1,197)

    Other expense, net



(29,735)



(31,517)



(121,946)



(52,089)

LOSS BEFORE PROVISION FOR INCOME

TAXES AND NONCONTROLLING

INTEREST



(66,118)



(21,776)



(163,416)



(55,493)

PROVISION FOR INCOME TAXES













  Current



100



410



510



617

  Deferred



-



144



169



15,384

    Provision for income taxes



100



554



679



16,001

NET LOSS



(66,218)



(22,330)



(164,095)



(71,494)

Less: Net loss attributable to noncontrolling

interest



(24,620)



(8,500)



(61,336)



(25,832)

NET LOSS ATTRIBUTABLE TO GENERAL

STEEL HOLDINGS, INC.


$

(41,598)


$

(13,830)


$

(102,759)


$

(45,662)

NET LOSS


$

(66,218)


$

(22,330)


$

(164,095)


$

(71,494)

OTHER COMPREHENSIVE LOSS













  Foreign currency translation adjustments



(698)



999



(577)



2,399














COMPREHENSIVE LOSS



(66,916)



(21,331)



(164,672)



(69,095)

Less: Comprehensive loss attributable to

noncontrolling interest



(24,888)



(8,247)



(61,721)



(25,517)














COMPREHENSIVE LOSS ATTRIBUTABLE

TO GENERAL STEEL HOLDINGS, INC.


$

(42,028)


$

(13,084)


$

(102,951)


$

(43,578)














WEIGHTED AVERAGE NUMBER OF

SHARES













  Basic and Diluted



54,466



55,166



54,946



54,547

LOSS PER SHARE













  Basic and Diluted


$

(0.76)


$

(0.25)


$

(1.87)


$

(0.84)

 

GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(UNAUDITED)

(In thousands, except per share data)




Three months ended December 31,


Twelve months ended December 31,



2012


2011


2012


2011














SALES


$

525,066


$

473,612


$

1,966,391


$

2,452,127

SALES - RELATED PARTIES



198,378



319,928



897,202



1,111,769

  TOTAL SALES



723,444



793,540



2,863,593



3,563,896














COST OF GOODS SOLD



504,204



588,731



1,930,793



2,519,183

COST OF GOODS SOLD - RELATED

PARTIES



207,199



355,462



900,681



1,132,927

  TOTAL COST OF GOODS SOLD



711,403



944,193



2,831,474



3,652,110

GROSS PROFIT (LOSS)



12,041



(150,653)



32,119



(88,214)

SELLING, GENERAL AND 

ADMINISTRATIVE EXPENSES        



43,529



25,984



105,077



91,827














LOSS FROM OPERATIONS



(31,488)



(176,637)



(72,958)



(180,041)

OTHER INCOME (EXPENSE)













  Interest income



2,020



4,812



15,059



7,892

  Finance/interest expense



(37,313)



(42,632)



(176,242)



(114,949)

  Change in fair value of derivative liabilities



57



37



9



5,563

  Gain on debt settlement



-



-



-



3,430

  Gain (loss) on disposal of equipment



(2,311)



14



(2,134)



693

Government grant



2,253



-



2,253



-

Realized (loss) income from future contracts



-



415



-



415

Income from equity investments



137



1,001



217



5,302

  Foreign currency transaction (loss) gain



(79)



504



(1,248)



3,424

  Lease income



531



519



2,119



2,008

  Other non-operating income (expense), net



(1,533)



(245)



1,783



(1,442)

    Other expense, net



(36,238)



(35,575)



(158,184)



(87,664)

LOSS BEFORE PROVISION FOR INCOME

TAXES AND NONCONTROLLING

INTEREST



(67,726)



(212,212)



(231,142)



(267,705)

PROVISION FOR INCOME TAXES



-



-







  Current



117



(442)



627



175

  Deferred



-



35



169



15,419

    Provision (benefit) for income taxes



117



(407)



796



15,594

NET LOSS



(67,843)



(211,805)



(231,938)



(283,299)

Less: Net loss attributable to noncontrolling

interest



(17,905)



(80,280)



(79,241)



(106,112)

NET LOSS ATTRIBUTABLE TO GENERAL

STEEL HOLDINGS, INC.


$

(49,938)


$

(131,525)


$

(152,697)


$

(177,187)

NET LOSS


$

(67,843)


$

(211,805)


$

(231,938)


$

(283,299)

OTHER COMPREHENSIVE LOSS













  Foreign currency translation adjustments



(167)



(2,986)



(744)



(587)














COMPREHENSIVE LOSS



(68,010)



(214,791)



(232,682)



(283,886)

Less: Comprehensive loss attributable to

noncontrolling interest



(18,249)



(80,395)



(79,970)



(105,912)














COMPREHENSIVE LOSS ATTRIBUTABLE

TO GENERAL STEEL HOLDINGS, INC.


$

(49,761)


$

(134,396)


$

(152,712)


$

(177,974)














WEIGHTED AVERAGE NUMBER OF SHARES













  Basic and Diluted



54,871



55,352



54,867



54,750

LOSS PER SHARE













  Basic and Diluted


$

(0.91)


$

(2.38)


$

(2.78)


$

(3.24)















 

GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011 AND TWELVE MONTHS ENDED DECEMBER 31,

2012 AND 2011

(In thousands)



Nine months ended September 30,


Twelve months ended December 31,


2012


2011


2012


2011

CASH FLOWS FROM OPERATING ACTIVITIES:













Net loss

$

(164,095)


$

(71,494)


$

(231,938)


$

(283,299)


Adjustments to reconcile net loss to cash provided by

(used in) operating activities:














Depreciation, amortization and

depletion


62,538



40,385



83,931



58,331



Impairment of plant and equipment


-



5,412



20,173



5,424



Change in fair value of derivative

liabilities


48



(5,526)



(9)



(5,563)



Gain on debt settlement


-



(3,430)



-



(3,430)



Loss (gain) on disposal of equipment


(177)



(679)



2,134



(693)



Bad debt (recovery) allowance


2,316



127



(157)



3,529



Reservation of mine maintenance fee


3



-



37



-



Stock issued for services and

compensation


679



1,288



918



1,530



Amortization of deferred financing cost

on capital lease


32,363



17,282



43,122



27,704



Income from equity investments


(80)



(3,887)



(217)



(5,302)



Foreign currency transaction (gain) loss


1,169



(2,920)



1,248



(3,424)



Deferred tax assets


169



15,384



169



15,419



Deferred lease income


(1,588)



5,286



(2,119)



4,782


Changes in operating assets and liabilities














Notes receivable


(99,337)



19,497



(53,946)



(41,318)



Accounts receivable


5,429



(18,986)



6,694



4,761



Accounts receivable - related parties


(7,607)



(6,207)



5,835



(16,015)



Other receivables


(5,460)



(8,626)



7,221



(12,638)



Other receivables - related parties


4,784



(50,311)



1,820



(50,562)



Inventories


73,024



35,305



86,635



169,207



Advances on inventory purchases


(23,365)



(81,430)



(18,677)



(37,674)



Advances on inventory purchases -

related parties


(88,412)



(72,402)



(69,573)



(13,608)



Prepaid expense and other


(183)



4,214



(83)



4,753



Long-term deferred expense


119



793



(424)



845



Prepaid taxes


4,168



22,982



320



14,223



Accounts payable


(48,059)



153,604



(35,719)



160,657



Accounts payable - related parties


31,353



31,609



90,833



38,647



Other payables and accrued liabilities


34,286



6,819



14,138



18,076



Other payables - related parties


95,746



(3,827)



49,991



9,845



Customer deposits


(9,490)



53,645



34,410



(46,870)



Customer deposits - related parties


14,740



(2,241)



(46,960)



11,211



Taxes payable


(5,195)



5,501



4,957



4,834




Net cash provided by (used in)

operating activities


(90,114)



87,167



(5,236)



33,382
















CASH FLOWS FROM INVESTING ACTIVITIES:













Restricted cash


(35,094)



13,173



78,826



(190,178)


Loans to related parties


(69,247)



-



(69,299)



-


Cash proceeds from (made to) short term

investment


40



(2,620)



317



(2,858)


Cash proceeds from sales of equipment


19



1,271



337



1,306


Long-term other receivable


-



-



(42,994)



-


Advance on equipment purchase


3,757



-



-



-


Equipment purchase and intangible assets


(19,666)



(54,494)



(27,976)



(110,939)


Effect on cash due to deconsolidating of a

subsidiary


(2,972)



-



(2,975)



-




Net cash used in investing

activities


(123,163)



(42,670)



(63,764)



(302,669)
















CASH FLOWS FINANCING ACTIVITIES:













Payments made for treasury stock acquired


(1,404)



(1,925)



(1,404)



(1,923)


Notes receivable - restricted


521,866



(264,708)



232,218



(329,839)


Borrowings on short term notes payable


1,382,976



859,561



1,923,584



1,655,741


Payments on short term notes payable


(1,637,570)



(800,873)



(2,064,571)



(1,049,680)


Borrowings on short term loans - bank


237,535



446,532



260,611



563,007


Payments on short term loans - bank


(355,008)



(337,038)



(371,241)



(600,294)


Borrowings on short term loan - others


160,554



245,381



184,890



330,037


Payments on short term loans - others


(193,964)



(151,375)



(284,242)



(212,661)


Borrowings on short term loan - related parties


269,362



15,414



356,989



15,450


Payments on short term loans - related parties


(221,134)



(9,912)



(297,718)



(14,817)


Deposits due to sales representatives


11,939



(31,753)



10,743



(30,066)


Deposit due to sales representatives - related parties


285



-



286



464


Borrowings on long term loan - related party


-



13,587



-



14,677


Payments on long term loan - related party


-



-



-



(16,865)


Long-term other payable - related party


-



-



42,994



-




Net cash provided by (used in)

financing activities


175,437



(17,109)



(6,861)



323,231

















EFFECTS OF EXCHANGE RATE CHANGE IN

CASH


1,426



(946)



2,312



801

INCREASE (DECREASE) IN CASH


(36,414)



26,442



(73,549)



54,745

CASH, beginning of period


120,016



65,271



120,016



65,271

CASH, end of period

$

83,602


$

91,713


$

46,467


$

120,016

 

 

 

SOURCE General Steel Holdings, Inc.



RELATED LINKS
http://www.gshi-steel.com

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