BEIJING, June 16, 2015 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-controlled steel producer in China, today announced that its majority-owned joint venture, Tianjin General Shengyuan IoT Technology Co., Ltd. ("General Shengyuan IoT"), has signed a Letter of Intent ("LOI") with Tewoo Group Co., Ltd. ("Tewoo Group"), a Fortune Global 500 company, to deploy RFID-based intelligent steel logistics management at Tewoo Group's seven steel logistic centers in Wuxi City, Jiangsu Province.
Under the terms of the LOI, General Shengyuan IoT will upgrade Tewoo Group's logistic management system and integrate RFID technology, video monitoring, wire and wireless communications, and other information technologies for steel logistics management. It is anticipated that upon the completion of the initial phase for these seven logistic centers, the collaboration may expand to include all of Tewoo Group's more than 100 logistic centers throughout China. Tewoo Group's ultimate goal is to create a unified platform for steel logistics management that allows real-time visibility throughout its nation-wide centers, enabling efficient, accurate, and automated inventory tracking, intelligent stocking, and electronic signing and notification.
Henry Yu, Chairman and Chief Executive Officer of General Steel commented, "We are extremely excited with the prospect of commercializing RFID solutions and internet-of-things platforms into China's large steel sector. This cooperation with one of the industry's premier steel logistic companies demonstrates continued progress in our RFID venture. Leveraging on our deep vertical expertise, we are confident that our RFID solutions will provide our customers with greater visibility and efficiency in their steel logistics and assets management, making possible the collateralization of in-transit steel assets and thereby greatly enhancing working capital and financial flexibility for the entire steel industry."
Michael Au, Chief Executive Officer of General Shengyuan IoT added, "We are glad to sign this LOI with Tewoo Group, highlighting the success of our trial UHF RFID tags at Tewoo Group's logistic centers. We are highly optimistic with the prospects of our unique combination of a UHF RFID tag and a cloud-based platform, and we believe the commercialization of our RFID-based solutions in steel logistic centers will be a catalyst for expansion into other industries' bulk commodity logistics management. We plan to complete the project's system upgrade in the third quarter of 2015, and to subsequently generate recurring revenue streams from RFID tag sales and technical support."
About General Steel Holdings, Inc.
General Steel Holdings, Inc. is a leading non-state-owned steel maker headquartered in Beijing, China. With seven million metric tons of crude steel production capacity under its management and operations in Tianjin municipality and China's Shaanxi and Guangdong provinces, the Company produces a variety of steel products including rebar and high-speed wire.
In addition to its steel business, the Company also designs, manufactures, and integrates radio frequency identification ("RFID") systems. The Company's RFID technology provides real-time data on supplies, inventory, and goods, thereby greatly enhancing its customers' administration and planning processes, as well as, asset tracking and supply chain management.
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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, including those disclosed in the Company's most recent Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission. 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.
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