Sutor Technology Group Limited Announces Progress on B2B Internet Trading Platform
CHANGSHU, China, Oct. 3, 2013 /PRNewswire-FirstCall/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), a leading China-based non-state owned manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of downstream applications, today announced that it has made significant progress on developing B2B Internet Trading Platform.
Since the business operations commenced in May 2013, Jinying365.com, the B2B Internet Trading Platform established exclusively for the heavy industries, has been successful in its market penetration in China. After one years' endeavor, the platform now has more than 80,000 registered users, approximately 500,000 products for sale and 500 transactions daily. It has recently added on average approximately 10,000 new users each month.
Ms. Lifang Chen, Chairlady and CEO of Sutor, commented, "We are very pleased that Jinying365.com has achieved tremendous success during its initial growth phase. Because of its carefully designed market position and continuously improved platform functions, not only we increased the number of registered users, but also improved the quality of the users. As of today, a number of globally well-known companies have joined the platform, including AkzoNobel, Minmetals USA, China Minmetals Corporation, Baogang Group and China Railway Group Limited. In the coming days, Sutor will enhance its marketing efforts through a variety of venues to make the platform one of the important drivers for the Company's future growth."
Jinying365.com is an in-house developed electronic commerce trading platform exclusively for the heavy industries and related products and services providers. Its main functions cover six categories including customer information sharing, on-line trading, inventory and logistics, market intelligence, bidding and supply-chain financing. The major products traded on the platform include iron and steel, industrial equipment, electric and electronic devices, processing machinery, hardware parts, auto supplies, mining equipment, and non-ferrous metals.
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended June 30, 2013, and other risks mentioned in our other reports filed with the Securities Exchange Commission ("SEC"). Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For more information, please contact:
Jason Wang, Director of IR
Sutor Technology Group Limited
SOURCE Sutor Technology Group Limited