UCHC Clarifies Recent Change on Auditors Appointment
SHENZHEN, China, July 23, 2012 /PRNewswire-Asia/ -- Uni Core Holdings Corporation (OTC Bulletin Board: UCHC), a Hong Kong based holding company, explained the recent change of Auditors from Albert Wong & Co. to Albert Wong & Co., LLP as filed in the Form 8K report recently by UCHC which was in fact purely a reflection of the rotation of the engagement partner of the Auditors' company. UCHC confirmed to continue their appointment of Albert Wong & Co., LLP as Auditors.
Based on the information from United States Public Company Accounting Oversight Board and Albert Wong & Co., both of the New York city and Hong Kong companies are not only combining resources in marketing efforts and brand name, they are also sharing professional staff, technical support and training materials. In the opinion of the management, both of them provide the same high quality valuable audit services in reasonable lead time. Both Albert Wong & Co., CPA Hong Kong, and Albert Wong & Co., LLP New York city, are well known in their audit experience for US listed companies located in China. Albert Wong & Co. is one of the "Top 25 SEC Practices in China" according to the SEC registrant count statistic provided from the Audit Analytics in 2011 and 2012. Their ranking in the industry is rising from top 20 in 2011 to top 15 in 2012. UCHC appointed Albert Wong & Co. since 2007 and the relationship between both parties has been pleasant and cooperative.
Mr. Thomas Lee, COO of UCHC, is particularly pleased with Albert Wong & Co. because they are a highly regarded professional CPA firm. Whilst many China listed companies and their auditors were being criticized by their shareholders and public investors on the inaccurate and misleading accounting reports, UCHC's financial statements have always been able to reflect the true financial performance and disclosure in accordance with US GAAP, even if there was a short-term loss, rather than showing a misleading profit to window dress the ugly operating results.
About Uni Core Holdings Corporation (UCHC.OB)
Uni Core through its subsidiaries develops, manufactures and distributes environmental friendly paper and agricultural products based upon its proprietary technology and supply chains. The Company was founded in 1998 and is headquartered in Hong Kong.
APT Paper Group, a wholly owned subsidiary, headquartered in Shenzhen, Guangdong, China, was founded in November 1993. UCHC acquired 100% of APT in June 2010. Based upon proprietary technology, production, marketing and global supply chains, APT is one of the leaders of the modern environmentally friendly packing and honeycomb paper products industry in China. APT's products are produced from recycled materials and are recyclable. APT's products include honeycomb paper pallets, honeycomb paper panels, honeycomb paper cartons, honeycomb paper coffins, honeycomb paper cushions, paper slip-sheets, paper corner protectors and corrugated paper products. APT holds patents throughout the world on many of its products. Some of APT's customers include Wal-Mart, Costco, Sam's Club, Sony, Nokia, DHL, Haier, Hisense, among others.
Prosperous Agriculture, 51% of which is owned by UCHC, is headquartered in Xi'an, Shaanxi Province, China. Prosperous Agriculture manufactures and distributes agricultural brands and also establishes a national agricultural resources chain direct sales platform through the opening and acquiring of agricultural resources direct sales outlets and dealers, and by working with well-known manufacturers of agricultural products. Prosperous Agriculture integrated more than 2,000 agricultural resources.
Safe Harbor Statement:
Except for statements of historical fact, this document contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of the Company's products. Such forward-looking statements are based on present circumstances and on the Company's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include the Company's ability to raise capital to engage in operations, general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors that the Company has little or no control. Such forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by the Company with the Securities and Exchange Commission.
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SOURCE Uni Core Holdings Corporation