DANYANG, China, March 29, 2011 /PRNewswire-Asia/ -- Lihua International, Inc. (Nasdaq: LIWA) ("Lihua" or the "Company"), a leading Chinese developer, designer, and manufacturer of low cost, high quality alternatives to pure copper products, including refined copper products and superfine and magnet wire, as well as copper clad aluminum ("CCA") wire, today announced that it has received three local and municipal government awards, in recognition of the Company's innovation, internal controls and operational achievements.
Lihua was awarded "Advanced Science and Technology innovation Enterprises" by The Communist Party of China (CPC), Houxiang Committee and the Local Government of Houxiang, "Best Internal Audit Practice Award" by the Auditing Bureau of Danyang, and "Top Ten Outstanding Leading Industrial Enterprise in Danyang's Ideological Development" by the CPC, Danyang Municipal Committee and Local Government of Danyang.
In conjunction with the "Top Ten Outstanding Leading Industrial Enterprise in Danyang's Ideological Development", Lihua received a grant of RMB500,000 (US $76,000) from Danyang's municipal government.
Lihua received these awards at a February 2011 ceremony hosted by the government of Danyang, celebrating the region's economic improvements and honoring local enterprises for contributions in their respective fields and efforts to drive the region's cultural and economic growth. Lihua was named in these three categories for its leadership in the region's copper industry, its technological and industrial innovation, contributions to the local economy and efforts to develop and promote best practices in internal auditing.
"We are honored to receive these awards from Danyang City and to be recognized as a key contributor to the city's economic growth, a leading innovator in China's copper industry and a top corporate citizen in the region," said Mr. Jianhua Zhu, Chairman and CEO of Lihua. "These awards lend credibility to the significant efforts throughout our organization to drive growth, technological innovation and continuous improvements in our internal controls and processes. Looking ahead, we plan to continue developing our business to meet our internal growth objectives via capacity expansion and technology advancements while driving best-in-class internal processes to advance our leadership position in China's emerging copper industry."
About Lihua International, Inc.
Lihua, through its two wholly-owned subsidiaries, Lihua Electron and Lihua Copper, is a leading value-added manufacturer of copper replacement products for China's rapidly growing copper wire and copper replacement product market. Lihua is one of the first vertically integrated companies in China to develop, design and manufacture lower cost, high quality alternatives to pure copper magnet wire and pure copper alternative products. Lihua's products include CCA and pure copper products. Current product offerings include CCA and copper wire, copper rod and copper anode. Except for CCA wire, all other products are produced from recycled scrap copper. Lihua's products are sold in China either directly to manufacturers or through distributors in the wire and cable industries and manufacturers in a wide variety of industries including the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Lihua's corporate and manufacturing headquarters are located in the heart of China's copper industry in Danyang, Jiangsu Province. For more information, visit: http://www.lihuaintl.com.
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Safe Harbor Statement
This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about its business or growth strategy, general industry conditions including availability of copper or recycled scrap copper, future operating results of the Company, capital expenditures, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements.
Please note that information in this press release reflects management views as of the date of issuance.
SOURCE Lihua International, Inc.