CHANGSHU, China, June 24, 2015 /PRNewswire/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the leading China-based manufacturers and service providers for fine finished steel products used by a variety of downstream applications, today announced that Beijing Dongpeng Assets Appraisal Firm, a national appraisal company in China, performed a valuation on the patents and other intellectual properties which are owned by the Company's subsidiaries and generated through internal research and development. According to the internationally recognized standard of appraisal, the total value of all the intellectual property is estimated to be over RMB 700 million (approximately US$113 million).
Lifang Chen, Chairwoman and CEO of Sutor commented, "Sutor owns the only research and development center focusing on fine finished steel products and services in Jiangsu Province. Since we have a passion for the fine finished steel industry and are dedicated to meeting our customers' demand of customized products, we value product innovation and development. Based on more than ten years' experience in the fine finished steel industry, we have developed these patents and other intellectual properties, which are our valuable assets. Currently, we own nearly 70 items of intellectual property, including invention patents, utility model patents, design patents and high-tech product certifications."
"Having independently developed key technology that meets market demand gives us competitive edge. Products developed using such intellectual property have laid the foundation to the Company's leading position in market supply chain. We believe the intellectual property can improve profit margins, expand market shares and promote the Company's sustainable development," Ms. Chen concluded.
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and service providers for high-end fine finished steel products and welded steel pipes used by a variety of downstream applications. The Company utilizes a variety of in-house developed processes and technologies to convert steel manufactured by third parties into fine finished steel products, including hot-dip galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded steel pipe products. The Company also provide fee-based steel processing services to customers, including industrial peers. To learn more about the Company, please visit http://www.sutorcn.com/en/index.php.
This press release includes certain statements that are not descriptions of historical facts, but are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, those concerning our expected financial performance, liquidity and strategic and operational plans, our future operating results, our expectations regarding the market for our products, our expectations regarding the steel market, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. 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, 2014, 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.
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Sutor Technology Group Limited
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SOURCE Sutor Technology Group Limited