DONGBANG TOWN, China, Jan. 20 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the leading private manufacturers of fine finished steel products used by steel fabricators and other applications in China, today announced that Mr. Gerry Pascale, has accepted an appointment to serve as an Independent Director on the Board of Directors, Mr. Gerry Pascale will also serve as Chairman of the Audit Committee, effective January 20, 2010.
"I am very delighted that Mr. Pascale has agreed to join our board. His deep financial knowledge, coupled with his extensive experience in serving and advising foreign-based American listed companies will serve us well. In addition, as we continue to grow, Mr. Pascale will provide the board a new perspective on corporate governance practices, strategic decision making, as well as an understanding of global capital markets," said Lifang Chen, Chairwoman and CEO of Sutor.
"It's an honor to serve as a member of the board for Sutor Technology Group. I have extensive experience working with the Sutor management team, as well as an understanding of their business model and financial statements. I believe that Sutor's leading position in the high-end steel industry and its efforts to focus on innovation-oriented product lines will benefit the company greatly despite the challenges of the low-end steel industry" said Gerry Pascale. "Based on the culture of innovation within the Company, its product mix and its continuous expansion of the sales network I believe Sutor is well positioned to succeed as the global economic recovery and China's impressive growth continue."
Mr. Pascale has extensive experience in financial accounting, financial analysis and planning, marketing research, corporate governance and securities. For the past two and a half years, he has served as President and CEO of SC Financial Group, LLC, where he specializes in advising both US and international clients on valuation, financial modeling and the responsibilities of publicly traded US companies. Previously, he was the Director of Finance at Heritage Management Consultants, Inc. where Mr. Pascale specialized in providing finance and SEC support throughout the entire process of listing on a US exchange. Prior to this, Mr. Pascale was a Director with the Corporate Executive Board, a consulting firm delivering data and tools, practice research and insight to clients. He has also held financial analyst positions with Intel Corporation and Emerson Electric. Mr. Pascale has a Bachelor of Science in Accounting from Virginia Tech and an MBA in finance from the University of Chicago.
About Sutor Technology Group Limited
Sutor (Nasdaq: SUTR) is one of the leading private manufacturers of fine finished steel products used by steel fabricators and other applications in China. Sutor utilizes a variety of processes and technological methodologies to convert steel manufactured by third parties into fine finished steel products, including hot-dipped galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded steel pipe products. To learn more about the Company, please visit http://www.sutorcn.com .
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for our steel finishing fabrication products, our expectations regarding the continued growth of the steel market, as well as all assumptions, expectations, predictions, intentions or beliefs about our relative strength and 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, including developments in the world economy and in our industry, 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, 2009, and other risks mentioned in our other reports filed with the Securities Exchange Commission, or 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: Mr. Jason Wang Sutor Technology Group Limited Tel: +86-512-5268-0988 Web: http://www.sutorcn.com
SOURCE Sutor Technology Group Limited