Sutor Technology Group Limited Appoints Naijiang (Eric) Zhou as Vice President of Finance

Jan 04, 2010, 16:15 ET from Sutor Technology Group Limited

DONGBANG TOWN, China, Jan. 4 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the leading private manufacturers of fine finished steel products extensively used by steel fabricators for a variety of consumer products, today appointed Naijiang (Eric) Zhou as Vice President of Finance, effective February 1, 2010. In this role, Mr. Zhou's responsibilities will include finance, strategic planning and analysis, investor communications, corporate development, and mergers and acquisitions.

Mr. Zhou has more than fifteen years of financial and industrial experience with U.S. and Chinese companies as an investor, analyst and executive at multinational corporations. He served as Executive Vice President and Chief Financial Officer at Rich Fields Investment Ltd., a private equity investment firm. Before that, he worked as an international research analyst at Roth Capital Partners, a full service U.S. investment banking firm. Before joining Roth Capital, Mr. Zhou worked for seven years as principal financial planner and principal financial analyst at American Electric Power, where he was responsible for strategic planning, financial planning and analysis, and corporate development. Prior to that, he worked for U.S. Global Investors, Inc as senior research analyst and co-manager of mutual fund investments. Mr. Zhou received a Ph.D. and an MBA degree from the University of Texas at Austin, and a B.Sc. in Petroleum Engineering from China Petroleum University. He holds the Chartered Financial Analyst (CFA) designation.

"We are delighted to have Mr. Zhou join our management team as the Vice President of Finance," commented Ms. Lifang Chen, Chief Executive Officer of Sutor. "He has extensive management experience and in-depth knowledge of corporate finance and strategic planning which makes him well qualified to lead our financial operations. Throughout his career, he has demonstrated successful leadership and accomplishments in a variety of corporate functions that our Company seeks to improve. We look forward to working with Mr. Zhou and we believe he is a great asset to the Company as we strive to achieve our future growth objectives."

Commenting on his appointment, Mr. Zhou said, "It is a privilege to join Sutor's management team under Ms. Chen's leadership. The Company has a proven track record of innovative entrepreneurship and social responsibility. Located in one of the most prosperous regions in China, Sutor is strategically positioned to benefit from the rapid growth of the Chinese economy. I'm looking forward to working with other members of the management team and will utilize my industrial and capital market experience to help accelerate corporate development and enhance shareholder value. I'm excited about the tremendous growth potential of the Company."

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 .

Forward-Looking Statements

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 . 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:

    Sutor Technology Group Limited
     Mr. Jason Wang
     Tel: +86-512-5268-0988

    ICR, Inc.
     Mr. Brian M. Prenoveau, CFA
     Tel: +1-203-682-8200

SOURCE Sutor Technology Group Limited