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Sutor Technology Group Limited (Nasdaq: SUTR) ("Sutor" or "the Company"), a leading private manufacturer of fine finished steel products used by steel fabricators and other applications, today announced its product development initiatives for 2010.
Ms. Lifang Chen, Chairperson and CEO of Sutor stated, "As an innovation-oriented enterprise in China's high-end steel industry, we continue our research and development efforts to design and produce the highest quality and most technologically advanced products in our industry. In light of the current market downturn and intensified competition in the low-end steel industry in China, we have been proactively enhancing our research efforts particularly in the areas of new energy and new material. New products from Sutor are the direct result of our growing research and development team that continues to strive for innovative ways to deliver high quality products to our clients.
"In the first half of 2010, we aim to release three new products including CIGS solar cells, zinc- titanium coated steel and hot-dip galvanized Aluminum-magnesium alloy rare earth coated sheet steel. These new products will also benefit from China's government initiatives focusing on energy saving, cost-efficient and environmentally-friendly new building materials."
In the second half of calendar 2009, the Company released three new products including new decorative pre-painted galvanized steel (PPGI) plate, nano-antibacterial PPGI steel sheet and heat insulation PPGI.
-- Decorative PPGI steel plate - With improved printing techniques, Sutor has successfully addressed hurdles to be able to imprint delicate graphics onto PPGI steel sheets. It is now widely used as a decorative material for indoor & outdoor decorations, solar water heaters and household electronics.
-- Nano-antibacterial PPGI steel plate - This new product has excellent antibacterial properties. It applies nanotechnology and the nano-silver antibacterial pharmaceutical developed by Mid-South University. The product is suitable for applications of construction materials, medical devices, slaughtering equipment and household electronics.
-- Heat Insulation PPGI - Heat insulation helps to maintain the temperature difference between the interior and exterior of buildings. The characteristic is welcomed in the building and construction industry in which the demand for energy saving materials is increasing.
Ms. Chen continued, "We believe that our technological advantages are positively benefitting Sutor, which is reflected in the improving business trends experienced in late 2009 and we are excited about the broader range of market opportunities we're exploring.
"Through these new product initiatives, we are confident that our innovation-focused strategy will enable us to compete effectively in a challenging steel environment and maintain our leadership in China's fine finished steel market."
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 release of new products and its anticipated impact on our financial performance, our expected 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 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.
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.
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Mr. Jason Wang
Sutor Technology Group Limited
Mr. Brian M. Prenoveau
CFA ICR, Inc.
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