TAIYUAN, China, Nov. 13 /Xinhua-PRNewswire-FirstCall/ -- Puda Coal, Inc. (OTC Bulletin Board: PUDC) ("Puda Coal" or "the Company") today announced that its has appointed Deloitte Touche Tohmatsu CPA Ltd. ("DTTC") to assist the Company with their compliance requirements with Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX").
Under the agreement, DTTC will provide internal control consulting services to Puda Coal in respect of its subsidiaries in China, namely, Shanxi Puda Coal Group Co. Ltd., Shanxi Puda Liulin Dongqiang Coal Co., Ltd., Zhongyang Ruichang Coal Co., Ltd. and Liulin Jucai Coal Co., Ltd. assisting Puda Coal with the documentation of internal controls for financial reporting and disclosure and providing recommendations, as appropriate. DTTC will also provide regular updates to Puda Coal's management and Audit committee.
"We look forward to working with DTTC in our efforts to reach compliance with SOX by the end of next year," stated Zhao Ming, Puda Coal's Chairman and Chief Executive Officer. "Both management and the Audit committee are committed to improving our disclosure practices and providing our shareholders with confidence in the quality of our financial reporting and internal control structure."
About Puda Coal, Inc.
Puda Coal, through its subsidiary Shanxi Coal, supplies premium grade coking coal to the steel making industry for use in making coke. The Company currently possesses 3.5 million metric tons of annual coking coal cleaning capacity. Shanxi Province provides 20-25% of China's coal output and supplies nearly 50% of China's coke.
Forward-looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future anticipated financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We do not intend to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
For more information, please contact:
Investor Relations Contact:
Crocker Coulson, President
CCG Elite
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Company Contact:
Wenwei Tian, Director of Investor Relations
Puda Coal, Inc.
Tel: +86-351-228-1302
Email: awtian@yahoo.com
