BAODING, Hebei, China, January 3, 2013 /PRNewswire/ -- Orient Paper, Inc. (NYSE MKT: ONP) ("Orient Paper" or the "Company"), a leading manufacturer and distributor of diversified paper products in northern China, today announced the Company has appointed DLA Piper LLP as its legal counsel, replacing Sichenzia Ross Friedman Ference LLP ("Sichenzia Ross"), effective as of January 1, 2013.
"Sichenzia Ross has served us well in the past four years, and we would like to thank them for their services and valuable contribution to the Company," said Mr. Zhenyong Liu, Chairman and Chief Executive Officer of Orient Paper.
"As Orient Paper looks to expand and develop further as a Chinese business and US-listed corporation, we believe a truly global law firm like DLA Piper is a good partner who can understand and address our needs in the U.S. and Asia, and provide the Company with pragmatic and solution-oriented advice, while further strengthening our corporate governance."
"We believe in the future prospects of the paper business in North China, spurred by the increasing urbanization of the region, and opportunities created by government-mandated closure of outdated and polluting paper mills. The Board and Management are committed to executing our business strategy as well as transforming Orient Paper organizationally to manage our future growth effectively, to improve our stock valuation and achieve long term shareholder value," added Mr Liu.
About Orient Paper, Inc.
Orient Paper, Inc. ("Orient Paper") is a leading paper manufacturer in North China. Using recycled paper as its primary raw material, Orient Paper produces and distributes three types of paper products namely, packaging paper (corrugating medium paper), offset printing paper, and other paper products, including digital photo paper and the household/tissue paper that the company is currently expanding into.
With production operations based in Baoding in North China's Hebei Province, Orient Paper is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country.
Orient Paper's production facilities are controlled and operated by its wholly owned subsidiary Shengde Holdings, Inc., which in turn controls and operates Baoding Shengde Paper Co., Ltd. ("Orient Paper Shengde"), and Hebei Baoding Orient Paper Milling Co., Ltd ("Orient Paper HB") for manufacturing digital photo, printing and packaging paper.
Founded in 1996, ONP has been listed on the NYSE MKT Board since December 2009. (Please visit http://www.orientpaperinc.com.)
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, anticipated revenues from the digital photo paper business segment; the actions and initiatives of current and potential competitors; the Company's ability to introduce new products; the Company's ability to implement the planned capacity expansion of corrugate medium paper; market acceptance of new products; general economic and business conditions; the ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.