SHANGHAI, China, Jan. 4 /Xinhua-PRNewswire-FirstCall/ -- China Precision
Steel (Nasdaq: CPSL), a niche precision steel processing company principally
engaged in producing and selling high precision cold-rolled steel products,
announced today that it has begun trading on the NASDAQ Stock Market under the
symbol CPSL.
Dr. Wo Hing Li, Chairman and Chief Executive Officer, founded Shanghai
Chengtong Precision Steel, the operating subsidiary of China Precision Steel,
in 2002. On December 28, 2006, Partner Success Holding Limited (PSHL), the
immediate parent of Chengtong, and OraLabs Holding Corporation ("OraLabs")
closed on a share exchange transaction through which PSHL became a wholly-
owned subsidiary of OraLabs, which then changed its name to China Precision
Steel, Inc. (the "Company"). The Company issued an aggregate of 25,363,002
shares of common stock in the share exchange which constituted 94% of its
total issued and outstanding common stock. The Company now has approximately
26,981,916 shares of common stock issued and outstanding. Additional
information can be found in the Company's Form 8-K filed with the SEC on or
about January 4th, 2007, located at the SEC website, http://sec.gov.
"It is an exciting event for China Precision Steel to become a U.S. public
company listed on the NASDAQ stock exchange. This accomplishment demonstrates
the strength of our business and our ability to meet the higher standards
required by NASDAQ," commented Dr. Li.
About China Precision Steel
China Precision Steel is a niche precision steel processing Company
principally engaged in the production and sale of high precision cold-rolled
steel products and provides value added services such as heat treatment and
cutting medium and high carbon hot-rolled steel strips. China Precision Steel
produces high precision ultra-thin (3.0 mm to 0.03 mm) cold rolled steel
products primarily for automotive components, food packaging materials, saw
blades and textile needle manufacturing companies in the People's Republic of
China. China Precision Steel's operation is currently located in The People's
Republic of China. However, China Precision Steel intends to expand overseas
into Japan, Taiwan, Korea, Thailand, the Philippines, the European Union and
the United States in the future.
Forward Looking Safe Harbor Statement:
Under the Private Securities Litigation Reform Act of 1995: Forward-
looking statements are statements that are not historical facts. Such forward-
looking statements are based upon the current beliefs and expectations of
China Precision Steel's management and are subject to risks and uncertainties,
which could cause actual results to differ from the forward-looking
statements. By their nature, forward-looking statements and forecasts involve
risks and uncertainties because they relate to events and depend on
circumstances that will occur in the near future. There are a number of
factors that could cause actual results and developments to differ materially
which may include, but are not limited to, such factors as industry
cyclicality and over capacity, increased price of raw materials, increased
cost related to environmental compliance, regulatory uncertainty, particularly
in The People's Republic of China, ability to compete with international steel
companies, and other information detailed from time to time in the China
Precision Steel filings and future filings with the United States Securities
and Exchange Commission. For a discussion of those risks and uncertainties,
please see the filings with the Securities and Exchange Commission. China
Precision Steel's public filings with the SEC are available from commercial
document retrieval services and at the web site maintained by the SEC at
http://sec.gov.
