SHANGHAI, China, Feb. 26 /Xinhua-PRNewswire/ -- China Precision Steel (the "Company") (Nasdaq: CPSL), a niche precision steel processing company principally engaged in producing and selling high precision cold-rolled steel products, today announced that it was awarded the "High-Tech Enterprise" certification by the Science and Technology Commission of Shanghai Municipality in December, 2007.
"We are pleased to receive this prestigious certification, which indicates our products and services meet the high standards set by the Science and Technology Commission of Shanghai Municipality," commented Dr. Wo Hing Li, China Precision Steel's Chairman and CEO. "The certification provides access to numerous government benefits including certain tax benefits subject to further approval by relevant tax authorities and increases China Precision Steel's visibility in the precision steel industry."
The certification is awarded to high-tech enterprises with technologically-intensive competitive advantages and leading products that utilize advanced corporate management systems. In 2007, 288 companies in various industries were awarded the certification. The certification is valid for one year.
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, high strength (7.5 mm to 0.05 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. However, China Precision Steel is expanding into overseas markets such as Nigeria, Thailand, Indonesia and the Philippines, and intends to expand into Japan, the European Union and the United States in the future.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of 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 the Company's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which the Company is engaged; cyclicality of steel consumption including overcapacity and decline in steel prices, limited availability of raw material and energy may constrain operating levels and reduce profit margins, environmental compliance and remediation could result in increased cost of capital as well as other relevant risks not included herein. The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.
For more information, please contact:
CCG Elite
Crocker Coulson, President /
Leslie Richardson, Financial Writer
Tel: +1-310-231-8600
Email: crocker.coulson@ccgir.com / leslie.richardson@ccgir.com
China Precision Steel
Leada Li, CFO
Email: leadali@biznetvigator.com
