DALIAN, China, Dec. 14 /Xinhua-PRNewswire/ -- Fushi International,
Inc., (OTC Bulletin Board: FSIN), a low cost, emerging Chinese manufacturer of
bimetallic wire used in a variety of communication, transmission and other
electrical products, today is providing an update on several key
accomplishments which occurred during November.
During the fourth quarter, management actively engaged in several events
and alliances by working closely with top government officials and
organizations to enhance the Company's position and visibility in the
bimetallic market place. Specifically, Fushi participated in a municipal
government sponsored event which promoted the use of technologically
innovative products, such as bimetallic wire, for various phases of industrial
construction. As a result, the Company secured a full endorsement and
qualification by the local government to supply bimetallic products to new
developments in the Liaoning province. Additionally, Fushi has worked closely
with the 23rd Research Institute of the Ministry of Information, the Optical
and Electronic Cable Association of China, and the WuHan High Voltage Power
Research Institute to further define a national standard for copper clad
aluminum products while further promoting the use of bimetallic wire in the
high voltage power cable and wire industries. It is estimated that annual
demand for bimetallic wire utilized for these applications will equate to over
200,000 tons by 2008, while most of these applications were not serviced by
bimetallic during 2006.
"We are actively forming relationships with key private and public
entities to increase Fushi's participation and share in the growing Chinese
bimetallic domestic market," commented Mr. Li Fu, the Chairman and Chief
Executive Officer of Fushi International. "The Chinese government is motivated
to increase the use of bimetallic wire across multiple end markets as a means
to offset rising commodity prices and valuable commodities. Driven by
continued strong domestic growth, China has been the largest copper consumer
in the world for five consecutive years, topping 3.7 million tons in 2006.
More than 70% of the consumption comes from wire and cable, particularly
serving the power industry. The Optical and Electronic Cable Association of
China estimates that 20% of the current cable and power transmission line
markets served by all copper wire will be replaced by bimetallic in the next
five years, supported by the establishment of appropriate industry standards.
We believe this initiative alone creates a significant growth opportunity for
Fushi. By promoting the use of bimetallic products the government will ensure
that manufactures and builders alike have access to key materials which will
help to sustain continued strong economic growth."
About Fushi International:
Fushi International is engaged, through their indirectly wholly-owned
operating subsidiary Dalian DPI in the manufacturing and sale of bimetallic
composite wire products, principally copper clad aluminum wires ("CCA") and
copper clad aluminum magnesium ("CCA-M"). CCA, which is the company's core
product, combines the conductivity and corrosion resistance of copper with the
light weight and relatively low cost of aluminum. It is a cost effective
substitute for single copper wire in a wide variety of applications such as
coaxial cable for cable television (CATV), signal transmission lines for
telecommunication networks, distribution lines for electricity, wire
components for electronic instruments and devices. For more information on
Fushi, visit their website: http://www.fushiinternational.com/
Safe Harbor Statement:
This press release contains forward-looking statements concerning Fushi
International, Inc.'s business and products. The actual results may differ
materially depending on a number of risk factors including, but not limited
to, the following: general economic and business conditions, development,
shipment, market acceptance, additional competition from existing and new
competitors, changes in technology, and various other factors beyond its
control. All forward-looking statements are expressly qualified in their
entirety by this Cautionary Statement and the risks factors detailed in the
Company's reports filed with the Securities and Exchange Commission. Fushi
International, Inc. undertakes no duty to revise or update any forward-looking
statements to reflect events or circumstances after the date of this release.