omniture

Lihua International Files 2010 SAIC Reports

2011-07-07 19:02 2831

DANYANG, China, July 7, 2011 /PRNewswire-Asia/ -- Lihua International, Inc. (Nasdaq: LIWA) ("Lihua" or the "Company"), a leading Chinese developer, designer, and manufacturer of low cost, high quality alternatives to pure copper products, including refined copper products and superfine and magnet wire, as well as copper clad aluminum ("CCA") wire, today announced that it has filed with the China State Administration for Industry and Commerce ("SAIC") its 2010 financial reports for its subsidiaries, Lihua Copper and Lihua Electron. The reports and SEC reconciliations are available on the "Financial Information" page of Lihua's Investor Relations website at: www.lihuaintl.com.

The Company filed its reports with the SAIC via a secure, electronic database and has received confirmation of receipt from the SAIC. As is customary, access to this secured database is shared with other tax authorities, including the State Administration of Taxation ("SAT"), for annual review and inspection.

Lihua's SAIC reports were prepared in accordance with Chinese accounting rules and policies, and reflect financial information relating to Lihua Electron and Lihua Copper on an unconsolidated basis. Upon confirmation of receipt from the SAIC, Lihua posted on its website scanned copies of its subsidiaries' 2010 SAIC reports, as well a table reconciling the major Income Statement items of the Company's 2010 annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission on March 14, 2011.

Downloadable copies of the Company's 2010, 2009 and 2008 SAIC reports and reconciliation tables are available on the "Financial Information" page of Lihua's Investor Relations website.

About Lihua International, Inc.

Lihua, through its two wholly-owned subsidiaries, Lihua Electron and Lihua Copper, is a leading value-added manufacturer of copper replacement products for China's rapidly growing copper wire and copper replacement product market. Lihua is one of the first vertically integrated companies in China to develop, design and manufacture lower cost, high quality alternatives to pure copper magnet wire and pure copper alternative products. Lihua's products include CCA and pure copper products. Current product offerings include CCA and copper wire, copper rod and copper anode. Except for CCA wire, all other products are produced from recycled scrap copper. Lihua's products are sold in China either directly to manufacturers or through distributors in the wire and cable industries and manufacturers in a wide variety of industries including the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Lihua's corporate and manufacturing headquarters are located in the heart of China's copper industry in Danyang, Jiangsu Province. For more information, visit: http://www.lihuaintl.com.

To be added to the Company's email distribution for future news releases, please send your request to lihua@tpg-ir.com.

Safe Harbor Statement

This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about its business or growth strategy, general industry conditions including availability of copper or recycled scrap copper, future operating results of the Company, capital expenditures, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements.

Please note that information in this press release reflects management views as of the date of issuance.


Contact

Lihua International, Inc.

Daphne Huang

EVP of Corporate Finance and Director of Investor Relations

(516) 717-9939

Daphne_huang@lihuaintl.com


The Piacente Group, Inc.

Investor Relations

Brandi Floberg or Lee Roth

(212) 481-2050

lihua@tpg-ir.com




Source: Lihua International, Inc.
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