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Lihua International to File 2010 SAIC Reports in June 2011

2011-06-03 18:44 1674

Reports and SEC Reconciliation to be Made Available on Company Website


DANYANG, China, June 3, 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 the Company expects to file its 2010 reports for its subsidiaries, Lihua Copper and Lihua Electron, to the China State Administration for Industry and Commerce ("SAIC") in June 2011. The Company electronically files its two subsidiaries' annual SAIC reports to a secured SAIC database. As is customary, the secured SAIC database is shared with other tax authorities including the State Administration of Taxation ("SAT"), for annual review and inspection.  

Each of the Company's wholly owned subsidiaries, Lihua Electron and Lihua Copper, makes quarterly estimated SAT tax payments, and finalizes / trues up any additional tax payments (if needed) once the SAT performs its annual tax review and inspection based on PRC-audited financials of each subsidiary, which are a part of the annual SAIC reports.

Once filed, scanned copies of the subsidiaries' 2010 annual SAIC reports, as well as a reconciliation table to the major Income Statement items of the Company's 2010 SEC 10K filing, will be made available to investors on the "Financial Information" page of the Company's investor relations website at http://www.lihuaintl.com/Investor_Relations/Financial_Information.html. Downloadable copies of the Company's 2009 SAIC reports and reconciliation table remain available on this section of Lihua's website.

Lihua also announced that a corporate overview video providing information on the Company's history, present business and outlook for the future has been posted to its homepage at http://www.lihuaintl.com. Additionally, archived video footage and downloadable presentation materials from the Company's May 24, 2011 investor and analyst day are available under the "Events and Presentations" section of Lihua's website at http://www.lihuaintl.com/Investor_Relations/Events_Presentations.html.

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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