BAODING, Hebei, China, Oct. 14 /PRNewswire-Asia-FirstCall/ -- Orient Paper, Inc. (OTC Bulletin Board: OPAI) ("Orient Paper" or the "Company"), which controls and operates Hebei Baoding Orient Paper Milling Co., Ltd. ("HBOP"), a leading manufacturer and distributor of diversified paper products in Hebei, China, today announced that it has engaged BDO Limited, the Hong Kong member firm of the BDO International network, as its new independent auditor on October 7, 2009. BDO Limited will replace Davis Accounting Group P.C.("Davis Accounting Group"), which continues to serve as the Company's auditor until Form 10-Q for the third quarter of 2009 is filed.
The decision to change the Company's independent auditor was recommended, authorized and approved by Orient Paper's board of directors on October 7, 2009. The Company is also committed to appointing a Big 10 accounting firm as its new independent auditor pursuant to one of the provisions of a securities purchase and sale agreement with Xushui District Dongfang Trading Limited Company and a group of securities purchasers led by Barron Partners, LP on June 25, 2009.
"We are pleased to engage BDO Limited as our new independent auditor and look forward to working with them in the future," commented Mr. Zhenyong Liu, Chairman and CEO of Orient Paper. "We fully appreciate the professional services rendered by the audit team of Davis Accounting Group for the past two years. However, we believe our relationship with BDO Limited, a network member of one of the largest public accounting firms in the world, will strengthen Orient Paper's corporate position and further our efforts to upgrade to a major stock exchange. We look forward to building a strong, long-term relationship with them which will benefit our shareholders and increase our visibility in the investment community."
About Orient Paper, Inc.
Orient Paper, Inc., through its wholly owned subsidiaries, Shengde Holdings, Inc. and Baoding Shengde Paper Co., Ltd., controls and operates Hebei Baoding Orient Paper Milling Co., Ltd ("HBOP"). Founded in 1996, HBOP is engaged in the production and distribution of products such as corrugated paper, offset paper, writing paper, and other paper and packaging-related products in China. The Company uses recycled paper as its primary raw material. As one of the largest paper producers in Hebei Province, China, the Company is strategically located in Baoding, a city in close proximity to Beijing where the majority of publishing houses are based. Orient Paper is led by an experienced management team committed to diversifying the Company's product offering and delivering tailored services to its customers. For more information, please visit http://www.orientalpapercorporation.com .
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the availability of funds and working capital to finance its activities; the actions and initiatives of current and potential competitors; the Company's ability to introduce new products; market acceptance of new products; general economic and business conditions; the ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact:
Orient Paper, Inc.
Winston Yen, CFO
Phone: +1-562-818-3817 (Los Angeles)
Email: info@orientalpapercorporation.com
CCG Investor Relations Inc.
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
