CHANGSHU, China, Dec. 24 /PRNewswire-Asia/ -- Sutor Technology Group Limited ("the Company" or "Sutor") (Nasdaq: SUTR), a leading provider of steel finishing fabrication products in China, today announced that its headquarters have relocated to new offices in the World Trade Center in Changshu City, China.
Sutor's new headquarters are located on the 12th floor of the World Trade Center and have more than 1,200 square meters of office space. The World Trade Center is situated at No. 45 North Haiyu Road of Changshu, a newly developed first class central business center in Changshu City. The property is owned by Ms. Lifang Chen, Sutor's CEO and chairwoman. Sutor has entered into a 3-year lease with Ms. Chen at a price that has been determined by the Company's audit committee as a fair market price.
The Company has relocated 60 employees to the new headquarters location from its previous location at No. 8 Huaye Road, DongBang Industrial Park. The newly relocated headquarters staff will be home to several departments including executive management, accounting & finance, sales & purchasing, the pricing center, and investor relations. The new headquarters will provide Sutor with room to continue its growth for the foreseeable future.
Ms. Lifang Chen, Chairwoman and CEO of Sutor, said during the headquarters' grand opening celebration, "Since the establishment of Sutor in 2003, we have been continuously innovating and optimizing our product mix, by doing so, Sutor has achieved impressive growth during the past few years. Together with the support of local government, financial institutions and especially our customers, we look forward to Sutor becoming an international company with a prosperous future. With its sophisticated and distinctive architecture, our new headquarters will provide the best of office environments that are right for Sutor's business status and dynamism."
About Sutor Technology Group Limited
Sutor (Nasdaq: SUTR) is one of the leading private manufacturers of steel finishing fabrication products in China. Sutor utilizes a variety of processes and technological methodologies to convert steel manufactured by the third party into steel finishing fabrication products, including hot-dipped galvanized steel, pre-painted galvanized steel, acid-pickled steel, and cold-rolled steel. To learn more about the Company, please visit http://www.sutorcn.com .
Forward-Looking Statements
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our expected growth, financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for our steel finishing fabrication products, our expectations regarding the continued growth of the steel market, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended June 30, 2008, and other risks mentioned in our other reports filed with the Securities Exchange Commission, or SEC. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
