CHANGSHU, China, April 29 /PRNewswire-Asia/ -- Sutor Technology Group Limited (the "Company", "Sutor") (Nasdaq: SUTR), a leading China-based manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of down-stream applications, today announced that the compensation committee of the board of directors of the Company has approved an employee stock option award.
As part of the Company's 2009 Employee Incentive Plan, the Company's compensation committee has approved the grant of 100,000 stock options, approximately 0.24% of total shares outstanding, to approximate 8 eligible key employees. The Option will vest and become exercisable in three equal installments on each of the first, second and third anniversary of the Vesting Commencement Date which was set as 27 April 2010, the same day as the grant day.
Ms. Lifang Chen, Chairwoman and CEO of Sutor Technology Group Limited stated, "The Option awards are to reward employees' past performance and to encourage their continued contribution to the Company. This action assists to align grantees' interests with other shareholders' and the Company's long term development. The Company will continue to strive for an efficient and productive team by adopting a series of incentive plans in the near future."
About Sutor Technology Group Limited
Sutor (Nasdaq: SUTR) is one of the leading private manufacturers of fine finished steel products used by steel fabricators and other applications in China. Sutor utilizes a variety of processes and technologies to convert steel manufactured by third parties into fine finished steel products, including hot-dipped galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded steel pipe products. The company's diversified lines of products are extensively used for solar energy, household appliances, medical instruments, IT, building & construction, and automobiles. The company benefits directly from the increasing and sustainable demand for its products due to urbanization and industrial upgrading in China. 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 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 our relative strength and 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, including developments in the world economy and in our industry, 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, 2009, 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.
For more information, please contact:
Mr. Jason Wang
Sutor Technology Group Limited
Tel: +86-512-5268-0988
Web: http://www.sutorcn.com
