DONGBANG TOWN, China, Oct. 17 /Xinhua-PRNewswire-FirstCall/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), a leading provider of steel finishing fabrication products in China, today announced that it has received patent approval for bakeoven renovation in PPGI production line from the State Intellectual Property Office of China.
The patent technology is expected to save energy, increase production capacity, and improve product surface quality. Xun Zhang, the CTO of Sutor, estimates that due to technical renovation of bakeoven, cost from energy consumption may be cut by approximate USD750,000 per year, the Company's PPGI production capacity can be increased by 30,000 Metric Tons per year to 150,000 Metric Tons, and the surface quality of finished products can be improved.
The Company has always been putting emphasis on R&D since its inception. The Company now has five patents approved by the State Intellectual Property Office of China, and two patents applications are pending.
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 third parties 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 the expected contribution of the newly approved patent, 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.
For more information, please contact:
Sutor Technology Group Limited
Mr. Jason Wang
Tel: +86-512-5268-0988
Email: investor_relations@sutorcn.com
Web: http://www.sutorcn.com
