CHANGSHU, China, Sept. 2 /PRNewswire-Asia/ -- Sutor Technology Group Limited (the "Company" or "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 its wholly owned subsidiary Changshu Huaye Steel Strip Company Limited has signed a strategic cooperation agreement with China Construction Bank.
Under the agreement, China Construction Bank will provide Sutor with financial total solutions services covering various services, including bank loans, lines of credit, consultation for mergers & acquisitions, asset management and restructuring.
Commenting on the strategic cooperation agreement, Ms. Lifang Chen, Chairwoman and CEO of Sutor stated, "The strategic agreement with China Construction Bank will enhance our liquidity and provide the company with capital to pursue growth opportunities. It addition, it will help Sutor improve its overall ability to manage capital and utilize the capital markets."
China Construction Bank (CCB) is a leading commercial bank in China providing a comprehensive range of commercial banking products and services. Its business consists of three principal business segments: corporate banking, personal banking, and treasury operations. It is among the market leaders in China in a number of products and services, including infrastructure loans, residential mortgage and bank cards. It has an extensive customer base, with established banking relationships with many of the largest business groups and leading companies in industries which are strategically important to China's economy. It has an extensive network of approximately 13,629 branch outlets. In addition, it maintains overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo, Seoul, New York, Ho Chi Minh City and Sydney. Its subsidiaries mainly include China Construction Bank (Asia) Corporation Limited, China Construction Bank (London) Limited, China Construction Bank International (Holdings) Limited, Sino-German Bausparkasse Co. Ltd., China Construction Bank Principal Asset Management Co. Ltd., and China Construction Bank Financial Leasing Corporation Limited.
About Sutor Technology Group Limited
Sutor (Nasdaq: SUTR) is a leading private manufacturer of fine finished steel products and welded steel pipes used by a variety of down-stream 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-dip 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. To learn more about the Company, please visit http://www.sutorcn.com/en/index.php .
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 strategic cooperation agreement and its expected impact on our business, liquidity and results of operations, 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, 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, Director of IR
Sutor Technology Group Limited
Tel: +86-512-5268-0988
Web: http://www.sutorcn.com/en/index.php
