CHANGSHU, China, May 23 /Xinhua-PRNewswire-FirstCall/ -- Sutor Technology Group Limited ("Sutor") (OTC Bulletin Board: SUOT), a China-based manufacturer of steel finishing fabrication products, today announced that it entered into a 10,000 tons hot-dip galvanized steel supply contract with Anhui Water Resources Development Co., Ltd.
Anhui Water Resources Development Co., Ltd., a public company engaged in the construction of building projects and the construction and development of water conservancy, has contracted Sutor for the supply of 10,000 metric tons hot-dip galvanized steel for an employee dormitory project. Anhui Water Resources Development is an exciting addition to Sutor’s portfolio of customer resource, which was ranked top ten Chinese public company in architectural industry based on market value.
In early April, about ten Chinese steel manufacturers participated in the open bidding hosted by Anhui Water Resource Development Co., Ltd. Candidates include public listed companies, such as Handan Iron & Steel Group Company and Wuhan Iron and Steel (Group) Corp.
"We are pleased to establish corporative relationship with Anhui Water Resources Development Co., Ltd," said Mr. Guoxiang Ni, CEO of Sutor, "we hope to build a long-time relationship with Anhui Water Resources Development."
About Sutor
Sutor Technology Group Limited manufactures and sells steel finishing fabrication products through its wholly owned subsidiary Changshu Huaye Steel Strip Co., Ltd. and Jiangsu Coldrolled Technology Co., Ltd. Its products are typically used in the construction industry, widely applied in manufacturing of electrical household appliance parts and outer casings, electronics, in infrastructure and large industrial equipment. Sutor has developed an extensive worldwide sales network which allows it to effectively market products to customers.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of Sutor and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, and concentration in a single customer, raw material costs, market acceptance, future capital requirements, and competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the SEC. Sutor is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
