Continued Investment Promotion between Tennessee and China to be Focus of Trade Mission
NASHVILLE, Tenn., Oct. 11 /Xinhua-PRNewswire/ -- Tennessee Governor Phil Bredesen today agreed to hold discussions with the leaders of Fushi International (Nasdaq: FSIN) regarding the company's recently announced acquisition of Fayetteville, Tennessee-based Copperweld Bimetallics, LLC, America's leading manufacturer of copper-clad wire. Governor Bredesen congratulated Fushi International on the agreement, marking it as Tennessee's largest investment to date by a company from the People's Republic of China. The meeting will take place in Beijing during Governor Bredesen's trade mission to China and will include Mr. Li Fu, Chairman and CEO of Fushi International, Mr. Chris Finley, CEO of Copperweld and Matt Kisber, commissioner of Economic and Community Development for the State of Tennessee.
"I'm looking forward to meeting Mr. Fu and Mr. Finley and discussing their future plans for Copperweld," said Governor Bredesen. "I have expressed to Fushi my appreciation for their confidence in Tennessee's business climate and the productivity of the community's workforce. I look forward to exploring ways we can assist in making Fushi's investment grow and thrive."
"China's economy is one of the world's fastest growing and Tennessee is China's fastest growing trading partner among U.S. states," said Commissioner Kisber. "We have expressed to Mr. Fu our desire to make Fushi's experience in Tennessee a long and profitable one."
The senior leadership of Fushi and Copperweld expressed appreciation to Governor Bredesen and Commissioner Kisber for Tennessee's willingness to engage in a dialogue with the company and to build business relationships in China through the trade mission. Mr. Fu said, "Governor Bredesen's visit not only honors Fushi, but welcomes China into Tennessee's diverse international economy. We hope to show the world that Fushi is leading the way in discovering the strength and importance of this dynamic state for global business."
Mr. Finley echoed the statements of Mr. Fu, saying, "Copperweld is an important employer in South Central Tennessee. In the coming months, Fushi's plans for maximizing our Fayetteville facility's potential will be finalized and will include the development of innovative new products, processes and technologies right here in Tennessee."
The proposed Copperweld acquisition is the latest event in a very busy year for Fushi as the company was recently listed on the NASDAQ Global Market on August 31st, 2007. Copperweld's dominance in North America, South America, and Europe, leading product lines and exclusive worldwide rights to proprietary manufacturing technologies were viewed to complement Fushi's efficient manufacturing base, existing product lines and leading market position in China. "We're looking to show the Governor that the synergies between our two companies are very strong, and this will ultimately be good for everyone: Fushi and Copperweld, China and Tennessee," Mr. Finley remarked.
About Fushi International
Fushi International Inc. through its wholly-owned subsidiary, Fushi International (Dalian) Bimetallic Cable Co., Ltd, manufactures bimetallic composite wire products, principally copper clad aluminium wires ("CCA"). CCA combines the conductivity and corrosion resistance of copper with the
light-weight and relatively low cost of aluminium. It is a cost-effective substitute for single copper wire in a wide variety of applications such as coaxial cable for cable television and various video and data applications, signal transmission lines for telecommunication networks, distribution lines for electricity, electrical transformers, wire components for electronic instruments and devices, utilities, appliances, automotive, building wire and other industrial wires. For more information on Fushi, visit the website: http://www.fushiinternational.com .
About Copperweld
Based in Fayetteville, Tennessee, Copperweld Bimetallics, LLC is a leading manufacturer of bimetallic wire, principally copper clad steel (CCS) and copper clad aluminium (CCA). Copperweld produces a range of products for use in communications, utility, transportation, and industrial applications in both the U.S. and international markets. A second manufacturing location in Telford, England principally services the growing European market. Copperweld(R) is a registered trademark for the company's copper clad steel (CCS) wire, which combines the conductivity and corrosion resistance of copper with the strength and relatively low cost of steel.
Safe Harbor Statement
This press release may contain forward-looking statements concerning Fushi International's business and products. The actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in Fushi International's reports filed with the Securities and Exchange Commission. Fushi International undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
For more information, please contact:
Andrea Arnold, Director of Communications
Tennessee Dept. of Economic & Community Development
Tel: +1-615-532-1910
Email: andrea.arnold@state.tn.us
Thomas Horton, Lead Consultant
Mind Cartel Marketing & Public Relations
Tel: +1-615-428-3333
Email: tom@mindcartel.com
Nathan J. Anderson, Director of Investor Relations
Fushi International, Inc
Email: nathan.anderson@fushiinternational.com
