DALIAN, China, April 29 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTC Bulletin Board: CIWT), a PRC-based industrial waste processor and provider of environmental protection, pollution treatment and waste management design, announced today that it has engaged Shanghai Union Strength Business Consulting Co., Ltd. ("Union Strength"), to provide certain financial consulting services including assisting the Company with its compliance with Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX").
Under the agreement, Union Strength will provide, among other things, SOX compliance consulting services to CIWT, such as assisting the Company in the documentation of its internal controls over financial reporting and disclosure, providing recommendations for improvement, and training Company management on the requirements of the SOX.
"We are pleased to announce the engagement of Union Strength in our efforts to reach compliance with SOX," Mr. Jinqing Dong, Chairman and CEO of China Industrial Waste Management, commented. "We are committed to improving our disclosure controls and practices and providing our shareholders with higher quality financial reporting. Improved internal controls should also enable our company to continue to strengthen its operations and business practices."
About Union Strength
Founded in July 2002, Shanghai Union Strength Business Consulting Co. is dedicated to business leaders who are aiming to maximize the value of China economic pattern and to upgrade its accountability. Its major services include Financial Advisory, Risk Management and Corporate Finance. Union Strength is the first independent IPO Advisory and Risk Management consulting firm in China that has successful experience with listing at NYSE, Amex, Nasdaq, HKEX and SGX. Union Strength is China’s first independent SOA compliance consulting firm, ever since 2002 upon the inaction of Sarbanes Oxley Act. In Addition, it is the publisher of the first SOA compliance manual in Chinese. It has extensive experience in internal control and has accomplished nearly 50 successful SOX compliance cases in China. For more information about Union Strength, please visit http://www.unionstrength.com.cn .
About China Industrial Waste Management, Inc.
China Industrial Waste Management, Inc. is engaged in the collection, treatment, disposal and recycling of industrial wastes principally in Dalian and surrounding areas in Liaoning Province, People’s Republic of China through its 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dongtai") and other indirect subsidiaries. Dongtai treats, disposes of and/or recycles many types of industrial waste and recycled waste products used by customers as raw material to produce chemical and metallurgy products. In addition, Dongtai treats or disposes of industrial waste through incineration, burial or water treatment, and provides environmental protection services, technology consultation, pollution treatment services, waste management design processing services, waste disposal solutions, waste transportation services, onsite waste management services, and environmental pollution remediation services. For more information about China Industrial Waste Management, Inc., please visit http://www.chinaciwt.com .
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People’s Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital.
Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
For more information, please contact:
Ms. Guo Xin, CFO
Tel: +86-411-8581-1229
Email: hellenguo@chinaciwt.com
Mr. Zhang Dazhi, Company Secretary
Tel: +86-411-8259-5339
Email: darcy.zhang@chinaciwt.com
Web: http://www.chinaciwt.com
Investors Contact:
Mr. Matthew Hayden, HC International
Tel: +1-561-245-5155
Email: matt.hayden@hcinternational.net
Web: http://www.hcinternational.net
