SHANGHAI, China, Oct. 6 /Xinhua-PRNewswire/ -- China Precision Steel (Nasdaq: CPSL), a niche precision steel processing company principally engaged in producing and selling high precision, cold-rolled steel products, today announced that it has retained Elite Investor Relations ("Elite IR") to lead a new investor relations campaign.
"We are very excited to work with Elite IR as we commence a new investor relations campaign to raise our profile and ensure that the broad investment community fully understands our position as value-added, precision steel processing company with strong growth prospects," commented Dr. Wo Hing Li, China Precision Steel's Chairman and CEO. "Over the past several years, we have successfully ramped up the production capacity for our value-added, precision steel resulting in record revenues for our 2008 fiscal year. Moreover, we expect that our focus on value-added steel products will enable us to continue generating an above industry average gross margin. We plan to continue expanding our production capacity with the addition of a third cold-rolled mill, expected to begin production in the first half of calendar year 2009. Our market outlook remains strong as our production facilities are fully booked for up to three months in advance. In addition, the majority of our customers are in developing countries and do not rely on the US consumer for sales of their products."
"We are extremely pleased to be working with China Precision Steel in developing and executing a highly visible investor relations campaign," commented Ms. Nancy Chen, Managing Partner of Elite IR. "China Precision Steel has experienced rapid growth over the past several years as they ramped up production capacity and broadened their reach into new end-markets. They have a unique market position in China with a state-of-the-art, patented, precision steel processing technology that enables them to compete with international steel processing companies while building an internationally recognized brand. Our goals are to improve visibility and sponsorship throughout the global financial communities, creating a more appropriate market valuation and understanding of the potential of China Precision Steel."
About China Precision Steel
China Precision Steel, Inc., a steel processing company, engages in the manufacture and sale of high precision cold-rolled steel products in China. The company produces and sells precision, ultra-thin and high strength cold-rolled steel products with thicknesses ranging from 7.5 mm to 0.03 mm. It also provides heat treatment and cutting and slitting of medium and high carbon hot-rolled and cold-rolled steel strips. The company's precision products are primarily used in the manufacture of automobile parts and components, steel roofing, plane friction discs, appliances, food packaging materials, saw blades, textile needles, microelectronics, and containers. It sells its products in China, Ethiopia, Nigeria, Thailand, Indonesia, and the Philippines. China Precision Steel was incorporated in 2002 and is headquartered in Sheung Wan, Hong Kong. Additional information can be found at the company's website http://chinaprecisionsteelinc.com .
About Elite IR
Elite IR is a professional investor relations service provider focused on offering the highest level of personalized IR support to U.S. and Hong Kong listed companies. The Company provides high quality, strategic, service-oriented IR counsel that is critical to maintaining visibility in the global equity markets and a fair market value. As a full service firm, Elite IR is committed to building a long-term cooperation with its clients. Additional information can be found at http://www.elite-ir.com .
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Precision Steel, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
China Precision Steel
Dan Carlson
Email: DanielCarlson@comcast.net
Elite IR
Leslie J. Richardson, Partner
Tel: +852-3183-0283
Email: Leslie.richardson@elite-ir.com
