CHANGSHU, China, Feb. 13, 2014 /PRNewswire-FirstCall/
-- Sutor Technology Group Limited (the "Company" or "Sutor")
(Nasdaq: SUTR), a leading China-based manufacturer and distributor of
high-end fine finished steel products used by a variety of
downstream applications, today announced that its Board of
Directors has appointed Mr. Zhuo
Wang to the position of Chief Executive Officer and Mr.
Shoubin Xiong to the position of Chief Operating Officer, effective
February 11, 2014. Ms. Lifang Chen, who resigned from her position as
the Company's CEO due to personal reasons, will remain as the
Chairwoman of the Board of Directors.
Ms. Chen said, "I am very pleased that Sutor's management team
is further strengthened and becomes more dynamic. Mr. Wang has been
with Sutor for eight years and playing a number of important roles
in the Company, acting as vice general manager, vice president,
investor relations director and assistant to the CEO. In the past
three years, under my supervision, Mr. Wang participated in and
successfully carried out many strategic decisions of the
Company. I am very excited to hand the reins to Mr. Wang."
"Mr. Xiong has a proven track record and processes extensive
technical and operational expertise. His metallurgical engineering
background fits well with our focus on upgrading and renovating our
production lines to not only reduce operating costs but also
introduce new and high margin products to meet the market demands,"
Ms. Chen added.
Mr. Wang said, "I would like to thank my very supportive
Chairwoman Ms. Chen and members of the Board. The Company will
continue its well-designed strategy and endeavor to move up the
smiling curve by offering high margin products and integrating
downstream supplementary services. I look forward to the
challenges ahead."
Since Mr. Wang joined Sutor in January
2007, he has held a number of management positions including
vice general manager, vice president, investor relations director
and assistant to the CEO. Mr. Wang has extensive work experience in
team building, business management, project management, M&A,
financial analysis and management, investor relations and corporate
governance. Mr. Wang also has expert knowledge of macro-economic
analysis and industrial trend judgment and is involved in the
Company's important decisions making process and implementation
supervision. Mr. Wang holds dual B.A. degrees in accounting and
business administration (with honors).
Mr. Shoubin Xiong joined Sutor in February 2012. He serves as general manager of
technical management center of the Company. Mr. Xiong has extensive
experience in production line operations management. During his
tenure, he is in charge of new product research and development,
equipment and technical transformation and daily operations
management. From December 2006 to
January 2012, Mr. Xiong served as
vice general manager of Wuhan Henghong Mechanical and Electrical
Co., Ltd and was in charge of production line budgeting,
installation, testing and operations management. As chief technical
engineer with China First Metallurgical Group Co., Ltd. from
July 1990 to December 2005, Mr. Xiong was responsible for
production lines installation, budgeting and equipment maintenance
at several large steel mills including Wu
Steel and Guangzhou Iron & Steel Enterprises Group. Mr.
Xiong is a senior engineer and holds Bachelor's degree in
metallurgical engineering.
About Sutor Technology Group Limited
Sutor is one of the leading China-based manufacturers and distributors of
high-end fine finished steel products used by a variety of
downstream applications. The Company utilizes a variety of in-house
developed 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. 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 our expected financial performance, liquidity and
strategic and operational plans, our future operating results, our
expectations regarding the market for our products, our
expectations regarding the steel market, 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, 2013, and
other risks mentioned in our other reports filed with the
Securities Exchange Commission ("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:
Investor
Relations
Sutor Technology Group Limited
Tel: +86-512-5268-0988
Email: investor_relations@sutorcn.com
SOURCE Sutor Technology Group Limited