CHANGSHU, China, June 24, 2015 /PRNewswire/ -- Sutor Technology
Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the
leading China-based manufacturers
and service providers for fine finished steel products used by a
variety of downstream applications, today announced that Beijing
Dongpeng Assets Appraisal Firm, a national appraisal company in
China, performed a valuation on
the patents and other intellectual properties which are owned by
the Company's subsidiaries and generated through internal research
and development. According to the internationally recognized
standard of appraisal, the total value of all the intellectual
property is estimated to be over RMB 700
million (approximately US$113
million).
Lifang Chen, Chairwoman and CEO
of Sutor commented, "Sutor owns the only research and development
center focusing on fine finished steel products and services in
Jiangsu Province. Since we have a
passion for the fine finished steel industry and are dedicated to
meeting our customers' demand of customized products, we value
product innovation and development. Based on more than ten years'
experience in the fine finished steel industry, we have developed
these patents and other intellectual properties, which are our
valuable assets. Currently, we own nearly 70 items of intellectual
property, including invention patents, utility model patents,
design patents and high-tech product certifications."
"Having independently developed key technology that meets market
demand gives us competitive edge. Products developed using such
intellectual property have laid the foundation to the Company's
leading position in market supply chain. We believe the
intellectual property can improve profit margins, expand market
shares and promote the Company's sustainable development," Ms. Chen concluded.
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and service
providers for high-end fine finished steel products and welded
steel pipes 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. The Company also provide fee-based
steel processing services to customers, including industrial peers.
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" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. 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, 2014, 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
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SOURCE Sutor Technology Group Limited