CHANGSHU, China, Dec. 1, 2015 /PRNewswire/ -- Sutor Technology
Group Limited (the "Company" or "Sutor") (Nasdaq: TOR), one of the
leading China-based manufacturers
and customized service providers for fine finished steel products
used by a variety of downstream applications, today announced that
it received a letter dated November 18,
2015 from the staff of the U.S. Securities and Exchange
Commission (the "SEC") advising that they have concluded the
investigation of Sutor. Based on information they have to date,
they do not intend to recommend an enforcement action by the SEC
against Sutor. As previously disclosed, Sutor received a subpoena
dated March 2, 2015 in connection
with the SEC's investigation.
Ms. Lifang Chen, Chairwoman and
CEO of Sutor commented, "We are pleased that the SEC has concluded
its investigation. We respect the SEC and its mandate to protect
investors. We are committed to maximize shareholders' interests and
drive long term growth, and will continue to pursue it with
transparency and in compliance with all applicable laws and
regulations."
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and customized
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 provides 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sutor-technology-group-limited-announces-conclusion-of-sec-investigation-300185760.html
SOURCE Sutor Steel Technology Co., Ltd.