CHANGSHU, China, May 23 /Xinhua-PRNewswire-FirstCall/ -- Sutor Technology Group Limited ("Sutor") (OTC Bulletin Board: SUOT), today announced that it has achieved monthly sales volume of 3,000 metric tons for it's new PPGI (also known as prepainted galvanized steel plate) utilizing solar energy after launching to market in early 2007.
In China, only few steel manufacturers can produce PPGI for out casing of solar water tanks. The domestic demand is almost fulfilled by imported products from North Korea, Japan and other countries.
Compared with ordinary PPGI, the PPGI for out casing of solar water tank requires more durability and excellent strength performance. Sutor achieved this by number of months comprehensive R&D. Its special PPGI are developed using a special procedure to test the performance of the products.
"The successful launching of PPGI utilizing solar energy has further proved the value of Sutor's products and our research ability. We have acknowledged the increasing demand for the new PPGI. Now, let us see the great future of our products," said Mr. Guoxiang Ni, CEO of Sutor.
About Sutor
Sutor Technology Group Limited manufactures and sells steel finishing fabrication products through its wholly owned subsidiary Changshu Huaye Steel Strip Co., Ltd. and Jiangsu Cold-Rolled Technology Co., Ltd. Its products are typically used in the construction industry, widely applied in manufacturing of electrical household appliance parts and outer casings, electronics, in infrastructure and large industrial equipment. Sutor has developed an extensive worldwide sales network which allows it to effectively market products to customers.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of Sutor and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, and concentration in a single customer, raw material costs, market acceptance, future capital requirements, and competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the SEC. Sutor is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
