CHANGSHU, China, July 14, 2015 /PRNewswire/ -- Sutor Technology
Group Limited (the "Company" or "Sutor") (Nasdaq: TOR), 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 it has
regained compliance with the minimum bid price requirement for
continued listing on NASDAQ Capital Market.
As previously disclosed, the Company received a notice from the
NASDAQ Stock Market on August 8,
2014, indicating that the Company's common stock failed to
maintain a minimum bid price of $1.00
over the previous 30 consecutive business days as required by the
Listing Rules of The Nasdaq Stock Market. On July 13, 2015, the Company received a letter from
the NASDAQ Listing Qualifications department stating that because
the Company maintained the closing bid price of its common stock at
$1.00 per share or greater for the
last 10 consecutive business days, from June
26, 2015 to July 10, 2015,
they determined that the Company has regained compliance with the
minimum bid price requirement.
The Company will continue to strive to increase shareholder
value. In connection with our transformation and upgrading, we
implemented a series of measures to improve our brand value and
recognition including changing trading symbol to "TOR" (which
stands for "Transformation, Opportunity and Remolding"), launching
mobile application for fine finished steel products and completing
two new precision cold rolling processing production lines. We
believe, as we carry forward strategic measures in the future, we
will become a more recognizable fine finished steel supply chain
service provider.
About Sutor Technology Group Limited
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 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-regains-compliance-with-nasdaq-minimum-bid-price-requirement-300112807.html
SOURCE Sutor Steel Technology Co., Ltd.