China Gerui Advanced Materials Group Limited Engages Ernst & Young to Assist in the Implementation of Sarbanes-Oxley Act Section 404
ZHENGZHOU, China, April 12 /PRNewswire-Asia-FirstCall/ -- China Gerui Advanced Materials Group Limited (Nasdaq: CHOP) ("China Gerui," or the "Company"), a leading niche and high value-added steel processing company that utilizes advanced technology to produce specialty steel products in China, today announced that the Company has engaged Ernst & Young (China) Advisory Limited ("Ernst & Young") to assist the Company in the implementation of Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX 404").
SOX 404 requires the Company and its external auditor to report on the effectiveness of the Company's internal controls over financial reporting. In addition, Ernst & Young will provide recommendations to Company management to consider for any additional controls and procedures so as to enhance the risk management capability of China Gerui's internal controls over financial reporting.
"The engagement of Ernst & Young will further help us to embrace good governance and ensure the full compliance with the requirements of the Sarbanes-Oxley Act," stated Mr. Mingwang Lu, Chairman and Chief Executive Officer of China Gerui. "With our recent listing on the Nasdaq Global Market, we believe this undertaking will also enhance shareholder confidence in the Company's financial reporting standards, transparency, and reasonableness. The move reflects our commitment to instituting best practices in corporate governance and enhancing long term shareholder value."
About China Gerui Advanced Materials Group Limited
China Gerui Advanced Materials Group Limited (formerly Golden Green Enterprises Limited) is a leading niche and high value-added steel processing company that utilizes advanced technology to produce specialty steel products in China. The Company produces high-end, high-precision, ultra-thin, high-strength, cold-rolled steel products that are characterized by stringent performance and specification requirements that mandate a high degree of manufacturing and engineering expertise. China Gerui's products are not standardized commodity products. Instead, they are tailored to customers' requirements and subsequently incorporated into products manufactured for various applications. The Company sells its products to domestic Chinese customers in a diverse range of industries, including the food packaging, telecommunication, electrical appliance, and construction materials industries. For further information on the Company, please visit http://www.geruigroup.com .
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2008, as amended, and otherwise in our Securities and Exchange Commission, or SEC, reports and filings, including the final prospectus for our offering filed with the SEC on November 10, 2009. Such reports and filings are available upon request from the Company, or from the SEC, including through the SEC's Internet website at http://www.sec.gov . We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
For more information, please contact:
Company Contact:
Email: [email protected]
Web: http://www.geruigroup.com
Investor Relations Contact:
CCG Investor Relations
Mr. Athan Dounis
Tel: +1-646-213-1916
Email: [email protected]
SOURCE China Gerui Advanced Materials Group Limited
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