Lihua International Announces Results of 2013 Annual Meeting
DANYANG, China, Oct. 22, 2013
DANYANG, China, Oct. 22, 2013 /PRNewswire/ --Lihua International, Inc.
(NASDAQ: LIWA) ("Lihua" or the "Company"), a leading Chinese developer,
designer, and manufacturer of low cost, high quality alternatives to pure
copper products, including refined copper products, copper wire and copper
clad aluminum ("CCA") wire, today announced the results of matters considered
at its Annual Meeting of Stockholders held in Nanjing City, China.
The five director nominees were all elected to the Lihua Board. In addition,
the following management proposals were approved: the ratification of Crowe
Horwath (HK) CPA Limited as the Company's independent auditor for the fiscal
year ending December 31, 2013; and the compensation paid to the Company's
named executive officers in the proxy statement.
During the meeting, Mr. Jianhua Zhu, founder, chairman and CEO, responded to
questions from attending stockholders in which he provided an overview of the
Company's progress. Mr. Zhu commented: "It is a testament to our strong team
of R&D personnel and engineers that Lihua has successfully remained ahead of
the curve. We expanded our business into scrap copper recycling approximately
four years ago and have grown that business segment to 125,000 – 140,000 tons
of annual capacity. Once the modifications to the dust collection system are
finished, we will ramp up the output of the third copper anode smelter and
complete the construction of the fourth anode smelter and put it into
production. We now expect completion of the dust collection system
modification and the subsequent fourth anode smelter in early 2014."
"We have also made material progress in the development of our new CCA cable
and wire product including the submission of 16 patent applications. While
there can be no guarantee that any of these patent applications will result in
patents ultimately being issued, we anticipate resolution of these
applications within the next 24 months. We are currently pursuing production
permits for the new CCA power transmission cable and wire products, which can
be used in power transmissions 1,000 voltage and under. We also began small
qualification batch production of the new CCA product from the cladding of
copper foil and aluminum process to drawing them into superfine wires. The new
CCA product has higher percentage of copper component ratio, and uses new
seamless binding technology of the two metals thereby allowing for use in
higher technology applications.Raw materials for this new product are high
purity copper and aluminum purchased from outside suppliers. Due to its
superior electric conductivity and quality, the new CCA superfine wire can be
used in more diversified and higher end applications such as computers, cell
phones, medical equipment, automobiles, communication and audio-visual
products. Qualification batches of the new CCA superfine wire product have
been delivered to prospective customers, some of whom are current customers
for our existing CCA and copper wire products.
"The investments we are making in 2013 will enable Lihua to enter into a new
higher technology product segment which generates higher profit margins than
our existing products. As such, we believe these investments will yield top
and bottom line growth in both our existing scrap copper recycling segment and
the new CCA products in 2014, and further solidify our future growth,"
concluded Mr. Zhu.
About Lihua International, Inc.
Lihua, through its two wholly owned subsidiaries, Lihua Electron and Lihua
Copper, is a leading value-added manufacturer of copper replacement products
for China's rapidly growing copper wire and copper replacement product market.
Lihua is one of the first vertically integrated companies in China to develop,
design and manufacture lower cost, high quality alternatives to pure copper
magnet wire and pure copper alternative products. Lihua's products include CCA
and refined copper products. Current product offerings include CCA and pure
copper wire, copper rod and copper anode. Except for CCA wire, all other
products are produced from recycled scrap copper. Lihua's products are sold in
China either directly to manufacturers or through distributors in the wire and
cable industries and manufacturers in a wide variety of industries including
the consumer electronics, white goods, automotive, utility, telecommunications
and specialty cable industries. Lihua's corporate and manufacturing
headquarters are located in the heart of China's copper industry in Danyang,
Jiangsu Province. For more information, visit: http://www.lihuaintl.com.
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Safe Harbor Statement
This press release contains certain statements that may be deemed to be
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. All statements, other than statements of historical
facts, that address activities, events or developments that the Company
expects, projects, believes or anticipates will or may occur in the future,
including, without limitation, statements about its business or growth
strategy, general industry conditions including availability of copper or
recycled scrap copper, future operating results of the Company, capital
expenditures, expansion and growth opportunities, bank borrowings, financing
activities and other such matters, are forward-looking statements. Although
the Company believes that its expectations stated in this press release are
based on reasonable assumptions, actual results may differ from those
projected in the forward-looking statements.
Please note that information in this press release reflects management views
as of the date of issuance.
The Piacente Group, Inc.
SOURCE Lihua International, Inc.
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