China Precision Steel Announces the Appointment of New Independent Director

 China Precision Steel Announces the Appointment of New Independent Director

PR Newswire

SHANGHAI, Nov. 11, 2013

SHANGHAI, Nov. 11, 2013 /PRNewswire/ --China Precision Steel, Inc. (NASDAQ:
CPSL) ("China Precision Steel" or the "Company"), a niche precision steel
processing Company principally engaged in producing and selling high
precision, cold-rolled steel products, announced today that the Company has
appointed Mr. Wei Hong Xiao to its Board of Directors and the audit committee
effective November 1, 2013.

"On behalf of China Precision Steel, I am very pleased to welcome Mr. Xiao to
this appointment as we believe his in-depth experience in China's steel
industry and business acumen will help guide the Company through this
challenging period and strengthen our competitive position.Additionally, we
feel Mr. Xiao will contribute to maintaining a high standard of corporate
governance," commented Mr. Hai Sheng Chen, CEO of China Precision Steel."With
the addition of the new independent member to our Board of Directors and the
audit committee, we now have a total of five directors, three of whom are
independent directors and serve on our audit committee, bringing us in
compliance with the NASDAQ independent director and audit committee
requirements for continued listing."

Mr. Wei Hong Xiao has served as Professor, Department of Technology, China
Iron and Steel Association since 1998.Prior to 1998, he spent over 25 years
at the Ministry of Metallurgical Industry in various positions including
Engineer, Senior Engineer, Vice Head of Division, Head of Division, Deputy
Director and Director. Mr. Xiao holds a Master's Degree in Metal Physics and a
Bachelor's Degree in Physics and Chemistry from the Beijing Iron and Steel
Institute.

About China Precision Steel

China Precision Steel is a niche precision steel processing company
principally engaged in the production and sale of high precision cold-rolled
steel products and provides value added services such as heat treatment and
cutting medium and high carbon hot-rolled steel strips. China Precision
Steel's high precision, ultra-thin, high strength (7.5 mm to 0.05 mm)
cold-rolled steel products are mainly used in the production of automotive
components, food packaging materials, saw blades, steel roofing and textile
needles. The Company sells to manufacturers in the People's Republic of China
as well as overseas markets such as Nigeria, Ethiopia, Thailand and Indonesia.
China Precision Steel was incorporated in 2002 and is headquartered in Sheung
Wan, Hong Kong. Additional information can be found at the Company's website
http://chinaprecisionsteelinc.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of
1995: Certain statements in this press release constitute forward-looking
statements for purposes of the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. These statements include, without
limitation, statements regarding the significance of Mr. Jian Lin Li's
appointment as director and his ability to assist management in the
turnaround, build on the momentum of the organization and enhance the
Company's market position as a high quality precision steel processing
company; the general ability of the Company to achieve its commercial
objectives; the business strategy, plans and objectives of the Company and its
subsidiaries; and any other statements of non-historical information. These
forward-looking statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions, involve
known and unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are reasonable,
they do involve assumptions, risks and uncertainties, and these expectations
may prove to be incorrect. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic reports that are
filed with the Securities and Exchange Commission and available on its website
(http://www.sec.gov). All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in their
entirety by these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking statements.

Elite IR
Leslie J. Richardson, Partner
+852-3183-0283
Leslie.richardson@elite-ir.com

SOURCE China Precision Steel Inc.

Website: http://chinaprecisionsteelinc.com
 
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