Guanwei Recycling Corp. Response to Investor Questions
FUQING CITY, CHINA -- (Marketwired) -- 05/08/14 -- In response to
questions from investors regarding the complaint filed by the SEC on
Monday against five individuals residing in the U.S. and Canada, for
alleged illegal trading in GPRC shares, Mr. Chen Min, Chairman and
CEO of Guanwei Recycling Corp. (NASDAQ: GPRC), stated:
"We firmly believe that any wrongdoings that have harmed or possibly
could bring harm to our shareholders should be pursued by the
Securities and Exchange Commission and fully support all of their
efforts in this regard. We ourselves have not been accused of
anything. Our focus always has been and will continue to be on
achieving the long term growth potential of our business in the most
environmentally sound manner possible, and protecting the best
interests of our shareholders."
The Company added it had become aware this morning of a press release
issued by a California law firm announcing what it termed "an
investigation" of "potential claims" against Guanwei. The Company
said it has been advised by its attorneys that this is nothing more
than a blatant blackmail attempt by a firm notorious for this type of
activity that is seeking to capitalize on the publicity surrounding
the SEC's actions. Mr. Chen Min stated, "The allegations put forth by
the firm have no validity whatsoever and we will take whatever steps
are required to not fall prey to their scheme. We fully anticipate
this soon will become a non-event."
Description of Guanwei Recycling Corp.
Adhering to the highest "green" standards, Guanwei Recycling Corp.
(the "Company") has generated rapid growth producing recycled low
density polyethylene (LDPE) from plastic waste procured mostly in
Europe. The Company sells the recycled LDPE to more than 300
customers (including over 150 active recurring customers) in more
than ten different industries in China. The Company is licensed by
Chinese authorities and also has been issued a Compliance Certificate
by Umweltagentur Erftstadt, which issues certificates of approval for
certain plastics manufacturers that meet Germany's strict
environmental standards. This enables the Company to procure high
quality plastic waste directly from Germany and other European
countries with no middlemen, and permits highly economic production
of the highest grades of LDPE. Additional information regarding
Guanwei Recycling Corp. is available at www.guanweirecycling.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in
this press release are forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause our actual
results in future periods to differ materially from forecasted
results. These risks and uncertainties include, among other things,
product demand, market competition, and risks inherent in our
operations. These and other risks are described in our filings with
the U.S. Securities and Exchange Commission.
DGI Investor Relations
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