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8-K - LIHUA INTERNATIONAL INC. | v188275_8-k.htm |
EX-10.1 - LIHUA INTERNATIONAL INC. | v188275_ex10-1.htm |
EX-10.2 - LIHUA INTERNATIONAL INC. | v188275_ex10-2.htm |
Exhibit
99.1
Lihua
International Expands Facilities to Support Continued Growth
DANYANG,
China, June 15 /PRNewswire-Asia/ -- Lihua International, Inc.
(Nasdaq: LIWA) ("Lihua" or the
"Company"), a leading Chinese developer, designer, manufacturer, marketer and
distributor of low cost, high quality alternatives to pure copper products, such
as refined copper products and superfine and magnet wire, including copper clad
aluminum ("CCA") wire, today announced the completion of a new 32,000
square-foot warehouse located within its current plant in Danyang. The Company
also announced that it is constructing a new 25,000-ton smelter at its existing
copper recycling facility, which is expected to come on-line during the second
half of 2010.
"Expansion
of our infrastructure is key to supporting our rapid growth and our ability to
address increasing demand within the large pure copper market," said Jianhua
Zhu, Chairman and CEO of Lihua. "By the end of 2011, we are targeting annual
refined copper production of 100,000 tons, an increase of 300% compared with our
refined copper production in 2009. We expect that these additions to our
facilities will help us achieve our corporate objectives, including our 2010
financial targets of up to 40% year-over-year growth in gross profit and
non-GAAP net income growth of up to 42%."
The new
warehouse facility contains a total of 21 rooms, 15 of which will be used for
the re-packaging and cleaning of scrap copper prior to refining, with the
remaining six rooms used for the storage of refined copper rods. This new
warehouse was constructed to support Lihua's planned increase in refined copper
manufacturing capacity.
The new
smelter, which is expected to launch during the second half of 2010, will double
Lihua's annual refined copper production capacity to 50,000 tons in an effort to
better address the continued growth in demand for the Company's refined copper
products.
In
addition, Lihua remains on track to begin construction of a new plant which will
further increase the Company's smelting capacity. The construction of the new
plant, which will accelerate Lihua's production of refined copper products, will
begin during the fourth quarter of 2010, and will increase Lihua's annual
refinery capacity from 50,000 tons to 100,000 tons. The construction of the new
plant and additional smelting facility is expected to be completed in
approximately one year.
About
Lihua International, Inc.
Lihua
International, 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, manufacture, market and distribute lower cost, high quality
alternatives to pure copper magnet wire and pure copper alternative products.
Lihua's products include copper-clad aluminum wire ("CCA") and pure copper
products including copper wire and copper rod, which 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 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.
To be
added to the Company's email distribution for future news releases, please send
your request to lihua@tpg-ir.com.
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.
Contacts:
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Lihua
International, Inc.
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Daphne
Huang
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EVP
of Corporate Finance and Director of Investor Relations
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(516)
717-9939
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daphne.huang@lihuaintl.com
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The
Piacente Group, Inc.
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Investor
Relations
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Brandi
Floberg or Lee Roth
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(212)
481-2050
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lihua@tpg-ir.com
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CONTACT:
Daphne Huang, EVP of Corporate Finance and Director of Investor Relations, Lihua
International, Inc., +1-516-717-9939, daphne.huang@lihuaintl.com;
or