Guanwei Recycling Corp. Response to Investor Questions
May 08 2014 - 10:15AM
Marketwired
Guanwei Recycling Corp. Response to Investor Questions
FUQING CITY, CHINA--(Marketwired - May 8, 2014) - 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.
Contacts: Richard Sun guanweirecycling@gmail.com Ken Donenfeld
DGI Investor Relations kdonenfeld@dgiir.com Tel: 212-425-5700 Fax:
646-381-9727
Guanwei Recycling (CE) (USOTC:GPRC)
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