BEIJING, Jan. 5, 2015 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, today announced the results of the
proposals brought before its shareholders at its 2014 annual
general meeting of shareholders, held on December 29, 2014.
General Steel's shareholders took the following actions relating
to the proposals:
- Elected five members to its Board of Directors (Zuosheng Yu, John
Chen, James Hu, Angela He, and Zhongkui Cao) to serve until the
annual meeting of shareholders to be held in 2015 and until their
respective successors are elected and qualified;
- Ratified the appointment of Friedman LLP as the independent
registered public accounting firm of the Company for the fiscal
year ending December 31, 2014;
- Approved and ratified an amendment to the Company's 2008 Equity
Incentive Plan, as amended, to increase the number of shares of the
Company's common stock reserved for issuance thereunder to
6,000,000;
- Approved, on a non-binding basis, the compensation of the
Company's Named Executive Officers; and
- Approved a reverse stock split ("Reverse Split") of the
Company's common stock, pursuant to which, each stockholder will
receive one share of the Company's common stock in exchange for
every two, three or four shares of the Company's common stock owned
at the effective time of such reverse split, with the exact ratio
to be determined by the Company's Board of Directors. At the
meeting, an amendment to the aforementioned resolution was
introduced to the effect that the Reverse Split would not take
effect immediately upon approval of the resolution, but rather
subject to and only upon the Board of Directors of the Company
resolving to approve and proceed with such Reverse Split.
About General Steel Holdings, Inc.
General Steel, headquartered in Beijing, China, produces a variety of steel
products including rebar, high-speed wire and spiral-weld pipe. The
Company has operations in China's
Shaanxi and Guangdong provinces, Inner Mongolia Autonomous
Region, and Tianjin municipality
with seven million metric tons of crude steel production capacity
under management. For more information, please visit
www.gshi-steel.com.
To be added to the General Steel email list to receive Company
news, or to request a hard copy of the Company's Annual Report on
Form 10-K, please send your request to
generalsteel@asiabridgegroup.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's
current expectations or beliefs about future events and financial,
political and social trends and assumptions it has made based on
information currently available to it. The Company cannot assure
that any expectations, forecasts or assumptions made by management
in preparing these forward-looking statements will prove accurate,
or that any projections will be realized. Actual results could
differ materially from those projected in the forward-looking
statements as a result of inaccurate assumptions or a number of
risks and uncertainties. These risks and uncertainties are set
forth in the Company's filings under the Securities Act of 1933 and
the Securities Exchange Act of 1934 under "Risk Factors" and
elsewhere, and include: (a) those risks and uncertainties related
to general economic conditions in China, including regulatory factors that may
affect such economic conditions; (b) whether the Company is able to
manage its planned growth efficiently and operate profitable
operations, including whether its management will be able to
identify, hire, train, retain, motivate and manage required
personnel or that management will be able to successfully manage
and exploit existing and potential market opportunities; (c)
whether the Company is able to generate sufficient revenues or
obtain financing to sustain and grow its operations; (d) whether
the Company is able to successfully fulfill our primary
requirements for cash; and (e) other risks, including those
disclosed in the Company's most recent Annual Report on Form 10-K,
filed with the United States Securities and Exchange Commission.
Forward-looking statements contained herein speak only as of the
date of this release. The Company does not undertake any obligation
to update or revise publicly any forward-looking statements,
whether to reflect new information, future events or
otherwise.
Contact Us
General Steel Holdings, Inc.
Joyce Sung
Tel: +1-347-534-1435
Email: joyce.sung@gshi-steel.com
Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: generalsteel@asiabridgegroup.com
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SOURCE General Steel Holdings, Inc.