BEIJING, Feb. 10, 2015 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, announced today that the Company has
reached a definitive agreement ("the Agreement") to form a joint
venture with a team of radio-frequency identification ("RFID")
experts (the "Expert Team"), to develop and commercialize RFID
technology data solutions.
The Expert Team includes several forerunners in the data
integration and logistics industries, led by Mr. Michael Au, a veteran with over 17 years
experience and more than a dozen patents in RFID technology. In
1997, Mr. Au developed and patented the first non-contact RFID
device for moving vehicles that is still being used today for
highway toll collections in the Guangdong
Province. In 2005, Mr. Au co-founded Xindeco IoT (formerly
Xinda Huicong Technology Company), the first China-based company specializing in the
development and production of UHF RFID tags. Supporting Mr. Au and
acting as the Expert Team's chief technical adviser will be Dr.
Changyu Wu, a member of the US
Institute of Electrical and Electronics Engineers with over 20
years experience in the development of data-integration
devices.
Under the terms of the Agreement, General Steel will own 70% of
the joint venture, while the Expert Team will contribute
intellectual property, including proprietary RFID technologies,
licensed patents and domain expertise. The joint venture entity is
expected to be established in March
2015.
Henry Yu, General Steel's
Chairman and Chief Executive Officer commented, "This transaction
is pivotal to our business transformation strategy of enhancing our
core businesses by developing and deploying leading-edge data
integration solutions, while also expanding outside of the steel
industry into the vibrant logistics and Internet-of-Things sectors.
RFID technology will serve as a backbone for our new logistics
center, currently under construction in Maoming, China, as well as several other projects under
development."
"The venture's proprietary RFID tags and related applications
can effectively track supplies, inventories, and goods throughout
the manufacturing process, as well as, finished goods and
merchandises in transit. Meanwhile, the cloud-based
Internet-of-Things platform for bulk commodity logistics will
provide real-time data on supplies, inventory, and goods, thereby
greatly enhancing its customers' administration and planning
processes, as well as, asset tracking and supply chain management.
In our view, this venture is a powerful union of technology,
vertical domain expertise, relationships, and corporate resources,
and we are very excited about its prospects," Mr. Yu added.
On behalf of the Expert Team, Michael
Au said, "We are glad to partner with General Steel. We see
tremendous synergies in leveraging General Steel's vast resources
and relationships to speed the development and commercialization of
our cloud-based Internet-of-Things platform, proprietary
technologies, and domain expertise. We believe this new venture is
a win-win combination that highlights the core strengths of both
parties."
About General Steel
General Steel Holdings, Inc. is a leading non-state-owned steel
maker headquartered in Beijing,
China. With seven million metric tons of crude steel
production capacity under management and operations in Tianjin municipality and China's Shaanxi and Guangdong provinces, the Company produces a
variety of steel products including rebar and high-speed wire.
In addition to its steel business, the Company also designs,
manufactures, and integrates radio frequency identification
("RFID") systems. The Company's RFID technology provides real-time
data on supplies, inventory, and goods, thereby greatly enhancing
its customers' administration and planning processes, as well as,
asset tracking and supply chain management.
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
investor.relations@gshi-steel.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, 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.