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China Precision Steel Files Universal Shelf Registration Statement
Posted by: gurufocus (IP Logged)
Date: December 31, 2008 10:02AM

Press Release: China Precision Steel Files Universal Shelf Registration Statement CHINA PRECISION STEEL is a niche precision steel processing company principally engaged in the production and sale of high precision cold-rolled steel products and provides value added services such as heat treatment and cutting medium and high carbon hot-rolled steel strips. China Precision Steel produces high precision ultra-thin high strength (7.5 mm to 0.05 mm) cold- rolled steel products primarily for automotive components food packaging materials saw blades and textile needle manufacturing companies in the People's Republic of China. China Precision Steel Inc. has a market cap of $67.05 million; its shares were traded at around $1.19 with a P/E ratio of 3.6 and P/S ratio of 0.76.

More on CPSL: Gurus buys and sells of CPSL 10-year financial history of CPSL. Insider buys/sells of CPSL.

Press Release:

SHANGHAI, China, Dec. 31 /PRNewswire-Asia/ -- China Precision Steel, Inc.(Nasdaq: CPSL) ("China Precision Steel" or the "Company"), a niche precisionsteel processing company principally engaged in producing and selling highprecision cold-rolled steel products, today announced that it has filed auniversal shelf registration statement on Form S-3 with the U.S. Securitiesand Exchange Commission (the "SEC"), on December 30, 2008. The shelfregistration, when declared effective, will permit China Precision Steel toissue up to an aggregate of $40 million in securities.

The shelf registration provides the Company with flexibility to publiclyoffer and sell securities from time to time, in one or more separate offeringsor other transactions, with size, price and terms to be determined at the timeof issuance, and at times when the Company believes that market conditionsmake such an offering attractive. The Company does not have any commitmentsor current intentions to sell securities under the registration statement atthis time.

"We have no current plans to raise additional capital," commented Dr. WoHing Li, China Precision Steel's Chairman and CEO, "but we believe that it isprudent to have a shelf registration statement in place to ensure financingflexibility should the need arise."

This press release shall not constitute an offer to sell or thesolicitation of an offer to buy, nor shall there be any sale of any securitiesin any jurisdiction in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws ofany such jurisdiction. Any offering may be made only by means of theprospectus and a related prospectus supplement.

About China Precision Steel, Inc.

China Precision Steel, Inc. is a niche precision steel processing Companyprincipally engaged in the production and sale of high precision cold-rolledsteel products and provides value added services such as heat treatment andcutting medium and high carbon hot-rolled steel strips. China Precision Steelproduces high precision ultra-thin, high strength (7.5 mm to 0.05 mm) cold-rolled steel products primarily for automotive components, food packagingmaterials, saw blades and textile needle manufacturing companies in thePeople's Republic of China. China Precision Steel is expanding itspenetration in overseas markets such as Nigeria, Thailand, Indonesia and thePhilippines. China Precision Steel was incorporated in 2002 and isheadquartered in Sheung Wan, Hong Kong. Additional information can be foundat the Company's website [chinaprecisionsteelinc.com] .

Safe Harbor Statement

This press release contains certain statements that may include "forwardlooking statements." All statements other than statements of historical factincluded herein are "forward-looking statements." These forward-lookingstatements are often identified by the use of forward-looking terminology suchas "believes," "expects" or similar expressions, involve known and unknownrisks and uncertainties. Although the Company believes that the expectationsreflected in these forward-looking statements are reasonable, they do involveassumptions, risks and uncertainties, and these expectations may prove to beincorrect. You should not place undue reliance on these forward-lookingstatements, which speak only as of the date of this press release. TheCompany's actual results could differ materially from those anticipated inthese forward-looking statements as a result of a variety of factors,including those discussed in the Company's periodic reports that are filedwith the Securities and Exchange Commission and available on its website( [www.sec.gov] ). All forward-looking statements attributable to theCompany or persons acting on its behalf are expressly qualified in theirentirety by these factors. Other than as required under the securities laws,the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

    China Precision Steel, Inc.
     Dan Carlson, Director
     Email: DanielCarlson@comcast.net

    Elite IR
     Leslie J. Richardson, Partner
     Tel:   +852-3183-0283
     Email: Leslie.richardson@elite-ir.com

Source: PRNewsWire

More on CPSL: Gurus buys and sells of CPSL 10-year financial history of CPSL. Insider buys/sells of CPSL.



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