Attached files
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| 8-K - A.G. Volney Center, Inc | v206997_8k.htm |
Exhibit
99.1
Buddha
Steel Appoints Brook & Harvest as SOX Compliance Consultant
DACHANG,
Hebei, China, Dec. 31, 2010 /PRNewswire-Asia-FirstCall/ — Buddha Steel, Inc.
("Buddha Steel" or the "Company", OTC Bulletin Board: AGVO), a producer of
cold-rolled precision steel products in the People's Republic of China, today
announced that it has appointed Brook & Harvest Management Consulting Co.,
Ltd. ("Brook & Harvest") as its independent consultant to assist in
performing the Company's self-assessment under Section 404(a) of the
Sarbanes-Oxley Act of 2002 ("SOX").
Mr.
Hongzhong Li, Chief Executive Officer of Buddha Steel, said, "We are very
pleased to have Brook & Harvest assist us in meeting our SOX obligations. As
a public company in the United States, we believe it is paramount to satisfy our
Section 404(a) requirements. Reliable and accurate financial statements are the
bedrock of sound investment, and it is our goal to provide investors with
transparent financial reporting and the assurance that we have validated our
internal controls."
About
Brook & Harvest
Brook
& Harvest is a UK-based firm established in 1999 and has operated in China
since 2001. As a financial and tax consultant, Brook & Harvest provides
financial, tax, internal control, and risk management services to a variety of
leading multinational and Chinese companies.
About
Buddha Steel
Buddha
Steel is a U.S. corporation that, through its contractually controlled operating
affiliate in China, Baosheng Steel, produces high value-added precision
cold-rolled steel products, including coils, sheets, narrow strips, and
tin-plated sheets. Engineered and manufactured using state-of-the-art machinery,
the Company's products are tailor-made to customers' individual requirements to
be further processed by downstream manufacturers and incorporated into a wide
variety of end products in the construction, home appliance, machinery, and
motor vehicle industries.
Safe
harbor statement
Certain
statements in this news release are forward-looking statements made pursuant to
the safe harbor provision of the Private Securities Litigation Reform Act of
1995, which involve a number of risks and uncertainties that could cause actual
results to differ materially from those in such forward-looking statements.
These forward-looking statements can be identified by terminology such as
"anticipates," "believes," "estimates," "expects," "future," "intends," "plans,"
"will," and similar statements.
The risks
and uncertainties relating to these statements include, but are not limited to,
risks and uncertainties regarding the success of the Company's investments,
risks and uncertainties regarding fluctuations in earnings, its ability to
sustain its previous levels of profitability including on account of its ability
to manage growth, intense competition, wage increases in China, its ability
to attract and retain highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration, its ability to
successfully complete and integrate potential acquisitions, withdrawal of
governmental fiscal incentives, political instability and regional conflicts and
legal restrictions on raising capital or acquiring companies
outside China.
Additional
risks that could affect the Company's future operating results are more fully
described in its filings with U.S. Securities and Exchange Commission. These
filings are available at www.sec.gov.
The
Company may, from time to time, make additional written or oral forward-looking
statements in its periodic reports to the U.S. Securities and Exchange
Commission on forms 10-K, 10-Q, and 8-K, in its annual report to shareholders,
in press releases and other written materials, and in oral statements made by
its officers, directors, or employees to third parties. The Company does not
undertake to update any forward-looking statements that may be made from time to
time by or on its behalf, except as required under law.
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For
more information, please contact:
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Buddha
Steel, Inc.
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Ms.
Yuanmei Ma, CFO
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Telephone:
+86 133 2119 6656
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yuanmeima@163.com
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or
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Christensen
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Mr.
Tom Myers (English)
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Mobile
+86-139-1141-3520 in Beijing
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tmyers@christensenir.com
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Ms.
Kathy Li (English and Chinese)
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Telephone
+1-212-618-1978 in the USA
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kli@christensenir.com
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