The Board Of Directors Of China Armco Metals, Inc. Responds To A Letter From Levi & Korsinsky LLP And Disagrees With The Contents Of The Letter
SAN MATEO, Calif., March 13, 2013 /PRNewswire/ -- China Armco Metals, Inc. (NYSE MKT: CNAM) ("China Armco" or the "Company"), a distributor of imported metal ore and metal recycler with a new state-of-the-art scrap metal recycling facility in China, today announced that the Company's Board of Directors (the "Board of Directors") has responded to a letter from Levi & Korsinsky LLP ("Levi & Korsinsky" or the "Firm") and disagrees with the contents of the letter.
On March 5, 2013, Levi & Korsinsky issued a press release with the subject of "The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of Directors of China Armco Metals, Inc.". On March 7, 2013, the Board of Directors received a letter from such Firm in the same regards. The Board of Directors has responded to Levi & Korsinsky's letter and disagrees with the contents of the letter. The Board of Directors has requested the Firm correct the wrongful claim promptly.
ABOUT CHINA ARMCO METALS, INC.China Armco is engaged in the sale and distribution of metal ore and non-ferrous metals and the recycling business in China. China Armco's customers include some of the fastest growing steel producing mills and foundries throughout China. Raw materials are acquired from a group of global suppliers located in various countries, including, but not limited to, Brazil, India, Indonesia, Ukraine and the United States. China Armco has product lines of ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore, steel billet and recycled scrap metals. For more information about China Armco, please visit http://www.armcometals.com.
SAFE HARBOR STATEMENTIn connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Armco, is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations regarding our revenues and production related to our scrap metal recycling operations, pricing and demand for our product lines, and the extent of government imposed energy and monetary policy restrictions and resulting blackouts and associated impact on our trading and recycling operations.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts