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Oct. 22, 2013 /PRNewswire/ --
Lihua International, Inc. (NASDAQ: LIWA) ("Lihua" or the "Company"), a leading Chinese developer, designer, and manufacturer of low cost, high quality alternatives to pure copper products, including refined copper products, copper wire and copper clad aluminum ("CCA") wire, today announced the results of matters considered at its Annual Meeting of Stockholders held in
The five director nominees were all elected to the Lihua Board. In addition, the following management proposals were approved: the ratification of
Crowe Horwath (HK) CPA Limited as the Company's independent auditor for the fiscal year ending
December 31, 2013; and the compensation paid to the Company's named executive officers in the proxy statement.
During the meeting, Mr.
Jianhua Zhu, founder, chairman and CEO, responded to questions from attending stockholders in which he provided an overview of the Company's progress. Mr. Zhu commented: "It is a testament to our strong team of R&D personnel and engineers that Lihua has successfully remained ahead of the curve. We expanded our business into scrap copper recycling approximately four years ago and have grown that business segment to 125,000 – 140,000 tons of annual capacity. Once the modifications to the dust collection system are finished, we will ramp up the output of the third copper anode smelter and complete the construction of the fourth anode smelter and put it into production. We now expect completion of the dust collection system modification and the subsequent fourth anode smelter in early 2014."
"We have also made material progress in the development of our new CCA cable and wire product including the submission of 16 patent applications. While there can be no guarantee that any of these patent applications will result in patents ultimately being issued, we anticipate resolution of these applications within the next 24 months. We are currently pursuing production permits for the new CCA power transmission cable and wire products, which can be used in power transmissions 1,000 voltage and under. We also began small qualification batch production of the new CCA product from the cladding of copper foil and aluminum process to drawing them into superfine wires. The new CCA product has higher percentage of copper component ratio, and uses new seamless binding technology of the two metals thereby allowing for use in higher technology applications. Raw materials for this new product are high purity copper and aluminum purchased from outside suppliers. Due to its superior electric conductivity and quality, the new CCA superfine wire can be used in more diversified and higher end applications such as computers, cell phones, medical equipment, automobiles, communication and audio-visual products. Qualification batches of the new CCA superfine wire product have been delivered to prospective customers, some of whom are current customers for our existing CCA and copper wire products.