NEW YORK, Oct. 16, 2009 (GLOBE NEWSWIRE) -- China Carbon Graphite Group, Inc. ("China Carbon" or the "Company") (OTCBB:CHGI), one of China's leading non-state-owned producers and wholesale suppliers of fine grain and high purity graphite, announced today it has engaged BDO Guangdong Dahua Delu CPAs, the Guangdong member firm of the BDO International network, as its new independent registered public accounting firm. BDO International is the world's fifth largest accounting network with 44,000 people working with clients and offering challenging, ethical and practical advice from 1,095 offices in 110 countries. BDO provides assurance, tax, financial advisory and consulting services to a wide range of publicly traded and privately held companies. The CPA firm, which will celebrate its 100th year in business in 2010, will provide China Carbon with a sophisticated array of services and global capabilities both in the U.S. and in China.
Donghai Yu, the Company's CEO, stated, "The Company's expansion of its current production facility in Inner Mongolia along with recent acquisition opportunities lead us to believe now is the time to engage a top tier CPA firm to assist us with our strategic growth plan. Our decision to retain BDO was based upon their expertise in international accounting practices, advisory services for mergers & acquisitions and their comprehension of tax law in both China and the U.S. The Company also felt that retaining a well established and prominent accounting firm would be imperative for attaining listing status on a major U.S. stock exchange next year."
About China Carbon Graphite Group, Inc.
China Carbon, through its affiliate, Xingyong Carbon Co., Ltd., manufactures carbon and graphite based products in China. The company is the largest wholesale supplier of fine grain and high purity graphite in China. Fine grain graphite is widely used in smelting for colored metals and rare earth metal smelting as well as the manufacture of molds. High purity graphite is used in metallurgy, mechanical industry, aviation, electronic, atomic energy, chemical industry, food industry and a variety of other fields. In September 2007, the company was approved and designated by Ministry of Science & Technology as a "National Hi-tech Enterprise." Of the 400 plus carbon graphite producers in China, China Carbon is the only non-state-owned company to receive this honor. For more information, visit http://www.chinacarboninc.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release.