DAQING, China, Nov. 17 Sunway Global Inc. (OTCBulletin Board: SUWG) ("Sunway" or "the Company"), a leading provider ofhospital logistic automation in China, announced today that it has appointedPricewaterhouseCoopers ("PwC") to assist the Company with its compliance withSection 404 of the Sarbanes-Oxley Act of 2002 ("SOX").
Under the agreement, PwC will provide internal controls consultingservices to Sunway, such as assisting Sunway in the documentation of itsinternal controls over financial reporting and disclosure and providingrecommendations for improvement, as appropriate and agreed-upon with Sunway.PwC will also provide regular updates to Sunway's management and the Company'sBoard of Directors during the period of the engagement.
"We look forward to working with PwC in our efforts to reach compliancewith SOX," stated Sam Sheng, Chief Financial Officer of Sunway. "Ourmanagement team is committed to improving our disclosure controls andpractices and providing our shareholders with higher quality financialreporting. Improved internal controls should also enable our company tocontinue to strengthen its operations and business practices."
ABOUT SUNWAY GLOBAL INC.
Sunway Global Inc. (OTCBB:SUWG), through its wholly owned subsidiaries, isa leading provider of hospital logistic automation in China. Leveraging onits proprietary technologies, Sunway is engaged primarily in the design,manufacture, sale and maintenance services of two product lines: hospitalPneumatic Tube Systems ("PTS") and Sunway Automatic Dispensing and Packagingsystems ("SADP"). It maintains the largest market share in these two segmentsin China and has an installed base of approximately 200 hospitals in 23provinces. Sunway has a seasoned management team with a strong focus onstandards and technologies. Currently, Sunway has 13 issued patents coveringautomation and control. Founded in 1971, Sunway is headquartered in Daqingwith approximately 200 employees.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
This presentation may contain forward-looking information about SunwayGlobal Inc. and its wholly owned subsidiaries which are intended to be coveredby the safe harbor for forward-looking statements provided by the PrivateSecurities Litigation Reform Act of 1995. Forward-looking statements arestatements that are not historical facts. These statements can be identifiedby the use of forward-looking terminology such as "believe," "expect," "may,""will," "should," "project," "plan," "seek," "intend," or "anticipate" or thenegative thereof or comparable terminology, and include discussions ofstrategy, and statements about industry trends and Sunway's futureperformance, operations and products. This and other "Risk Factors" arecontained in Sunway's public filings with the SEC.
SOURCE Sunway Global Inc.