VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2012) - Yalian Steel Corporation (TSX VENTURE:YL) ("Yalian" or the "Company") announces that its former auditor, KPMG LLP ("KPMG"), has resigned effective July 3, 2012, at the request of the Company, and MNP LLP ("MNP") has been appointed as the successor auditor. In accordance with National Instrument 51-102, the Company has filed the attached Change of Auditor Notice on SEDAR, together with letters from KPMG and MNP, each confirming that it is in agreement with the statements contained in the notice, as applicable.
About Yalian Steel Corporation
Yalian Steel Corporation is a British Columbia corporation focused on the production of high quality Longitudinally Submerged Arc Welded (LSAW) steel pipe to service Asia's rapidly growing energy transportation infrastructure market. The Company has recently completed construction of its initial manufacturing facility in city of Yangzhou, in the Jiangsu province of China. The first production line has a capacity of up to 200,000 metric tons per year. The Yangzhou Yalian plant utilizes the JCOE (J-ing, C-ing, O-ing, Expanding) process, an advanced method of LSAW pipe production that involves the bending and shaping of X-80 grade steel.
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Yalian's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada and which may be found under the Company's SEDAR profile at www.sedar.com. All amounts are stated in Canadian dollars unless noted otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.