Orient Paper Audit Committee Update
Baoding, China, 25 October 2010 -- (PR Newswire) -- Orient Paper, Inc. (AMEX: ONP), a leading manufacturer and distributor of diversified paper products in Hebei, China, today provided an update regarding the status of the independent investigation that is being conducted by the audit committee of Orient Paper with the assistance of Loeb & Loeb LLP and Deloitte & Touche Financial Advisory Services Limited.
As of 25 October 2010, the independent investigation has made substantial progress and is now in its final stage. The company's audit committee expects to complete the final portion of the investigation and report the results of the investigation to the board of directors within three weeks of the date of this announcement.
"We believe we have conducted a detailed and thorough independent investigation over the last three months and are pleased to announce it has entered its final stage," said Drew Bernstein, chairman of Orient Paper's audit committee. "We continue to work with Loeb & Loeb and Deloitte to complete the rest of the investigation on schedule and look forward to providing the results to the board of directors."
Orient Paper, Inc., through its wholly owned subsidiaries, Shengde Holdings, Inc., controls and operates Baoding Shengde Paper Co., Ltd., and Hebei Baoding Orient Paper Milling Co., Ltd (HBOP). Founded in 1996, HBOP is engaged in the production and distribution of products such as corrugating medium paper, offset printing paper, writing paper, and other paper and packaging-related products in China. The company uses recycled paper as its primary raw material. Baoding Shengde, founded in June 2009 and located in Baoding, is engaged in the production and distribution of digital photo paper. As one of the largest paper producers in Hebei Province, China, HBOP is strategically located in Baoding, a city in close proximity to Beijing where the majority of publishing houses are based. Orient Paper is led by an experienced management team committed to diversifying the Company's product offering and delivering tailored services to its customers. For more information, visit http://www.orientpaperinc.com.