PricewaterhouseCoopers to Assist Sunway in Sarbanes-Oxley Compliance Efforts
November 17 2008 - 11:44AM
PR Newswire (US)
DAQING, China, Nov. 17 /PRNewswire-FirstCall/ -- Sunway Global Inc.
(OTC Bulletin Board: SUWG) ("Sunway" or "the Company"), a leading
provider of hospital logistic automation in China, announced today
that it has appointed PricewaterhouseCoopers ("PwC") to assist the
Company with its compliance with Section 404 of the Sarbanes-Oxley
Act of 2002 ("SOX"). Under the agreement, PwC will provide internal
controls consulting services to Sunway, such as assisting Sunway in
the documentation of its internal controls over financial reporting
and disclosure and providing recommendations for improvement, as
appropriate and agreed-upon with Sunway. PwC will also provide
regular updates to Sunway's management and the Company's Board of
Directors during the period of the engagement. "We look forward to
working with PwC in our efforts to reach compliance with SOX,"
stated Sam Sheng, Chief Financial Officer of Sunway. "Our
management team is committed to improving our disclosure controls
and practices and providing our shareholders with higher quality
financial reporting. Improved internal controls should also enable
our company to continue to strengthen its operations and business
practices." ABOUT SUNWAY GLOBAL INC. Sunway Global Inc.
(OTCBB:SUWG), through its wholly owned subsidiaries, is a leading
provider of hospital logistic automation in China. Leveraging on
its proprietary technologies, Sunway is engaged primarily in the
design, manufacture, sale and maintenance services of two product
lines: hospital Pneumatic Tube Systems ("PTS") and Sunway Automatic
Dispensing and Packaging systems ("SADP"). It maintains the largest
market share in these two segments in China and has an installed
base of approximately 200 hospitals in 23 provinces. Sunway has a
seasoned management team with a strong focus on standards and
technologies. Currently, Sunway has 13 issued patents covering
automation and control. Founded in 1971, Sunway is headquartered in
Daqing with approximately 200 employees. CAUTIONARY STATEMENT
REGARDING FORWARD LOOKING INFORMATION This presentation may contain
forward-looking information about Sunway Global Inc. and its wholly
owned subsidiaries which are intended to be covered by the safe
harbor for forward-looking statements provided by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking
terminology such as "believe," "expect," "may," "will," "should,"
"project," "plan," "seek," "intend," or "anticipate" or the
negative thereof or comparable terminology, and include discussions
of strategy, and statements about industry trends and Sunway's
future performance, operations and products. This and other "Risk
Factors" are contained in Sunway's public filings with the SEC.
DATASOURCE: Sunway Global Inc. CONTACT: Samuel Sheng, CFO of Sunway
Global Inc., +86 4596046008, Post Code: 163316(Daqing), Web site:
http://www.sunwaytech.com.cn/
Copyright