Sutor Tech Group (NASDAQ:SUTR)

CHANGSHU, China, January 10, 2012 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), a leading China-based non-state-owned manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of downstream applications, today announced that the Company has engaged Grant Thornton, the China member firm of Grant Thornton International ("GT") as its independent registered public accounting firm, replacing Hansen, Barnett & Maxwell, P.C. ("HBM").

The Audit Committee of the Company's Board of Directors approved the dismissal of HBM, which did not result from any disagreements with HBM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope of procedures. The Company believes that the transition from HBM to GT will not adversely affect the Company's upcoming financial reporting. GT will provide services beginning in the second fiscal quarter of the fiscal year ending June 30, 2012.

"We look forward to developing a strong working relationship with GT, one of the globally top-ranked accounting firms to further enhance our financial transparency and continuing to provide timely and accurate financial information to the investment community. We appreciate very much HBM's outstanding professional services in the past five years," said Ms. Lifang Chen, Chairwoman and CEO of Sutor.