WUXI, China, Jan. 12, 2012/PRNewswire-Asia-FirstCall/ -- WSP Holdings Limited (NYSE: WH) ("WSP Holdings" or the "Company"), a leading Chinese manufacturer of API (American Petroleum Institute) and non-API seamless casing, tubing and drill pipes used in oil and natural gas exploration, drilling and extraction ("Oil Country Tubular Goods" or "OCTG"), and other pipes and connectors, today announced that the Company is working with its ADS depositary, JPMorgan Chase Bank, N.A., to effectuate a change in the ratio of its American Depositary Shares ("ADSs") to ordinary shares from 1:2 to 1:10 ("Ratio Change"). The plan to effectuate the Ratio Change was approved by the board of directors of the Company. The Company anticipates the Ratio Change to bring its average ADS price above $1.00per share in compliance with the New York Stock Exchange continued listing standard relating to minimum average share price. The Company will update the investors immediately when the effective date of the Ratio Change is determined in due course.
About WSP Holdings Limited
WSP Holdings develops and manufactures seamless Oil Country
Tubular Goods (OCTG), including seamless casing, tubing and
drill pipes used for on-shore and off-shore oil and gas
exploration, drilling and extraction, and other pipes and
connectors. Founded as WSP China in 1999, the Company
offers a wide range of API and non-API seamless OCTG
products, including products that are used in extreme
drilling and extraction conditions. The Company's
products are used in China's major
oilfields and are exported to oil producing regions
throughout the world. For further information, please visit
WSP Holdings.
Safe Harbor Statements
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995: Any statements set forth
above that are not historical facts are forward-looking
statements that involve risks and uncertainties that could
cause actual results to differ materially from those in the
forward-looking statements. These forward-looking
statements can be identified by terminology such as
"will," "expects,"
"anticipates," "future,"
"intends," "plans,"
"believes," "estimates" and similar
statements. Among other things, the Company's
outlook and quotations from management in this announcement
contain forward-looking statements. A number of factors
could cause actual results to differ materially from those
contained in the forward-looking statement. Such
factors include, but are not limited to, changes in
anticipated level of sales, changes in national or regional
economic and competitive conditions, changes in the
Company's relationships with customers, the
Company's ability to develop and market new products,
the Company's ability to access capital for expansion,
changes in principal product revenues and other factors
detailed from time to time in the Company's filings
with the United States Securities and Exchange Commission
and other regulatory authorities. The Company undertakes no
obligation to update or revise to the public any
forward-looking statements, whether as a result of new
information, future events or otherwise. This press release
was developed by the Company, and is intended solely for
informational purposes and is not to be construed as an
offer or solicitation of an offer to buy or sell the
Company's stock. This press release also contains
statements or projections that are based upon information
available to the public, as well as other information from
sources which management believes to be reliable, but it is
not guaranteed by the Company to be accurate, nor does WSP
Holdings purport it to be complete. Opinions
expressed herein are those of management as of the date of
publication and are subject to change without notice.
Contact: | |
WSP Holdings Limited Ms. Judy Zhu, IR Director Phone: +86-510-8536-0401 E-mail: info@wsphl.com http://www.wsphl.com | CCG Investor Relations, Inc. Ms. Elaine Ketchmere, Partner Phone: +1-310-954-1345 (Los Angeles) E-mail: elaine.ketchmere@ccgir.com http://www.ccgirasia.com |
Mr. Crocker Coulson, President Phone: +1-646-213-1915 (New York) Email: crocker.coulson@ccgir.com |
SOURCE WSP Holdings Limited
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