Orient Paper Wins Motion to Dismiss Complaint Filed by Tribank Capital

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  Published in House and Home on Tuesday, July 19th 2011 at 18:20 GMT by Market Wire
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Orient Paper Wins Motion to Dismiss Complaint Filed by Tribank Capital -- BAODING, China, July 19, 2011 /PRNewswire-Asia/ --

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BAODING, China, July 19, 2011 /PRNewswire-Asia/ -- [ Orient Paper, Inc. ] (AMEX: [ ONP ]) ("Orient Paper" or the "Company"), a leading manufacturer and distributor of diversified paper products in northern China, announced today that on July 18, 2011, United States District Court Judge Manual Real ("the Court") granted Orient Paper motion to dismiss the complaint filed against the Company by Tribank Capital Investments, Inc.

The Court granted the motion in its entirety, finding that venue is improper because the contract that forms the basis of the parties' relationship contains a valid and enforceable forum selection clause providing that the Hong Kong Special Administrative Region of China is the exclusive forum for resolution of disputes. The Company continues to believe that the action is without merit, and will vigorously defend any further litigation brought by Plaintiff.

About Orient Paper, Inc.

Orient Paper, Inc., through its wholly owned subsidiary, Shengde Holdings, Inc., controls and operates Baoding Shengde Paper Co., Ltd. ("Baoding Shengde"), 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, 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 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, please visit [ http://www.orientpaperinc.com ].

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, any financial projections of earnings, revenue, margins or other financial items; the actions and initiatives of current and potential competitors; the Company's ability to introduce new products; the Company's ability to implement the planned capacity expansion of corrugating medium paper; market acceptance of new products; general economic and business conditions; the ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

SOURCE Orient Paper, Inc.

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