Jan. 5, 2007 — China Precision Steel, a niche precision steel processing company, has begun trading on the NASDAQ Stock Market.

Dr. Wo Hing Li, Chairman and CEO, founded Shanghai Chengtong Precision Steel, the operating subsidiary of China Precision Steel, in 2002. On December 28, 2006, Partner Success Holding Limited (PSHL), the immediate parent of Chengtong, and OraLabs Holding Corp. closed on a share exchange transaction through which PSHL became a wholly owned subsidiary of OraLabs, which then changed its name to China Precision Steel, Inc.

China Precision Steel issued an aggregate of 25,363,002 shares of common stock in the share exchange, which constituted 94% of its total issued and outstanding common stock. The company now has approximately 26,981,916 shares of common stock issued and outstanding.

"It is an exciting event for China Precision Steel to become a U.S. public company listed on the NASDAQ stock exchange. This accomplishment demonstrates the strength of our business and our ability to meet the higher standards required by NASDAQ," commented Dr. Li.

China Precision Steel is a niche precision steel processing company principally engaged in the production and sale of high precision cold-rolled steel products and provides value added services such as heat treatment and cutting medium and high carbon hot-rolled steel strips. China Precision Steel produces high precision ultra-thin (3.0 mm to 0.03 mm) cold rolled steel products primarily for automotive components, food packaging materials, saw blades and textile needle manufacturing companies in P.R. China, where the company is currently located. In the future, China Precision Steel intends to expand overseas into Japan, Taiwan, Korea, Thailand, the Philippines, the European Union and the United States.

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