UPDATE: Fushi Copperweld's Currently Facilitating the Due Diligence Investigation of the Company

As previously announced, Fushi Copperweld's FSIN Board of Directors formed a Special Committee of independent directors to consider this proposal. The Special Committee has negotiated and executed confidentiality and standstill agreements with each of Mr. Fu and Abax. The Special Committee and its independent financial and legal advisors are currently facilitating the due diligence investigation of the Company by Mr. Fu and Abax so that they can be in a position to submit a firm, fully financed offer to the Special Committee. The Special Committee, with the assistance of its advisors, is also considering other strategic alternatives to Mr. Fu's proposal, including any other acquisition proposal that may be submitted to the Company or to the Special Committee or remaining an independent public company. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Special Committee does not intend to disclose developments regarding these matters unless and until it deems disclosure appropriate.