Bamboo Firm Style Ltd. Says Restructuring on Track

South Perth, Australia, March 12, 2009--Australian bamboo flooring company Style Limited says its restructuring and core manufacturing business remain on track after the company addressed problems concerning the operations of its manufacturing plant in Anji, China.

Style’s long-term restructuring plans, which include new product releases, were first outlined in an announcement to the Australian Securities Exchange last June 4.

The company recently reported a loss for the second half of last year and trading in its stock on the Australian Stock Exchange was halted.

“We should not lose sight of the fact that a major part of the loss announced for the latest half-year is due to exceptional write offs driven by accounting requirements,” Style Limited CEO Peter Torreele, said.

“Like most manufacturing companies operating in the current challenging global market, Style is experiencing a downturn in sales and corresponding production output, so there is a clear need to carefully manage our cash flow in line with our sales expectations.”

Cost cutting measures have been implemented across the business and a new management team is in place at the manufacturing plant in China to improve manufacturing margins.

“We continue to make progress on the expansion of our international distribution network through negotiations with some of the largest flooring retailers and distributors in Europe and the United States. For instance, the largest floor covering distributor in the U.S., JJ Haines, is joining our network this month.”

Style said it is currently seeking to fulfill all conditions requested by the stock exchange in order to resume trading as soon as possible.