IT Tech Packaging Inc (ITP)

[Michael Anderson]

It is easy to see right through Muddy Waters

Responses from Muddy Waters:
Reading through the latest response it is easy to see right through them and it is easy to see how fraudulent they are

"Yesterday we released a response to ONP’s press release stating that we had analyzed the wrong operating subsidiary"

-So they made a big deal that ONP is such a fraud and admitted to this large mistake, hmmmm

"I never worked for a Wall Street bank, and until the day at the airport, I thought a 10-K was a weekend race."

-very intellectual?

"While at the Hong Qiao Airport waiting to board a flight to Beijing, Carson and I started to browse through the 10-K and 10-Qs. I graduated from business school in 1992, and it had been a while since I looked over such documents. But we sat in that airport for about 8 hours and poured through the documents devouring every page and laughing with coffee and pizza. We couldn’t believe what we were reading."

-So they just started reading right there over the 10-k and 10-q's and couldnt beleive what they were reading, hmmm

"I felt the company was a sham and I wanted to help Rick out by telling him so; but, to do so was illogical"

-I am sure these guys know more than everyone else including Rick Pearon and if they thought something like they would not say something then, hmmm

"When my father first spoke with me about ONP, I was skeptical. The amount of money it intended to raise to expand its paper factory seemed excessive. I told him to assume that construction expenses would be padded – the question was to what extent. He told me that he was quite impressed with the CFO, Winston Yen. He also said that he had heard Chairman Liu is “different” from other Chinese company bosses in that he doesn’t drink, smoke, or chase women."

-odd statement and states skepticism without any knowledge of the company at that point in time which shows that this was pre-conceived and a well thought out rebuttal

On top of everything else, these two guys know more than everyone else and every other researcher or investor who has visited the company or spoke to management or has done the research, has never come up with anything fraudulent about ONP. It has scam written all over it, from top to bottom. Good luck.