CD International Enterprises IMG Subsidiary Adds Four New Magnesium Customer Orders in the First Quarter of Fiscal 2013
DEERFIELD BEACH, Fla., Jan. 16, 2013 /PRNewswire/ -- CD International Enterprises, Inc. ("CD International") (OTCQB:CDII), a U.S. based company that produces, sources, and distributes industrial commodities in China and the Americas and provides business and financial corporate consulting services, today announced that its International Magnesium Group subsidiary ("IMG") added four new magnesium customer orders in the first quarter of fiscal 2013.
The orders totaling approximately $850,000 were made directly through IMG utilizing its previously disclosed trade agreement for up to $2 million in receivable and inventory based financing to expand its ongoing magnesium distribution business. Deliveries of the orders to European and Canadian based customers began in December 2012 and are expected to be completed in January 2013. Management believes the completion of these orders will serve as a successful test for the use of its financing arrangement and will seek to expand sales to these customers as well as other direct sales through IMG in the coming quarters.
Commenting on the announcement, Dr. James Wang, Chairman and CEO of CD International, stated, "We look forward to the successful completion of these initial orders using our new financing arrangement. We believe that the utilization of this financing coupled with the recent removal of the tax on magnesium exports from China will enable us to leverage sales through IMG and expand margins. We anticipate this will lead to significant growth in sales made through IMG in fiscal 2013 and beyond."
About CD International Enterprises, Inc.
CD International Enterprises, Inc. (OTCQB: CDII), is a U.S. based company that produces, sources, and distributes industrial commodities in China and the Americas and provides business and financial corporate consulting services. Headquartered in Deerfield Beach, Florida with corporate offices in Shanghai, CD International's unique infrastructure provides a platform to expand business opportunities globally while effectively and efficiently accessing the U.S. capital markets. For more information about CD International, please visit http://www.cdii.net.
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, CD International Enterprises, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations regarding future sales of magnesium and our profit margins.
We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2012.
SOURCE CD International Enterprises, Inc.