China Armco Metals Updates Metals Trading Activities, With New Contracts Valued at More Than $5.6 Million
SAN MATEO, Calif., Jan. 5, 2012 /PRNewswire/ -- China Armco Metals, Inc. (AMEX: CNAM) ("China Armco" or the "Company"), a distributor of imported metal ore and metal recycler with a new state of the art scrap metal recycling facility in China, today provided an update on its trading business.
By December 31, 2011, China Armco had secured and shipped three orders to deliver chrome ore to trading firms serving iron and steel producers in China. The orders included a combined volume of 24,000 tons with an aggregate value of approximately $3.89 million. 2 additional shipments of a combined volume of 8,000 tons with an aggregate value of approximately $1.72 million are to be delivered by the end of the first quarter of 2012.
Commenting on the company's performance, Mr. Kexuan Yao, Chairman and CEO of China Armco stated "While China's economy is experiencing many challenges in a variety of sectors, we are working hard to adjust our operations and to reallocate our resources in response to this changing environment. As a result of our management team's efforts, we are pleased to be seeing a steady progress in our trading business. With iron ore price stabilizing to a certain degree in the fourth quarter of 2011, we are cautiously optimistic about the strengthening of our businesses as China's economic conditions improve and its monetary policies are relaxed. Capitalizing on our more than 10 years of experience, our growing brand name excellence in the industry and strong relationships with over 150 customers in China, we remain well positioned to benefit from the long-term growth associated with the Chinese steel industry."
ABOUT CHINA ARMCO METALS, INC.
China Armco Metals, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout the PRC and is in the recycling business in the PRC. China Armco's customers throughout China includes some of the fastest growing steel producing mills and foundries in the PRC. Raw materials are acquired from a global group of suppliers located in diverse countries, including, but not limited to, Brazil, India, Indonesia, Ukraine and the United States. China Armco's product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore, steel billet and recycled scrap metals. For more information about China Armco, please visit http://www.armcometals.com.
SAFE HARBOR STATEMENT
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Armco Metals, 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 our revenues and production related to our scrap metal recycling operations, pricing and demand for our product lines and the extent of government imposed energy and monetary policy restrictions and resulting blackouts and associated impact on our trading and recycling operations.
In addition, any such statements are qualified in their entirety by reference to, and are accompanied by, the following key factors that have a direct bearing on our results of operations:
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 following, including, but not limited to, any expectations with respect to the Company's revenues and operations, institution of governmental regulations relating to our businesses and the international economic climate, and 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 year ended December 31, 2010, as amended, and each of our Quarterly Filings on Form 10-Q for the periods ended March 31, 2010, June 30, 2010 and September 30, 2010, respectively.
SOURCE China Armco Metals, Inc.
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