China Redstone Announces Cemetery Plot Sales for November 2010; Average Sales Price per Plot Increased by 37.4%

-- Plots sales increased 25.0% year-over-year to $4.0 million

-- Average sales price per plot increased 37.4% to $7,380

Dec 14, 2010, 07:00 ET from China Redstone Group, Inc.

CHONGQING, China, Dec. 14, 2010 /PRNewswire/ -- China Redstone Group, Inc. (OTC Bulletin Board: CGPI) ("China Redstone" or the "Company"), the largest private provider of cemetery products and services in Chongqing, China, today reported the sales of the cemetery plots for November 2010.

China Redstone sold 536 cemetery plots in November 2010, representing a decrease of 8.7% from the same period last year.  The average selling price was $7,380 per plot, an increase of 37.4% from $5,370 last year.

"The strong momentum we witnessed in the first half of fiscal 2011 continued through November," commented Mr. Yivou Ran, Chairman and Chief Executive Officer of China Redstone. "We are particularly pleased with the strong price gains, which are a result of our superior location and successful branding investments. We have achieved 68% of the sales guidance for fiscal year 2011. We expect the positive momentum will continue for the remainder of the year."

The following summarizes the Company's recent cemetery plot sales trends:

(Fiscal year ending March 31)

September 2010

October 2010

November 2010

FY11 YTD

FY 2011 Guidance

Cemetery Plot Sales

536

643

536

4,759

7,000

Average Sales Per Plot

$6,746

7,341

7,380

$6,888

$5,250-$6,250

Mr. Ran continued, "Excess demand will continue to grow as the country ages. With more than 50 years of undeveloped land, strong cash flows and balance sheet, we are uniquely positioned to capture additional market share."

China Redstone Group, Inc.

China Redstone is a cemetery developer and provider of cemetery products and services in Chongqing, China, through its contractually controlled affiliate Chongqing Foguang Tourism Development (Group) Co., Ltd. Founded in 2002, the Company provides a complete range of funeral merchandise and services, including cemetery property, both at the time of need and on a preneed basis. Its cemeteries are highly regarded in terms of a number of factors such as tradition, reputation, physical size, capacity of business, available supply, name recognition, aesthetics and potential for development or expansion.   

Safe Harbor Statement

Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.

SOURCE China Redstone Group, Inc.