SULLIVAN, Ind., April 22, 2013 /PRNewswire/ -- VHGI Holdings, Inc. (OTCQB: VHGI), announced today that it has successfully delivered 4,836 tons of coal from the Landree Mine to a previously announced local utility. The shipment represents the second delivery of coal to this local utility under a multi-year agreement. For 2013, VHGI has shipped approximately 10,500 tons under the contract. The next shipment is scheduled for early May 2013.
"We are excited to announce the second shipment of coal under our existing multi-year contract with a leading local utility," said Rick Risinger, CEO of VHGI Holdings, Inc. "As a low-cost producer of Illinois Basin coal with more than 24 million tons of proven reserves, we are uniquely positioned for long-term growth and profitability. Our clean load-out system at the Landree Mine includes an on-site rail delivery system that allows us to deliver coal in a highly cost-efficient and timely manner. Our unique ability to ship coal quickly and profitably to multiple customers will remain a key differentiator for VHGI as we ramp production.
"While we are just completing Phase I of our operating plan for the Landree mine we remain firmly on track to continue making shipments of approximately 20,000 tons per month beginning May 1, 2013, we are also focused on expanding our operation to include a second mining unit, subject to financing. This Phase II expansion, once fully implemented, will more than double our production while providing us with greater efficiencies and higher margins on our coal sales," concluded Risinger.
About VHGI Holdings, Inc.
VHGI Holdings, Inc. (OTCQB: VHGI) (www.lilygroup.com) is a company with assets and interests focusing on opportunities within the coal mining industry. VHGI Holdings is actively pursuing new opportunities within this industry to maximize shareholder return.
VHGI Holdings, Inc. Safe Harbor Statement
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SOURCE VHGI Holdings, Inc.