FUQING CITY, China, March 14, 2011 /PRNewswire-Asia-FirstCall/ -- China Clean Energy Inc. (OTC QB: CCGY) ("China Clean Energy", the "Company"), a producer of biodiesel fuel and environmentally-friendly specialty-chemical products made from renewable resources in China, today announced preliminary guidance for the fiscal year ending December 31, 2011.
China Clean Energy expects revenue to reach $75 million and operating income to reach $13 million in fiscal year 2011.
"During 2010 we gradually and successfully ramped up our Jiangyin plant to full capacity, and improved the quality of our products as a result of increased scale and more advanced technology in our manufacturing process," said Mr. Tai-ming Ou, China Clean Energy's Chairman and CEO. "Going into 2011 we expect to make fuller use of our expanded capacity. We also expect to increase shipments of high margin products which command premium pricing, including high purity dimer acid and high performance adhesives. As a result, we are hopeful to deliver improved top- and bottom-line results for the year."
About China Clean Energy
China Clean Energy, through its wholly-owned subsidiaries, Fujian Zhongde Technology Co., Ltd. and Fujian Zhongde Energy Co., Ltd, is engaged in the development, manufacturing, and distribution of biodiesel and specialty chemical products made from renewable resources. For additional information please visit: http://www.chinacleanenergyinc.com
Safe Harbor Statement
This announcement contains forward-looking statements. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the effectiveness, profitability, and the marketability of the Company's products; the future trading of the common stock of the Company; the ability of the Company to capitalize on its expanded production capacity; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the Company's ability to increase shipments of higher margins products; the Company's ability to maintain higher levels of utilization of its manufacturing capacity; the volatility of the Company's operating results and financial condition resulting from changes in raw material prices, international oil prices and price controls imposed by the Chinese government; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that the Company's expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
China Clean Energy Inc.
CCG Investor Relations Inc.
William Chen, CFO
Ed Job, CFA
SOURCE China Clean Energy Inc.