DEERFIELD BEACH, Fla., Oct. 18, 2011 /PRNewswire/ -- China Direct Industries, Inc. ("China Direct Industries") (NASDAQ: CDII), a U.S. based company that sources, produces and distributes industrial products in China and the Americas in two core business segments, announced today that it successfully completed implementation of its new UFIDA NC Enterprise Resource Planning (ERP) financial account software system at Shanxi Gu County Golden Magnesium Co., Ltd. ("Golden Magnesium"), its wholly owned subsidiary.
The NC ERP system is a comprehensive financial accounting software suite provided by UFIDA Software Co. Ltd., the largest enterprise resource management solution provider in China. Once fully implemented, this web based ERP system will enable management to better manage its magnesium operations through a real-time centralized financial data management system. The NC ERP system enables multi-currency financial data capability as well as multilingual user interfaces and reports functionality making it the ideal financial management tool for China Direct Industries as it builds its operations in the United States, China, and Latin America.
Management expects to continue the implementation of the system with its other magnesium subsidiaries in the coming months. Full implementation of the ERP system will help management improve corporate forecasting, overall accounting practices, and financial transparency as China Direct Industries grows its operations in the coming years.
Commenting on the successful ERP implementation at Golden Magnesium, Dr. James Wang, Chairman and CEO of China Direct Industries, Inc., stated "The system-wide rollout of this ERP system is critical for us as we move to complete our magnesium consolidation plan and successful implementation at Golden Magnesium is a significant milestone in this important process. The NC ERP system will provide for greater financial transparency and enable management to rapidly respond to changing business conditions to maximize overall financial performance throughout our organization."
About China Direct Industries, Inc
China Direct Industries, Inc. (NASDAQ: CDII), is a U.S. based company that sources, produces and distributes industrial commodities in China and the Americas and provides business and financial consulting services. Headquartered in Deerfield Beach, Florida with corporate offices in Shanghai, China Direct Industries' unique infrastructure provides a platform to expand business opportunities globally while effectively and efficiently accessing the U.S. capital markets. For more information about China Direct Industries, please visit http://www.cdii.net.
In connection with the safe harbour provisions of the Private Securities Litigation Reform Act of 1995, China Direct Industries, 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 concerning our ability to complete implementation of the NC ERP software in our Magnesium segment and our ability to operate and maintain this system.
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 Report on Form 10-K for the fiscal year ended September 30, 2010.
SOURCE China Direct Industries, Inc.