HARBIN, China, June 30 /PRNewswire-Asia-FirstCall/ -- China Green Material Technologies, Inc. (OTC Bulletin Board: CAGM, or the "Company"), a Chinese leader in developing and manufacturing starch-based biodegradable containers, tableware and packaging materials, today announced that its new production capacity will come on line in the second half of 2010.
The Company's new manufacturing facility will raise annual production capacity by approximately 45%. As part of the expansion, the Company plans to add new equipment which will enable CAGM to increase its manufacturing efficiency and meet increasing market demand for its biodegradable consumer products. The Company expects total revenues in 2010 to increase between 25% and 30% from the $13.4 million reported in 2009. The expanded capacity will support the Company's anticipated growth through 2011.
"We are pleased to report progress on our expansion plans, which will enable us to meet existing customer demand and facilitate growth for this year and next," said Mr. Zhonghao Su, Chief Executive Officer. "The global market demand for environmentally-friendly, bio-degradable products is among the fasting growing in the consumer products segment. We are ideally positioned in China, where our Company has a strong position in a highly fragmented market, maintains a low cost advantage and offers superior product performance. To capitalize on the rapid domestic growth, we are focused on increasing our market share in the airline and railway sectors, developing additional clients in the fast food industry and expanding our network of agents and distributors. To pursue further growth in international markets, we are working with distributors to expand our reach to the U.S., France, the U.K., Israel, Korea and Japan. Importantly, we have a focused sales and marketing strategy in place to execute our plans and expect to achieve revenue growth of 25%-30% in 2010."
Non-Deal Road Show and Conference Participation
Mr. Zhonghao Su, CEO, and William Wang, Director, will be on a non-deal road show July 6-16, visiting with investors in New York, San Francisco, Los Angeles, Orange County and San Diego. The Company will also present at the Global Hunter Securities 2010 China Conference being held July 11-13 in San Francisco. Please contact HC International, Inc. if you would like to schedule a meeting.
About China Green Material Technologies, Inc.
China Green Material Technologies, Inc. (OTCBB: CAGM) is a China-based manufacturer of starch-based biodegradable containers, tableware and packaging products. Headquartered in Harbin city of China, the Company currently has 153 employees. The Company has developed proprietary biodegradable food packaging materials technologies.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believe, expect, anticipate, optimistic, intend, will" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and factors, including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risks and other factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact: In China: Feng Peng HC International, Inc. Tel: +86-138-1227-1616 Email: email@example.com In the U.S.: Christine Greany HC International, Inc. Tel: +1-858-523-1732 Email: firstname.lastname@example.org
SOURCE China Green Material Technologies, Inc.