LANXI COUNTY, China, Jan. 25 /PRNewswire-Asia-FirstCall/ -- China Linen Textile Industry, Ltd. (OTC Bulletin Board: CTXIF), a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, announced today that its wholly owned subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industry Co., Ltd., has signed a contract to deliver pure linen fabric to the Italian market. The contract is valued at approximately $2.2 million, and shipment will occur in the first quarter of 2010.
Mr. Gao Ren, chairman and chief executive officer of China Linen Textile Industry, stated: "The Italian market has long proven a consistently profitable venue for our linen products, so we are very pleased to announce this new agreement that will further strengthen our presence in the country. This order provides a fresh example of our commitment to producing the highest quality fabrics and demonstrates the speed and efficiency of our production process."
China is the world's largest linen textile producer, and China Linen ranks among the country's leading manufacturers in the industry. China Linen expects worldwide demand for linen products to exceed $20 billion within five years, and the company is increasing production capacity to meet anticipated strong demand. Revenue through the first nine months of 2009 totaled $20.57 million, a 14.7% increase over the same period in 2008; net income for the nine months rose 9.5% to $4.29 million.
About China Linen Textile Industry, Ltd.
China Linen Textile Industry Co., Ltd., is principally engaged in the production and sale of linen yarn and various types of linen fabric. It is also involved in consultation, research and development related to of linen technology and linen products. The Company carries on all of its business activities through its subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industry Co., Ltd., which was established as a privately owned business enterprise in June 2002. Its manufacturing facility is located in Lanxi County, Heilongjiang Province, in the northeast section of the People's Republic of China near the city of Harbin.
For more information on China Linen Textile Industry, Ltd., visit http://www.china-linen.net/English/index.asp .
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
For more information, please contact: At the company: Chunfu Zhao China Linen Textile Industry, Ltd. Tel: +86-451-8229-2391 x910 Or Helena Yang Email: email@example.com Investor relations: Dave Gentry RedChip Companies, Inc. Tel: +1-800-733-2447 x104 Email: firstname.lastname@example.org Web: http://www.RedChip.com
SOURCE China Linen Textile Industry, Ltd.