China Redstone Announces Cemetery Plot Sales for December 2010

CHONGQING, China, Jan. 28, 2011 /PRNewswire/ -- China Redstone Group, Inc. (OTC Bulletin Board: CGPI) ("China Redstone" or the "Company"), the largest private provider of cemetery products and services in Chongqing, China, today reported the sales of the cemetery plots for December 2010.

China Redstone sold 503 cemetery plots in December 2010, representing a decrease of 51.5% from the same period last year.  The average selling price was $6,680 per plot, an increase of 29.0% from $5,180 last year.  During 2009, the main road to the cemetery was closed for repair and re-opened at the beginning of December 2009. This led to a spike in China Redstone's plot sales for the 2 month period starting in December 2009.

For the first nine months of fiscal 2011, which ended December 31, 2010, the Company recorded unaudited revenues of approximately $36.5 million, an increase of 33.5% from the year ago period. Average plot sales increased 30.1% to $6,958 during the period while 5,262 total plots were sold compared to 5,127 for the same period in fiscal 2010.

"We closed a successful calendar 2010 with solid results," stated Mr. Yivou Ran, Chairman and Chief Executive Officer of China Redstone. "Our strong pricing and customer inquiries reflect the positive impact from marketing investments we have made over the past two quarters."

The following summarizes the Company's recent cemetery plot sales trends:

Mr. Ran continued, "Unlike many of our competitors in Chongqing, we have an ample supply of land. With the license from the Chongqing Civil Administration Bureau in 2006, we can develop and operate cemeteries in Chongqing for the next 50 years. As we bring on more high quality cemetery plots, we remain optimistic about our ability to generate strong sales and cash flows."

China Redstone Group, Inc.

China Redstone is a cemetery developer and provider of cemetery products and services in Chongqing, China, through its contractually controlled affiliate Chongqing Foguang Tourism Development (Group) Co., Ltd. Founded in 2002, the Company provides a complete range of funeral merchandise and services, including cemetery property, both at the time of need and on a preneed basis. Its cemeteries are highly regarded in terms of a number of factors such as tradition, reputation, physical size, capacity of business, available supply, name recognition, aesthetics and potential for development or expansion.   

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SOURCE China Redstone Group, Inc.