CHONGQING, China, June 30 /PRNewswire-FirstCall/ -- 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 filed an extension with the SEC for its Form 10-K covering the fiscal year ended March 31, 2010, which will allow the Company and its auditors to evaluate and determine the proper accounting treatment for its improved property, which may result in a one-time, extraordinary adjustments to its reported net income. These adjustments would not impact the operating earnings of the Company.
Redstone expects to complete the filing as soon as possible, and on or before July 15, 2010. In conjunction, the Company will issue an earnings release and host a conference call, with further details forthcoming.
China Redstone Group, Inc.
China Redstone Group, Inc. is a cemetery developer and provider of cemetery products and services in Chongqing, China through its contractually controlled affiliate Chongqing Foguang Tourism Development. 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.
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
China Redstone Group, Inc.
Mr. Michael Wang, CFO
HC International, Inc.
Ted Haberfield, Executive VP
SOURCE China Redstone Group, Inc.