ZHAOYUAN CITY, China, Dec. 2, 2010 /PRNewswire-Asia/ -- China Shuangji Cement, Ltd. (OTC Bulletin Board: CSGJ) ("China Shuangji" or the "Company"), a leading producer of high-quality Portland cement in Shandong and Hainan Provinces in the People's Republic of China (PRC), announced that it recently held an opening ceremony for its new 1,000,000 metric ton cement plant in Zhaoyuan City and has started to ramp up production. The official ribbon cutting was attended by local dignitaries including Zhaoyuan City Mayor Mr. Wei Zhang and Party Secretary Mr. Shaoning Xu as well as China Shuangji's employees, suppliers, customers, and other industry officials.
"On behalf of China Shuangji Cement's shareholders, employees, customers and suppliers, I would like to thank Mayor Wei Zhang and Party Secretary Shaoning Xu and all the other local government representatives who helped make completion of this project a reality. I would also like to especially thank Mr. Jiping Wen, the individual investor who loaned us $3.7 million to complete our purchases and installations of state-of-the-art cement manufacturing equipment," said Mr. Wenji Song, Chairman and President of China Shuangji Cement, Ltd. "The Chinese economy is growing rapidly and spending on new construction and infrastructure projects are increasing the need for cement. Opening our new modern cement facility better positions us to benefit from this trend and is a key step in our strategy to become a major cement player in China and the leading supplier of high-grade bulk cement in both Shandong and Hainan provinces."
China Shuangji's new Zhaoyuan City cement plant, which is located approximately five miles from the Company's former facility, has direct access to a new highway that leads to many of its customers and to nearby ports for transportation. The new facility is equipped with modern production lines as well as advanced testing equipment. Once operating at full capacity, the Company expects its Zhaoyuan City cement facility will increase its production capacity by approximately 66% to 2,500,000 MT per year. As a result, the Company expects that its revenue run rate and profit will be approximately 66% higher than it is currently.
"Zhaoyuan City is pleased to have been able to assist China Shuangji with this project," said Wei Zhang, Mayor of Zhaoyuan City. "China Shuangji is a valued and trusted partner in our community and the opening of its new cement facility is truly a win-win for all parties involved."
About China Shuangji Cement, Ltd.
China Shuangji Cement, Ltd. (OTC.BB: CSGJ), through its affiliates and controlled entities, is a leading producer of high-quality Portland cement in Shandong and Hainan Provinces. Its processed cement products are primarily purchased by contractors for the construction of buildings, roads, and other infrastructure projects. The Company currently produces approximately 1,500,000 tons of Portland cement annually from two facilities in Hainan and one facility in Shandong and it expects its output will increase by 1,000,000 tons to a total of 2,500,000 tons once the new Zhaoyuan (Shandong Province) plant and upgrades are completed. For more information about China Shuangji, please visit its corporate website at http://www.chinashuangjicement.com.
Safe Harbor Statement
The information contained herein includes forward-looking statements. These statements relate to future events or to our future anticipated financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development and market conditions. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We do not intend to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act. In addition, please refer to the Risk Factor section of our 2009 Form 10-K filed with the Securities and Exchange Commission on April 15, 2010 and detailed in other reports filed with the Securities and Exchange Commission from time to time.
Investor Relations Contact:
Andrew Haag, Managing Partner, USA
Hampton Growth, LLC
Robert Haag, Managing Director, Asia
Hampton Growth, LLC
SOURCE China Shuangji Cement, Ltd.