FUZHOU, China, June 23 /PRNewswire-Asia-FirstCall/ -- China Yida Holding Company (Nasdaq: CNYD) ("China Yida" or the "Company"), a leading diversified entertainment enterprise in China, today provided information on the impact to its tourism business of recent storms and flooding in the southern part of China.
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The Great Golden Lake
On June 18, 2010 the Taining County in the Fujian Province of China recorded an average 9.2 inches of rainfall within 24 hours, causing flash floods in the county. The entire county suffered enormous damage in this disaster. China Yida's tourism properties within the Great Golden Lake suffered unprecedented damage, with total impairment of tangible assets estimated at $0.5 million. In addition, the Great Golden Lake tourism area is expected to be closed until June 30, 2010, which is expected to lead to an estimated direct loss in revenues of approximately $0.3 million. The expected Great Golden Lake reopening date is subject to change, and will depend on weather conditions as well as progress in the cleaning and restoration effort. Management is pleased that visitors and employees were reported safe and unharmed during the flood, and that the appeal and beauty of the natural resources in the area have not been affected.
Hua'an Tulou and Yunding Park
The storms and widespread flooding occurred mainly in the northwestern part of Fujian Province. Hua'an Tulou and Yunding Park are located in the southern and central part of Fujian Province respectively, and as a result, no damage to the tangible assets of these two tourism destinations has been reported so far. Management is working hard to catch up on the Yunding Park construction schedule and looks forward to opening the park to tourists before China's National Holiday in September 2010.
"The record rainfall and flooding we experienced is unusual and unprecedented in Taining's history. Management and employees are working closely with local government and armed police force to restore the facilities within and surrounding the Great Golden Lake and our efforts fighting the flood received praise from the local government. We look forward to reopening the tourism area as soon as possible," commented Dr. Minhua Chen, China Yida's Chairman and Chief Executive Officer.
About China Yida
China Yida is a leading diversified entertainment enterprise focused on China's fast-growing media and tourism industries and headquartered in Fuzhou City, Fujian province of China. The Company's media business provides operations management services; including channel, column and advertisement management for television station, presently the Fujian Education Television Station ("FETV", a top-rated provincial education television channel), and "Journey through China on the Train" (an advertisement-embedded travel program, currently the only on-board media program from third party authorized by Ministry of Railways). Additionally, the Company provides tourism management services, and specializes in the development, management and operation of natural, cultural and historic scenic sites. China Yida currently operates the Great Golden Lake tourist destination (Global Geopark, including Golden Lake, Shangqing River, Zhuanyuan Rock, Luohan Mountain and Taining Old Town.), Hua'An Tulou tourist destination (World Culture Heritage, including Dadi Tulou cluster and the Shangping Tulou cluster), China Yunding tourist destination (National Park, including Colorful Rock Valley, Yunding Paradise, Yunding Waterfall, South Heavenly Mountain, and Seven Star Lake), the Ming Dynasty Entertainment World, China Yang-sheng (Nourishing Life) Paradise and the City of Caves. The Company's operating scenic sites are over 300 square kilometers in the area. For further information, please contact the Company directly, or visit its Web site at http://www.yidacn.net .
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of China Yida Holding Co., Inc. (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement; (ii) the Company's ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov.
For more information, please contact: China Yida Holding Company George Wung, CFO Phone: +1-909-843-6358 Email: email@example.com CCG Investor Relations Crocker Coulson, President Phone: +1-646-213-1915 Ed Job, CFA Phone: +86-21-3133-5075 Email: firstname.lastname@example.org
SOURCE China Yida Holding Company