BEIJING and NEW YORK, March 23, 2011 /PRNewswire/ -- Ciglarette, Inc. has officially changed its name to Kirin International Holding, Inc. (the "Company" or "Kirin"), and will trade from today forward under the new ticker symbol of "KIRI" (OTC Bulletin Board: KIRI) following its recent equity offering and share exchange. KIRI is the largest private developer of residential mixed-use properties in Xingtai, North China's oldest city, and debuted on the U.S. public markets earlier this month. "The name change to Kirin International Holding and our new KIRI symbol are the first steps in our launch into the U.S. capital markets," said Kirin Chairman and Founder Mr. Jianfeng Guo. "We look forward to driving KIRI's future growth and expansion as a public company" Chairman Guo added.
Kirin's projects are currently concentrated in the southern area of Hebei Province of the PRC, primarily in the city of Xingtai, approximately three hours south of Beijing, and nearby regions. Kirin's real estate developments target first-time, owner-occupied homebuyers consisting primarily of young urban professional families and middle class clients. According to Kirin, approximately half of Kirin's homebuyers pay cash for their housing units and another quarter of their purchasers make 50% down payments.
The Company's home market of Xingtai demonstrates the real estate development potential of China's Third Tier cities: continued urban migration, a balanced and growing economy, the need for trade up housing from an emerging middle class eager and willing to improve itself economically, and much greater relative affordability than the PRC's First Tier and megacities.
In addition to its projects in Xingtai, Kirin has started gaining knowledge on property conditions and related land and development approval procedures in Shijiazhuang of Hebei Province and in Dezhou and Tai'an of Shandong Province, and the suburban area of Tianjin, all adjacent to the Beijing-to-Shanghai high-speed rail corridor.
Mr. Longlin Hu, President and CEO, Kirin China Holding
+86 186 3191 6611
Mr. Dan McClory, Managing Director, Hunter Wise Financial Group, LLC
+1 949 732 4102
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Kirin's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.
Such statements include, among others, the impact of the Offering on Kirin's business and operations and the ability of Kirin to fulfill its obligations thereunder; those concerning market and industry segment growth and demand for Kirin's communities; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China, as well as all assumptions, expectations, predictions, intentions or beliefs about future events.
Therefore, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The following factors, among others, could cause the Company's actual results to differ materially from those anticipated in such forward-looking statements: business conditions in China, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position and dependence on key management and other factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
SOURCE Kirin International Holding, Inc.