NEW YORK, Jan. 20, 2015 /PRNewswire/ -- eBullion Inc. (EBML) wholly owned subsidiary Man Loong Bullion earned a Top 10 Most Active Loco London Gold/Silver Dealer Award 2013/14 in Hong Kong.
At year end, the Chinese Gold and Silver Exchange Society ("CGSE") in Hong Kong reviews all its members' trading volume of Loco London Gold/Silver in the past year and gives awards to the top 10 most active members in the trading of Loco London Gold/Silver. eBullion Inc. wholly owned subsidiary Man Loong Bullion Company Limited is proud to receive the Top 10 Most Active Loco London Gold/Silver Dealer Award 2014.
Man Loong Bullion is an officially designated electronic trading member of the Chinese Gold and Silver Exchange Society ("CGSE"), a self-regulatory organization registered in Hong Kong which acts as an exchange for the trading of gold and silver. Man Loong holds a Type AA License with the CGSE, which authorizes it to engage in the electronic trading of Kilo Gold and Loco London Gold and Silver on behalf of its clients.
The CGSE's constitution limits CGSE membership to 192 members, all of whom must have a minimum required working capital, defined as cash plus precious metals, of approximately $193,000 and minimum required assets of $643,000. The CGSE requires its members to submit a quarterly liquidity capital report, in order to ensure that the bank balances exceed or equal the balance of customer deposits. Man Loong was in compliance with these requirements.
Though its wholly owned subsidiary Man Loong Bullion, eBullion Inc, (EBML) is able to access the Gold and Silver trading markets in China by business resources provided by the Chinese Gold and Silver Exchange Society ("CGSE").
This press release contains forward-looking statements that may involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding eBullion's strategy, future plans for business development, future expenses and costs, future liquidity and capital resources, and estimates of business profit. All forward-looking statements in this press release are based upon information available to eBullion on the date of the release, and eBullion assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that business development will continue at any specific progress. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K filed with the U.S. Securities Exchange Commission.