WUHAN, China, Jan. 8, 2015 /PRNewswire/ -- Kingold Jewelry, Inc. ("Kingold" or "the Company") (NASDAQ: KGJI), one of China's leading manufacturers and designers of high quality 24-karat gold jewelry, ornaments and investment-oriented products, today announced an update on construction at the Kingold Jewelry International Industry Park ("Jewelry Park"). The Company has completed the framework on the property and now is in the next phase of construction, which will be focused on both exterior and interior decoration and design. The Company expects to complete the entire project on time and will have a grand opening by December 2015, which is consistent with its previously announced schedule.
Zhihong Jia, Chairman and CEO of Kingold, stated, "We are very pleased to have completed this important phase of construction at Kingold's Jewelry Park, and have been actively working on attracting tenants. We believe that with the completion of the framework we can now accelerate this project and we are very confident that the Company will open on schedule. We will continue to keep our stockholders apprised of our progress."
Background on Jewelry Park
In October 2013, Kingold entered into an agreement to acquire the operating rights for 66,667 square meters (approximately 717,598 square feet, or 16.5 acres) of land in Wuhan for an aggregate purchase price of RMB1 billion (approximately US$164 million at the then effective spot rate). The Company intends to utilize the completed Jewelry Park as its new operation center and show room. Kingold also plans to rent space within the Jewelry Park to other jewelry manufacturers in China, and may sell developed commercial and residential properties to individual and corporate buyers.
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in Wuhan City, one of China's largest cities, was founded in 2002 and today through a variable interest entity, or VIE, relationship with Wuhan Kingold Jewelry Company Limited, a corporation incorporated in the People's Republic of China, is one of China's leading designers and manufacturers of 24-karat gold jewelry, ornaments, and investment-oriented products. The Company sells both directly to retailers as well as through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. For more information, please visit www.kingoldjewelry.com.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by words such as "expects," "believe," "project," "anticipate," or similar expressions. The forward-looking statements in this release include statements regarding Kingold's Jewelry Park and its estimated time of completion and grand opening, as well as the ability to attract tenants and engage in sales of portions of the property. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. Forward-looking statements are subject to a number of risks, including those contained in Kingold's SEC filings available at www.sec.gov, including Kingold's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Kingold undertakes no obligation to update or revise any forward-looking statements for any reason.
Kingold Jewelry, Inc.
Bin Liu, CFO
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China)
The Equity Group Inc.
Katherine Yao, Associate
Adam Prior, Senior Vice President
SOURCE Kingold Jewelry, Inc.