SEATTLE, Jan. 8 /PRNewswire-FirstCall/ -- L & L Energy, Inc. (OTC Bulletin Board: LLEN) ("L&L") (formerly L & L International Holdings, Inc.), a U.S.-based coal operator announced today that it acquired 100% of SeZone County Hong Xing Coal Washing Factory ("Hong Xing") located in Yunnan, China through its subsidiary L&L Yunnan Tianneng Industry Co. Ltd ("TNI") of which L&L owns 70% equity controlling interest. The agreement was executed on January 1, 2010 with an effective date of November 30, 2009. L&L paid $1,000,000 USD for the acquisition, thus Hong Xing now becomes a second tier subsidiary of L&L. The TNI joint venture was approved by the Chinese government on December 24, 2009.
Dickson Lee, L&L Chairman & CEO, commented: "This acquisition demonstrates our commitment to expand L&L coal operations in China. This acquisition will add 150,000 tons valued at approximately $19,000,000 (based on $130 per ton) to our existing coal washing capacity in China. We also plan to increase the existing Hong Xing washing operation to 600,000 tons."
For more information on the transaction, see Form 8-K to be filed on January 8, 2010, available at www.sec.gov.
About L & L Energy
Founded in 1995 and headquartered in Seattle, Washington, our Company's website is at http://www.llenergyinc.com.
Forward-Looking Statements
The statements contained market trends and Company's future performance that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Contacts: Dave Gentry RedChip Companies, Inc. (800) 733-2447, Ext. 104 [email protected] John Baldissera BPC Financial Marketing (800) 368-1217
SOURCE L & L Energy, Inc.
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