WUHAN, China, June 3 /PRNewswire-FirstCall/ - Landstar Inc.'s (LDSR; http://www.landstarcorp.com) subsidiary Hubei Chuguan Industrial Co., Ltd. successfully conducted the final inspection of the project finalization for Dongfeng Motor Corporation (DFM), one of the 3 giant automakers in China.
Hubei Chuguan signed a contract with Dongfeng Motor Corporation in 2008 to install tank equipment in the company's facility. Hubei Chuguan proceeded with the installation and delivered the project on schedule in 2009. As required by the contract, the technical personnel of Hubei Chuguan rechecked the condition of the installed equipment. The inspection found the installation functioning correctly and without flaws. DFM held the final payment for the project in retention, subject to this inspection. DFM will now forward the payment to Hubei Chuguan.
Dongfeng Motor Corporation (http://www.dfmc.com.cn/info/introduce_en.aspx) is one of the 3 giant automakers in China. Its main businesses include passenger vehicles, commercial vehicles, engines, auto parts, components and equipment. In 2007 DFM produced 1,137,000 vehicles, a sales income of (Yen)164 Billion. With 121,000 employees, the company ranks 20th in TOP 500 of domestic enterprises, and 5th in TOP 500 of domestic manufacturers.
A source close to the company stated, "The equipment managers in Dongfeng Motor Company spoke highly of our company's technology and equipment. The flawless completion of this project leaves DFM with a great impression of Hubei Chuguan's abilities and know-how. A successful project completion for a company with DFM's reputation lays a solid foundation for future cooperation with this manufacturing giant. It obviously gives a great boost to our name on the oil and gas recovery market."
In other company news the company is currently in negotiations with a USA based Carbon Exchange Carbon Credit company for a potential business collaboration or even a merger. See http://www.chicagoclimatex.com and http://www.investopedia.com/terms/c/carbon_credit.asp. This project stems from the failed 3 way merger involving DDSU and VECT USA based Pink Sheet companies before their untimely demise. LDSR sees this as a great future prospect. Meetings with USA based representatives are scheduled for next week.
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Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of LandStar, Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. LandStar, Inc. cautions you that any forward-looking information provided by or on behalf of LandStar, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. LandStar, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond LandStar, Inc.'s control. In addition to those discussed in LandStar, Inc.'s press releases, public filings, and statements by LandStar, Inc.'s management, including, but not limited to, LandStar, Inc.'s estimate of the sufficiency of its existing capital resources, LandStar, Inc.'s ability to raise additional capital to fund future operations, LandStar, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match LandStar, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. LandStar, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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SOURCE Land Star Inc.