SEATTLE, Sept. 26, 2011 /PRNewswire/ -- L & L Energy, Inc., (Nasdaq: LLEN) ("L&L" or the "Company"), a U.S.-based company operating coal businesses in China, announced that it has received a written letter of endorsement from the Industrial and Commercial Bank of China ( "ICBC", or the "Bank") on September 22, 2011. The letter states that the Corporate Banking Department of the Bank's Guizhou Province Branch, after study and diligence of L&L's strategic plan and business model, is willing to support the Company's plan of consolidation and expansion of existing coal operations.
ICBC, the largest bank of the "big-4" commercial banks in China, with total assets in excess of USD $1.9 trillion as of 2010, reviewed L&L's strategic consolidation plan over the course of several recent joint meetings and has issued the letter to the Company expressing its intent to assist L&L's mining expansion and to support the Company's overall competitive corporate growth within China.
Dickson Lee, Chairman and CEO of L&L commented, "An endorsement from a major bank such as ICBC to offer debt financing will be critical in executing our strategic plan over the next two years in China. This specific bank has indicated it will provide up to 50% financing for a period no greater than 5 years for acquisitions, subject to further due diligence. The debt financing that has been indicated will be an important program going forward as we further expand our asset base and maximize shareholder value while minimizing dilution. We look forward to working with ICBC over the short term and long term to meet the government's objectives in the area."
Dr. Syd Peng, L&L Director and world renowned mining expert, will lead the Company's due diligence team through Guizhou in the coming weeks to further evaluate the 14 operations that have signed letters of intent with the Company, as well as help identify additional targets.
A copy of the Banks' letter is available at Company's Seattle office for review upon written request.
The statements contained words that are not historical fact, including statements related to Company's future performance, are all "forward-looking statement" of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. Actual results of the future events described in this document could differ materially due to numerous factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
L&L Energy, Inc.
SOURCE L & L Energy, Inc.