DAQING, China, Oct. 21 /PRNewswire-Asia/ -- QKL Stores Inc. (the ''Company'') (Nasdaq :QKLS ), a leading regional supermarket chain in Northeastern China, today announced the opening of a hypermarket store in Tai'an, Liaoning Province.
The Company's 40th store, situated in Tai'an County, Liaoning Province, was opened on October 20th, 2010. Tai'an County, known as the breadbasket of the Liaohe Plain for its fishery and timber resources, enjoys the distinction of being in the East Asia and the Bohai economic zones. The new store is located in the center of the business district in Tai'an county serving over 100,000 customers within the community. The Company's two-floor hypermarket store occupies approximately 11,200 sq. meters of gross space.
Mr. Zhuangyi Wang, Chairman and CEO, said, ''We are excited about our new store opening in Tai'an, which is our first store in the Liaoning Province, and believe it will be a strong contributor to our retail store base. Our existing stores as well as new stores we plan on opening this year are expected to provide a solid base of revenue and profit growth as we head into the 2011 fiscal year. We are pleased with the overall customer receptivity to our stores in the region in which we operate and look forward to expanding our store concept into other cities in the Northeastern China region.''
The openings of the store bring the total number of the Company's store locations to 40 for an aggregate total of 199,000 sq. meters of store space. This is comprised of 30 supermarkets totaling 93,000 sq. meters, seven hypermarkets totaling 54,000 sq. meters and three department stores totaling 43,000 sq. meters.
About QKL Stores Inc.:
Based in Daqing, China, QKL Stores, Inc. is a leading regional supermarket chain company operating in Northeast China. QKL Stores sells a broad selection of merchandise, including groceries, fresh food, and non-food items, through its retail supermarkets, hypermarkets and department stores; the company also has its own distribution centers that service its supermarkets. As of the date of this press release, the Company had 40 retail locations for an aggregate total of 199,000 sq. meters of store space. For more information, please access the Company's website at: http://www.qklstoresinc.com.
Safe Harbor Statement
Certain statements in this release and other written or oral statements made by or on behalf of the Company are ''forward looking statements'' within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.
For more information, please contact: In China: Mike Li, Investor Relations Phone: +86-459-460-7987 ICR, Inc. In U.S.: Bill Zima Phone: +1-203-682-8233 In China: Yuening Jiang Phone: +86-10-6599-7965
SOURCE QKL Stores Inc.