Apr 7 2010
China Shuangji Cement, Ltd. (OTCBB:CSGJ)( "China Shuangji" or the "Company"), a leading producer of high-quality Portland cement in Shandong and Hainan Provinces in the People’s Republic of China (PRC), today announced that the company is advancing toward making its Zhaoyuan Cement Production Facility operational.
The facility is located approximately five miles from the former facility and has direct access to a new highway that leads to many of its customers and also nearby ports. The new one million metric ton cement plant outside Zhaoyuan City will replace the old Zhaoyuan plant. Previously, the Company stated that the cement plant in Zhaoyuan, which it was required to relocate by the government, would be completed by the third quarter of 2009. The Company has invested approximately $3.5 million into the development of this facility so far and the government provided compensation in the amount of $8.5 million and new land use rights for having to move the original Zhaoyuan facility.
To date, the land has been procured, graded and otherwise prepared. The high voltage power cables are installed and most of the building infrastructure has been completed. Finish work and installation of the equipment is all that remains at this point. Completion of the facility will increase the Company’s production capacity by roughly 66% and drive further growth in revenues and profits.
“We are thankful to our shareholders for their patience during the transition to our new facility,” commented Mr. Wenji Song, Chairman and President of China Shuangji Cement, Ltd. “Though the challenging global economic landscape has delayed the funding to move this project forward, we are confident that we will secure the remaining funds necessary to bring this facility online shortly, at which point we can aggressively expand our production to meet demand.”
Mr. Jun Song, CEO of China Shuangji Cement, Ltd. stated, “We have made solid strides to improve our company from a compliance and transparency standpoint. In October 2009, we hired Hampton Growth as our investor relations and consulting firm. Hampton Growth has been instrumental in spearheading recent changes to improve our visibility and standing with investors. These changes include the hiring of a highly qualified English-speaking CFO, Michelle Zhu, who is a CPA and also holds an MBA from UC Irvine. Hampton Growth also assisted us in engaging Bernstein & Pinchuk LLP, an independent member of the BDO Seidman Alliance ("B&P"), as our independent registered public accounting firm to audit the Company's financial statements. Bernstein & Pinchuk has an impressive roster of Chinese client companies that have raised hundreds of millions of dollars in capital, and many have upgraded from the OTCBB to NASDAQ or NYSE.”
He added, “We also recently engaged New York City-based securities law firm Sichenzia Ross Friedman Ference LLP (SRFF) to act as legal counsel. SRFF is a leading New York City securities firm that has participated in over $1.5 billion in financing transactions over the past several years. They have three Mandarin speaking attorneys in their Asia group, and presently represent over 30 US stock exchange listed clients in China and throughout Asia. We look forward to them assisting us with our compliance responsibilities and making our planned transition to a senior stock exchange as quickly and efficiently as possible.”
More information on the Zhaoyuan facility will be announced as it becomes available.
Source: http://www.shuangjicement.com