China Ceramics Announces Power Update for its Hengdali Facility
JINJIANG, China, July 26, 2012 /PRNewswire-Asia/ — China Ceramics Co., Ltd. (NASDAQ Global Market: CCCL, CCCLW, CCCLU) (“China Ceramics” or the “Company”), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced an update as to the availability of power for its Hengdali facility. As of July 10, 2012, the local power supply authority allocated sufficient power to the Hengdali facility for utilization of its full productive capacity.
The Company implemented Phase II of its expansion program in the fourth quarter of 2011 and first quarter of 2012, which increased the annual production capacity of ceramic tiles at its Hengdali facility from 10 million square meters to 30 million square meters. Although the Company has had the requisite power available to it to operate all of the productive capacity at the Hengdali facility since July 10, 2012, the Company is currently utilizing plant facilities capable of producing 14 million square meters of ceramic tiles annually. The current level of utilization at Hengdali is consistent with the Company’s previously stated plan to bring online additional capacity at the facility as dictated by market demand.
In terms of its other ceramic tile plant, China Ceramics is currently utilizing the maximum productive capacity at its Hengda facility, which has an annual productive capacity of 42 million square meters of ceramic tiles. Therefore, the Company’s total plant capacity that is currently in use is capable of producing 56 million square meters of ceramic tiles annually.
“We are pleased that we now have the power supply available to use the full capacity of our Hengdali plant, and we will continue to monitor our backlog, expected customer demand and macroeconomic conditions to determine when to increase the utilization of its available capacity,” said Mr. Jiadong Huang, CEO of China Ceramics. “Although we continue to see reasonably sound customer demand, we believe that it is prudent to operate our business in the most cost effective and efficient manner possible.”
About China Ceramics Co., Ltd
China Ceramics Co., Ltd. is a leading manufacturer of ceramic tiles in China. The Company’s ceramic tiles are used for exterior siding, interior flooring, and design in residential and commercial buildings. China Ceramics’ products, sold under the “Hengda” or “HD”, “Hengdeli” or “HDL”, the “TOERTO” and “WULIQIAO” brands, and the “Pottery Capital of Tang Dynasty” brands, are available in over 2,000 style, color and size combinations and are distributed through a network of exclusive distributors as well as directly to large property developers. For more information, please visit http://www.cceramics.com.
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Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2011 and otherwise in our SEC reports and filings, including the final prospectus for our offering. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
China Ceramics Co., Ltd. CCG Investor Relations Inc. Edmund Hen, Chief Financial Officer David Rudnick, Account Manager Email: firstname.lastname@example.org Email: email@example.com Phone: +1-646-626-4172
SOURCE China Ceramics Co., Ltd.