China Clean Energy's Jiangyin Plant Construction on Schedule to be Completed in the Second Quarter of 2009
Posted on: Tuesday, 10 March 2009, 07:00 CDT
FUQING CITY,
China Clean Energy currently does not anticipate needing additional equity
financing to complete the construction of its Jiangyin plant. Rather, the
Company is in active negotiations with local banks for a
"We are pleased to report that we remain on target to finish the construction of our new plant in the second quarter of 2009," said Tai-ming Ou, the Company's Chairman and CEO. "We currently expect to produce both biodiesel and specialty chemicals at our new plant during the second half of 2009, and we view this as a key strength of our strategy which will help mitigate our business risk in this difficult economic environment."
The Jiangyin plant will be located 20 miles from China Clean Energy's
existing facility and will have a land area of 112,744 m2 at the Fuzhou
Newport Jiangyin Industrial Park of Fuqing ("Industrial Park"). The Industrial
Park is equipped with a deep sea harbor capable of 100,000 ton cargo ships, a
container port, and a railroad to be connected to the
About China Clean Energy:
China Clean Energy, through its wholly-owned subsidiaries, Fujian Zhongde Technology Co., Ltd. and Fujian Zhongde Energy Co., Ltd, is engaged in the development, manufacturing, and distribution of biodiesel and specialty chemical products made from renewable resources. For additional information please visit: http://www.chinacleanenergyinc.com
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; weather conditions and other natural disasters that may delay the construction of the Jiangyin plant; the ability of the Company to expand its production capacity; Company's ability to secure raw material feedstock supplies at economical prices; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact: China Clean Energy Inc. Shannon Yan, CFO Email: shannon.yan@chinacleanenergyinc.com Web: http://www.chinacleanenergyinc.com CCG Investor Relations Inc. Crocker Coulson, President Phone: +1-646-213-1915 Ed Job, CFA Phone: +1-646-213-1914 Email: ed.job@ccgir.com Web: http://www.ccgirasia.comSOURCE China Clean Energy Inc.
Source: PR Newswire
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