L&L Energy Establishes New Operation in China
SEATTLE, May 23, 2011 /PRNewswire/ — L & L Energy, Inc., (Nasdaq: LLEN) (“L&L” or the “Company”), a U.S.-based company since 1995 with coal mining and distribution businesses in China, announced today the formation of Yunnan L&L Tai Fung Coal Co. Ltd. (“Tai Fung”) in the Yunnan province of China.
L&L owns 98% of the Tai Fung joint venture, which includes a newly established coal wholesale operation and its existing Hong Xing coal washing facility. The joint venture will generate an approximately US $81 million in revenue per year to L&L. The new wholesale operation is to move 100,000 tons of coal annually adding an estimated US $17 million in revenues, and the Hong Xing washing facility has an estimated US $66 million in revenue and is being expanded to 600,000 tons per year.
Tai Fung held its grand opening and ribbon cutting ceremony last Thursday, May 19, in the presence of local government officials, business leaders, and coal mine owners.
Dickson Lee, Chairman and CEO of L&L Energy, commented, “Tai Fung will utilize the rich local coal resources and market to improve our foothold in the Yunnan Province. This is an important step for L&L to continue on its path to becoming one of the largest consolidators in the region.”
About L & L Energy
L & L Energy (Nasdaq: LLEN), founded in 1995 and headquartered in Seattle, is primarily engaged in coal mining, washing, coking and distribution in Yunnan and Guizhou Provinces. The Company also has marketing offices in Beijing, Shenzhen, Guangzhou, Hong Kong and Taipei. For more information, see www.llenergyinc.com.
The statements contained words that are not historical fact, including but not limited to, statements related to Company’s future performance, are all “forward-looking statements” within the meaning 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 and other made by the company filing with the Securities and Exchange Commission. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE L & L Energy, Inc.