Songzai International Holding Group in Discussions to Acquire Additional Coal Mines
Posted on: Thursday, 11 May 2006, 09:08 CDT
Songzai International Holding Group, Inc. (OTC BB: SGZI) today announced that it is in discussions toward the acquisition of two coal mining firms geographically central to Songzai's TongGong Coal Mine.
The two companies were selected by Songzai's senior management who are well-known experts in the industry. Acquisition of either one of these firms will add at least 19.5 million tonnes of coal to Songzai's reserves, as well as additional annual operational capacity of 450,000 tonnes.
"Our TongGong Mine achieved successful milestones in 2005 such as increases of nearly 400% in both annual revenue and net income," Songzai's President, Mr. Hong Jun Li comments. He added, "We are confident that we can aggressively extend our success by adding quality coal mines to our existing portfolio."
Songzai will provide subsequent updates on its expansion progress.
About Songzai International Holding Group, Inc.
Based in Harbin, China, and Walnut, California, Songzai focuses on the development of coal mining projects in Northern China and Inner Mongolia. The company is currently producing coal from its TongGong Coal Mine located near Heihe City in Northern China. The mine's coal, with estimated in-place resources of over 3 million tons and proved and probable reserves totaling more than 1.5 million tons, is being targeted for buyers within the power plant, cement factory, and home-use markets. China is the world's largest producer and largest coal consumer.
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Songzai International Holding Group, Inc. has little or no control.
ON BEHALF OF THE BOARD
Songzai International Holding Group, Inc. Hong Jun Li President
Contact: StoneRidge Capital 480-240-1700 William A. Young Director of Investor Relations byoung@stoneridgecap.com
SOURCE: Songzai International Holding Group, Inc
Source: MARKET WIRE
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