GONGYI, China, March 22 /PRNewswire-Asia/ -- China Gengsheng Minerals, Inc. (NYSE Amex: CHGS), a high-tech industrial materials company in China with products capable of withstanding high temperatures, reducing energy consumption, and boosting productivity in industries such as steel and oil, today announced that it has entered two new sales contracts totaling approximately $1.56 million (RMB10.65 million) for refractory products with two new customers.
The company has signed two separate contracts for its refractory products with the two new customers, Shandong Resource Development Company and Xin Jiang Red Star Company, respectively. The contract with Shandong Resource Development Company is expected to generate revenues of US$0.68 million (RMB4.65 million), while the contract with Xin Jiang Red Star Company is expected to generate revenues of US$0.88 million (RMB6.0 million).
Mr. Shunqing Zhang, the Chairman and Chief Executive Officer, commented, "We are excited to announce these additional sales contracts for the refractories segment, as these two new sales contracts are a direct result of our heavy focus on R&D and our ability to develop the specialized and advanced products our clients require." Mr. Zhang added, "We believe that quality is the best advertising, and that the reputation of our products will continue to result in new orders and new clients."
About China Gengsheng Minerals, Inc.
China Gengsheng Minerals, Inc. ("Gengsheng") develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics and fracture proppants. A market leader offering customized solutions, Gengsheng sells its products primarily to the iron-and-steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment while reducing their consumption of energy. Founded in 1986 and based in China's Henan province, Gengsheng currently has over 200 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses in China and other countries. Gengsheng conducts business through Gengsheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, Henan Gengsheng Refractories Co., Ltd.; Zhengzhou Duesail Fracture Proppant Co., Ltd.; and Henan Gengsheng High Temperature Materials Co., Ltd.
For more information about the Company, please visit http://www.gengsheng.com .
This press release may contain certain "forward-looking statements" relating to the business of China Gengsheng Minerals, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the Company's ability to meet its obligations under its full-service contracts; the profit margin, timely payments and other economic benefits the Company expects to receive under such contracts, the Company's ability to maintain its customer relations; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov . All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
In China:
China Gengsheng Minerals, Inc.
Ms. Wendy Sun
Finance Manager and Investor Relations
Tel: +86-159-3870-8666
Email: wendyshure@gmail.com
Mr. Shuai Zhang
Investor Relations
Tel: +86-135-2551-0415
Email: shuai298@126.com
In the U.S.:
RedChip Companies, Inc.
Mr. Dave Gentry/Jon Cunningham
President
Tel: +1-407-644-4256 x104
Email: info@redchip.com
