Subsidiary, Lanxi Sunrise Linen, also named one of the fastest-growing enterprises by Heilongjiang provincial government
LANXI COUNTY, HEILONGJIANG PROVINCE, China, Feb. 19 /PRNewswire-Asia-FirstCall/ -- China Linen Textile Industry, Ltd. (OTC Bulletin Board: CTXIF), a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, today announced that the Heilongjiang provincial government has formally approved its subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industrial Co., Ltd., ("Lanxi Sunrise") to establish China's first and only linen research and development center in China, the "Heilongjiang Provincial Linen New Products Research and Development Center." The establishment of the linen research center in Heilongjiang will further the company's research and development capability and expedite the introduction of new linen products. The center, which will be housed at the Lanxi Sunrise Linen mill, is also expected to expand brand awareness of the company's products, thereby broadening its market reach.
In addition, Lanxi Sunrise has been named one of the fastest-growing small-and-medium-sized enterprises by Heilongjiang Provincial Industry and Information Committee and Heilongjiang Provincial Bureau of Statistics. The committee evaluated small-and-medium-sized industrial enterprises that had been entered into the database of Heilongjiang Provincial Bureau of Statistics in the last three years. Using extensive quantitative and qualitative evaluation criteria that included such factors as development status, profitability, management and credit rating, the pool of candidates was narrowed to 200 small-and-medium-sized enterprises of Heilongjiang Province with good growth and huge market potential.
China ranks first in the world in the production and trade of linen and textile products. In the first half of 2009, the output of Chinese yarn was 10.962 million tons, a year-over-year increase of 9.4 percent. The demand for linen clothing and products worldwide is projected to rise significantly over the next 5 to 10 years, with a potential worldwide market demand of over $20 billion dollars, with demand in China reaching as high as $4 billion.
China Linen uses proprietary technologies for its high-count yarn spinning and low-cost raw materials for the flax fibers used in its yarns and linens. The company produces 50 different types of yarn and 110 types of linen fabrics and nearly two-thirds of its products are exported to more than 10 countries. For the first nine months of 2009, the company's revenue grew 15% to $20.6 million, up from $17.9 million for the same nine-month period of 2008; and net income grew 36% to $4.3 million, up from $3.17 million.
About China Linen Textile Industry, Ltd.
China Linen Textile Industry Co., Ltd. (http://www.china-linen.net/English/index.asp) is principally engaged in the production and sale of linen yarn and various types of linen fabric. It is also involved in consultation, research and development related to of linen technology and linen products. The Company carries on all of its business activities through its subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industry Co., Ltd., which was established as a privately owned business enterprise in June 2002. Its manufacturing facility is located in Lanxi County, Heilongjiang Province, in the northeast section of the People's Republic of China near the city of Harbin.
Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's 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. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
Contact:
At the company:
Chunfu Zhao
China Linen Textile Industry, Ltd.
Tel: +86-451-82292391-910
Or,
Helena Yang
Email: helenayang@china-linen.net
Investor relations:
Dave Gentry
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 104
Email: info@redchip.com
Web: http://www.RedChip.com
