Brings Notably Heightened Revenue Capabilities to Its Organization
CHONGQING, China, Oct. 29 /Xinhua-PRNewswire-FirstCall/ -- Franklin Towers (OTC Bulletin Board: FRTW) announced today that Qiluo, its wholly owned subsidiary and driving force of revenues for its organization, has revealed its new Multi-Million Dollar facility located in Chongqing, China as its main base of operations. Qiluo's new facilities are estimated to render significant revenue increases as its new facility brings increased production and distribution capabilities.
Learn more about Qiluo's new facilities by visiting the FRTW website at: http://www.franklintowersenterprises.com/thecompany.html .
"In order to gain a competitive edge in the centralization of the silk industry in Chongqing, we felt it a necessity to modernize our operations. Our initial goal was to modernize our silk processing facilities by either upgrading or rebuilding our current facilities. Secondly, we realized that there was a need to bring together what had typically been a very fragmented industry and co-ordinate the entire silk manufacturing process. Our new process includes everything from sericulture, harvesting, processing the cocoons, all the way through to the manufacturing and exportation of wither finished or raw silk products," stated Kelly Fan, CEO of Franklin Towers Enterprises, Inc.
To date, approximately $11.4M RMB has been invested to build Qiluo's new state-of-the-art manufacturing and housing facilities. FRTW & Qiluo have opted to invest in the latest high-end silk manufacturing machinery that will elevate both the quality and the quantity of the silk being produced. The quality of the end products is targeted to be comparable with the finest silk available in the world today.
Manufacturing equipment and facilities include:
-- Administrative building
-- Secondary process center
-- 12 electric automatic reeling machines
-- Vacuum infiltration equipment
-- Water infiltration equipment
-- Ventilation & air conditioning systems
-- Hydration distribution facility
In addition to the aforementioned attributes of the new Chongqing facilities, Qiluo's new operations include new building complexes including dorms for approximately 700 shift workers created to specifically accommodate the workers and their families.
About FRTW
FRTW, through its wholly owned subsidiary, Chongqing Qiluo Textile Company Ltd ("Qiluo") located in the southwest region of China in the Chongqing Municipality, operates in China's $250 billion Yuan silk industry coordinating the entire silk manufacturing process from sericulture (the raising of silk worms for the production of raw silk), processing, clothing production and exportation of both final and raw products. Recent investments have been made to maximize the silk production/processing potential of Qiluo in attempt to propel its organization to the forefront of the industry.
Over the past several years, Mr. Dingliang Kuang, founder and CEO of Qiluo, has worked diligently to break into the silk industry in Chongqing, China. Known in the Chongqing region as one of the major industrialists having received numerous entrepreneurial awards in relation to his food processing plant, Chongqing Xin Sheng Xiang Industrial Development Co. Ltd. (one of the top 50 privately owned enterprises in Chongqing -- population approximately 31 million plus), Mr. Kuang and his team possess the necessary experience and knowledge to maximize the potential of the Qiluo organization.
China's Silk Industry
China is the world's largest silk producer. In 2005, it accounted for 74 percent of the global raw silk production and 90 percent of the world export market according to statistics from the Chinese Ministry of Commerce. The annual output value of China's silk industry is to reach 250 Billion Yuan (31.25 Billion U.S. Dollars) in 2010, up 66.7 percent from 2005, according to a plan of the Ministry of Commerce.
For more information regarding Franklin Towers and Qiluo please visit: http://www.franklintowersenterprises.com .
Disclaimer:
Cautionary Statement About Forward-looking Statements
This press release contains "forward-looking statements," which are statements related to future, not past, events. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of strategic partner incentives, (c) the future regulatory environment, (d) our cost of financing, (e) our ability to complete acquisitions and dispositions and the risks associated therewith, and (f) our ability to retain key personnel. These factors, as well as additional factors, could affect our forward-looking statements. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements.
For more information, please contact:
Mr. Yang
Investor Relations
Franklin Towers Enterprises
Tel: +1-702-966-0436
