China Runji Cement Inc. Expects Governmental Allowance of RMB 2.4 Million
February 22 2010 - 12:00AM
China Runji Cement Inc. (OTCBB:CRJI) ("CRJI" or "the Company"), a
leading producer and distributor of cement in Anhui Province of
China, today announced that the Company expects to receive a
governmental allowance of RMB 2,425,000 (US$351,449) within the
first quarter in 2010. The allowance will be disbursed to the
Company as the endorsement of the Company's waste heat power
generator project approved by the National Development and Reform
Commission (NDRC) and completed in October 2009.
According to the regulation Fiscal Allowance Management
Regulations for Energy-saving & Technical Reform enacted by
NDRC in 2008, the Chinese government will provide an endorsement to
CRJI for the reduced coal consumption in accordance with the
national standard. As the consequence, CRJI is entitled to receive
a total reward of RMB 6,075,000 (or US$880,435), in which the
Company had received RMB 3,650,000 (US$528,986), or 60% of total
allowance, from the local Fiscal Bureau on January 13, 2009. After
completing the power generator project in October, 2009, the
Company's waste heat facilities had been examined successfully by
Anhui Provincial Fiscal Bureau and National Auditor Bureau in
November, 2009. It is estimated that the residual balance of 40%
will be received within the first quarter of 2010.
"We are very delighted that PRC government recognized the
important role that our waste heat generator is playing in green
practice, including reducing carbon dioxide emission of 67,272.5
tons and coal consumption of 24,327.7 tons per year," Runji's
President and CEO, Mr. Zhao Shouren said. "Apart from NDRC's grant,
CRJI has also awarded grants and beneficial policies from Anhui
provincial government in the result of our achievements in energy
efficiency and pollutant reduction. We commend the government's
commitment to improving the environment, while increasing and
ensuring the highest standards across the cement industry."
About China Runji Cement Inc.
Founded in 2003, China Runji Cement, Inc. is one of the leading
players in cement production and distribution. In October 2007, the
Company became a U.S. public company following the completion of a
share exchange with Fitmedia Inc. The Company's certified
manufacturing facilities contain cutting-edge technology and
advanced equipment and are capable of producing as much as 1
million tons of cement clinker and 1.1 million cement annually.
Furthermore, the Company's solid distribution network and
customer-orientated services have earned CRJI's products a superior
reputation in the local cement market. Headquartered in Anhui
Province of China, the Company's markets include major neighboring
cities such as Hefei, Nanjing, and Liu'an. For more information on
the Company and its products, please visit our website:
www.chinarunji.com.
Safe Harbor
Statement
This press release contains certain statements that may
include 'forward-looking statements' as defined in the Securities
Act of 1933, and the Securities Exchange Act of 1934. All
statements, other than statements of historical facts, included
herein are 'forward-looking statements'. 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.
You 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 and available from the
Securities and Exchange Commission. 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.
CONTACT: China Runji Cement, Inc.
Investor Relations Contact:
Lydia He, Assistant to President
(0086) 25-8628-1127 (China)
lydiahe@runjicement.cn
China Runji Cement (GM) (USOTC:CRJI)
Historical Stock Chart
From Apr 2024 to May 2024
China Runji Cement (GM) (USOTC:CRJI)
Historical Stock Chart
From May 2023 to May 2024