DALIAN CITY, China, June 10,
2011 – BEFUT International Co., Ltd. (the
"Company" or
"BEFUT") (OTCBB: BFTI), a developer,
manufacturer and distributor of wire and cable products in
China, today announced it has been
selected as an anchor client in the Puwan New Area development
zone, where it will build a new facility to develop carbon fiber
composite materials. Puwan New Area, a 1045.6-kilometer
economic zone, was created for the purpose of fostering research
and development projects and to serve as a headquarters for
technology innovation within China. The economic zone is located near
the major port of Dalian. In
a highly competitive process, the government selected BEFUT as one
of its anchor tenants and is considered one of the ten key projects
within the area.
Mr. Hongbao Cao, Chairman and CEO, commented, "We
are pleased to enter this agreement with the Puwan New Area
government and to situate development of our carbon fiber composite
material project within this economic zone. The carbon fiber
project will occupy a 300,000 square meter facility and ultimately
we believe this facility will be able to produce 100,000 kilometers
per year of high-pressure carbon fiber composite wire. This
would equate to over $1.5 billion US
(10.3 billion RMB) per year, once
this facility is operating at full capacity."
Mr. Hongbao Cao continued, "We have a very strong research and
development team in place to support our new project. With
increased demand in China for
carbon fiber, and with its inherent benefits as a lighter material
that offers better electrical conductivity, we believe this project
will significantly expand our operations."
"We appreciate the strong, ongoing support from the local
government in conjunction with this process. We believe that
the government's selection of us as an anchor tenant is based on
both our reputation for high-quality products, our leading position
within China's high-technology
industry, and the strength of our strategic plan. Our new
carbon fiber products will be a step forward for the industry and
especially for Puwan New Area."
Click the links below to view a photo of the signing ceremony
and a photo of Mr. Cao along with Mr. Dongsheng Lv, a member of the CCP Affairs
Work Committee and vice director of the Administrative Committee of
Puwan New Area:
Signing Ceremony Photo
Mr Cao and Mr Lv Photo
About BEFUT International Co., Ltd.
BEFUT is a manufacturer of specialty cables in
northeastern China for sale to
industries, including, ship building, nuclear power plants, mining
and petrochemical. The Company's cable products consist of
(i) traditional electric power system cable and (ii) an assortment
of specialty cable, including marine cable, mining specialty cable
and petrochemical cable. BEFUT has recently begun to develop
carbon fiber composite cable products. The Company has also
developed the capability to produce other types of special cables
such as submarine cable and certain "new energy" cable, including
cable for wind and solar energy. BEFUT's switch application
business mainly includes high and low voltage distribution cabinet
switches and crane electronic control switches, which complement
the cable product offerings.
Safe Harbor Statement
This press release contains forward-looking statements
concerning the Company's business, products and financial results.
The Company's actual results may differ materially from those
anticipated in the forward-looking statements depending on a number
of risk factors including, but not limited to, the following:
general economic and business conditions, development, shipment,
market acceptance, additional competition from existing and new
competitors, changes in technology, and various other factors
beyond the Company's control. All forward-looking statements are
expressly qualified in their entirety by this Safe Harbor Statement
and the risk factors detailed in the Company's reports filed with
the SEC. BEFUT undertakes no duty to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this release, except as required by applicable law or
regulation.
Contact:
Crescendo Communications, LLC
David Waldman, Vivian Huo or Klea
Theoharis
Tel: (212) 671-1020
E-mail: bfti@crescendo-ir.com
SOURCE BEFUT International Co., Ltd.