Attached files
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8-K - China Integrated Energy, Inc. | v200719_8k.htm |
EX-10.2 - China Integrated Energy, Inc. | v200719_ex10-2.htm |
EX-10.1 - China Integrated Energy, Inc. | v200719_ex10-1.htm |
EX-99.2 - China Integrated Energy, Inc. | v200719_ex99-2.htm |
Exhibit
99.1
China
Integrated Energy, Inc. Announces Acquisition of Gas Station in Yulin City,
Shaanxi Province, China
Acquisition
brings total number of operating gas stations to thirteen and adds approximately
$12.3 million in revenue for FY 2011
XI'AN, China, Oct. 25 /PRNewswire-Asia-FirstCall/ -- China
Integrated Energy, Inc. (Nasdaq: CBEH; the "Company"), a leading non-state-owned
integrated energy company in the People's Republic of China, today announced that it has acquired a
retail gas station located in Shenmu County, Yulin City, Shaanxi Province, China from Mr. Wenhua Lu, who owned 100% of equity interests in
the Shenmu gas station.
SUMMARY
OF ACQUISITION
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Gas
Station
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Purchase
Price
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Sales
Volume
TTM*
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Sales
Volume
FY
2011E
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Revenue
TTM*
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Revenue
FY
2011E
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Shenmu
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$9.2
million
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8,000
tons
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12,000
tons
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$8.2
million
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$12.3
million
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*TTM:
Trailing twelve months
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The Company has acquired land use
rights, gas station operating rights, and all of the assets
of the Shenmu gas station for a total cash consideration of approximately
$9.2 million. The gas station distributes both
gasoline and diesel, which may include blended biodiesel in the future. During
the past twelve months, the
acquired gas station sold approximately 8,000 tons of fuel and generated revenue
of approximately $8.2
million. For the fiscal
year of 2011, the Company estimates the Shenmu gas station will sell
approximately 12,000 tons of fuel and generate approximately $12.3 million in revenue.
Shenmu gas station is located on the
junction to access both the Baotou-Maoming Expressway and the Yulin-Shenmu
Highway. The acquired facility has 2.1 acres of property sufficient to add other
services, such as a retail
convenience store in the future.
Operating as both a biodiesel producer
and distributor, China Integrated Energy, Inc. has the ability to provide a
stable supply of products to each of its thirteen gas stations. The Company
anticipates a healthy sales and margin growth from its retail gas
stations due to increasing demand for transportation fuel and operating
leverage.
"We are pleased to complete another
accretive retail gas station acquisition, bringing our total number of gas
stations in Shaanxi province to thirteen," stated Mr. Gao
Xincheng, Chief Executive Officer of China Integrated Energy, Inc. "We will
continue to evaluate organic and acquisition opportunities in all three of our
businesses - biodiesel production, wholesale distribution and retail gas stations – to drive further growth in revenue and
profits."
About China Integrated Energy,
Inc.
China Integrated Energy, Inc. is a
leading non-state-owned integrated energy company in China engaged in three business segments: the
production and sale of
biodiesel, the wholesale distribution of finished oil and heavy oil products,
and the operation of retail gas stations. The Company operates a 100,000-ton
biodiesel production plant with a goal of doubling capacity to 200,000 tons in
2010 through both internal expansion and an acquisition. The
Company utilizes an extensive distribution network to distribute traditional
petroleum products, and operates thirteen retail gas stations in China. For additional information on the
Company please visit http://www.chinaintegratedenergy.com.
An online investor kit including a
company presentation, press releases, current price quotes, stock charts and
other valuable information for investors is available at
http://www.chinaintegratedenergy.com. To subscribe to future releases via e-mail alert, visit
http://www.chinaintegratedenergy.com/alerts.
Safe Harbor
Statement
This press release includes statements
that may constitute forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes," "estimates"
and similar statements. For example, statements about the future use of the proceeds are forward looking
and subject to risks. China Integrated Energy, Inc. may also make written or
oral forward-looking statements in its periodic reports to the U.S. Securities
and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and uncertainties
that could cause actual results to differ materially from the forward-looking
statements. A number of important factors could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and uncertainties
include, but are not limited to, risks outlined in the Company's filings with
the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
For more
information, please contact:
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China
Integrated Energy, Inc.
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Susan Zhou
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Vice
President, Investor Relations
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Tel:
+1-305-393-5536
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Email: susan.zhou@cbeh.net.cn
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Web:
http://www.chinaintegratedenergy.com
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HC
International, Inc.
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Ted
Haberfield, Executive VP
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Tel:
+1-760-755-2716
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Email: thaberfield@hcinternational.net
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Web:
http://www.hcinternational.net
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