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| 8-K - China Integrated Energy, Inc. | v207387_8k.htm |
China
Integrated Energy Announces 25% Increase in Petroleum Contract with Existing
Wholesale Distribution Customer
Expanded
Contract Expected to Add $36 Million in Revenue for 2011
XI'AN,
China, Jan. 4, 2011 /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 signed a contract with an existing wholesale
distribution customer to deliver an estimated 200,000 tons of petroleum products
in 2011, an increase of 40,000 tons, or 25%, from 2010. This newly signed
contract is expected to generate an additional $36 million in revenue in
2011.
This new
contract for expanded volumes demonstrates the Company's continued success in
further penetrating existing territories to meet increased demand from its
current customers. This customer is located in Sichuan Province, where refining
capacity is limited refinery while demand for oil products continues to
increase. China Integrated Energy is located in Xi'an City, Shaanxi Province,
which is adjacent to Sichuan Province. Xi'an City is ideally located as a
gateway between China's oil producing and consuming regions to take advantage of
China's increasing demand for finished and heavy oil products and its supply
imbalance. In addition, the Company enjoys exclusive access to 2.65 kilometers
special railway lines that provide distribution access throughout those regions.
This customer has purchased 160,000 and 98,000 tons of petroleum products from
the Company in 2010 and 2009, respectively.
"We are
pleased to consummate this expanded contract, which is expected to add
significantly to our revenue in 2011," stated Mr. Gao Xincheng, Chief Executive
Officer of China Integrated Energy. "For the first nine months of 2010,
wholesale distribution of petroleum products was our largest business segment,
accounting for 64% of total revenues. We see continued growth in this segment in
2011 from both existing and new customers."
Over the
past 11 years, China Integrated Energy has been one of the leading distributors
and wholesalers of finished petroleum products in China, with its diversified
supply base, large storage capacity and proximity to rail transportation. The
Company is one of only four non-state-owned distributors with a license to sell
both finished oil and heavy oil products in Shaanxi Province. In 2009, the
Company distributed 279,000 tons of finished oil and heavy oil products, and in
the first nine months of 2010, the Company distributed 255,000 tons. The Company
currently sells its products through a distribution network covering 16
provinces and municipalities with expansion in two provinces during
2010.
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 thirteen retail gas stations. The Company operates a
100,000-ton biodiesel production plant located in Tongchuan City, Shaanxi
Province and a 50,000-ton plant in Chongqing City, China. The Company expects to
increase the total biodiesel production capacity to 200,000 tons upon completion
of a new 50,000-ton production facility adjacent to the 100,000-ton plant in
Tongchuan City in January 2011. The Company utilizes a distribution network
covering 16 provinces and municipalities, established over the past 11 years, to
distribute both heavy oil and finished oil including gasoline, petro-diesel and
biodiesel. 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. 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:
China
Integrated Energy, Inc.
Susan
Zhou
Vice
President, Investor Relations
Tel: +1-305-393-5536
Email:
susan.zhou@cbeh.net.cn
Web: http://www.chinaintegratedenergy.com
HC
International, Inc.
Ted
Haberfield, Executive VP
Tel: +1-760-755-2716
Email:
thaberfield@hcinternational.net
Web: http://www.hcinternational.net