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Saturday, October 04, 2008 11:59:42 PM
Land Star Inc (LDSR) Appoints New Management and Board
Tuesday September 30, 10:50 am ET
BEIJING, China, Sept. 30 /PRNewswire-FirstCall/ - Land Star Inc www.landstarcorp.com (site under construction) (Pink Sheets: LDSR - News) is pleased to announce that it has completed the interim appointment of its new management and board members. The company is also in the final stages of completing its merger with a Chinese based company Hubai Chuguan Industry Co Ltd (Hubai) engaged in providing overall solutions on settlement, and reconstruction for recycling oil and gas.
Hubai http://www.chuguan.com.cn is a company controlled by its majority shareholder Mr.Li whom through its parent company Yellow Sea Management Inc, is in the process of merging with Land Star Inc (LDSR). The transaction is scheduled to close in late October - early November 2008.
Pending spin-off of Hubei Chuguan Industry Co. Ltd. (Chuguan) to Landstar, Inc.
Chuguan is a major manufacturer of products and services to the petro-chemical industry, and Pharmaceutical markets. It was founded in the 1990s by Chuguan Co., Ltd. to address the need for solutions to minimize petrochemical evaporation that occurs primarily during the transfer of volatile fluids that takes place throughout the petrochemical industry infrastructure.
Under the leadership of Mr. Li Congtang, Chairman of the Board and CEO, the Company has developed several patented approaches to solve this problem, and is rolling out its services within the Chinese petrochemical industry, through a number of subsidiaries.
The first pilot gasoline gas recovery facility produced by Chuguan, now it is in Beijing Institute of Petro-chemical Technology.
Strategic objectives include transforming the technological advantages of the company into market share growth and strive to lead domestic oil-gas recovery market, to become the largest local integration enterprise in China of oil-gas storage and delivery system of energy saving, environmental protection and storage and delivery safety.
Mr.Li will assume the role as the company CEO from the interim management, at that time and appoint other executives from the Hubai organization to Land Star. Mr Li said "I just want to say express our warm gratitude to our new shareholders, and followers of Land Star, as I know that they have been waiting a long time for something exciting to happen with the Land Star company. I also want to remind them that the current financial statements listed on Pink Sheets for Land Star; do not include our operation in China. Hubai is a strong growing company with assets, and revenues in the several million dollar range.
About Land Star (LDSR) Landstar is in the process of merging with its main operating subsidiary Hubai Chuguan Industry Co Ltd. Hubai is a Chinese based company engaged in providing overall solutions on settlement and reconstruction for recycling oil and gas. With the technologies of Nippon Oil Corporation as the core, most parts and accessories are purchased in China and the overall assembly is performed in China.
The Company’s operations are substantial, with over $70 million USD of capital investment in the Company. Sales are projected to reach RMB 150 to 300 billion Yuan within 1 to 2 years and RMB 400 to 500 billion Yuan within 3 to 4 years.
2008-The Rainmakers Moneymakers. stock symbol RAIN
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