CAAH News.
China America Holdings, Inc. Aohong Subsidiary Renews Agreement with FAW-Volkswagen Automobile Co. Ltd. to Supply Automobile Refrigerant Product for 2009
Tuesday March 3, 5:05 pm ET
Aohong Recorded Sales for this Agreement of Approximately $1.76 Million in 2008
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--China America Holdings, Inc. (OTCBB:CAAH - News), a holding company operating in China, announced today that its 56% owned China based subsidiary Shanghai AoHong has renewed its agreement with FAW-Volkswagen Automobile Co. Ltd., a joint venture between Volkswagon and China FAW Group Corporation, to supply the company with refrigerant R134A Product for automobile air conditioning systems. This agreement generated sales of approximately $1.76 million for the calendar year of 2008 and management hopes to improve on this performance in 2009.
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China FAW Group Corporation is a pioneer in China's auto industry and the country's leading auto maker. FAW manufactures light, medium, and heavy-duty trucks, cars, buses, and mini-vehicles in China. China FAW produces more than seven million vehicles per year. FAW's manufacturing facilities are located throughout China. China FAW has joint venture operations with numerous automakers including Volkswagen, Mazda, and Toyota offering additional sales opportunities for Aohong.
Commenting on the contract Shaoyin Wang, CEO of China America Holdings, stated, “Aohong is pleased to renew its supply agreement with FAW-Volkswagen Automobile Co. Ltd. Management believes that this R134A supply contract will lead to additional product sales to China FAW in 2009 as China becomes a leading producer and consumer in the worldwide automobile industry. Refrigerant R134A is an inert gas used primarily as a `high-temperature' refrigerant for automobile air conditioners. China FAW Group uses Aohong's refrigerant R134A in the air conditioning systems of automobiles it manufactures.”
About China America Holdings, Inc.
China America Holdings, Inc. (OTCBB:CAAH) is a holding company which owns a 56% stake in Shanghai Aohong Chemical Co., Ltd. based in Shanghai, China. Shanghai Aohong Chemical Co., Ltd. is a distributor of assorted liquid coolants which are utilized in a variety of applications, primarily as refrigerants in air conditioning systems for automobiles, residential and commercial air conditioning systems, and a manufacturer of steel non-refillable cylinders. For more information, please visit Welcome to China America Holdings, Inc.
Safe Harbor Statement
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China America Holdings, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our belief that the distribution agreement with FAW Volkswagen Automobile Co., Ltd. will lead to additional product sales and our belief that China will become a leading producer and consumer in the worldwide automobile industry.
We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2007.
Contact:
For China America Holdings, Inc., Fort Lauderdale
Gary Liu, U.S. Representative, 954-363-7333 ext. 318
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