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CHGI...Company Reaffirms Earnings Forecast For 2009
Donghai Yu, the Company's CEO, reaffirmed the Company's earnings forecast for 2009, "As we look at the remainder of 2009, we expect that China Carbon will achieve its goal of a top and bottom line increase of 15% to 25%."
Cash Reserves
As of June 30, 2009, the Company reported cash reserves totaling $6.3 million and shareholder equity of $36.7 million resulting in a book value of $2.61 per share. The cash balance will be used for working capital along with the purchase of new machinery and equipment.
About China Carbon Graphite Group, Inc.
China Carbon, through its affiliate, Xingyong Carbon Co., Ltd., manufactures carbon and graphite based products in China. The company is the largest wholesale supplier of fine grain and high purity graphite in China. Fine grain graphite is widely used in smelting for colored metals and rare earth metal smelting as well as the manufacture of molds. High purity graphite is used in metallurgy, mechanical industry, aviation, electronic, atomic energy, chemical industry, food industry and a variety of other fields. In September 2007, the company was approved and designated by Ministry of Science & Technology as a "National Hi-tech Enterprise." Of the 400 plus carbon graphite producers in China, China Carbon is the only non-state-owned company to receive this honor. For more information, visit http://www.chinacarboninc.com.