Longwei Petroleum (fka LPIH)

[Hogpilot]

Comments on the EDGAR Press...results in -7% early on

Went straight to the Summary sheet and noted the folowing differences differences from the March 23rd Red Chip Conference PPT to the current EDGAR presentation:

Was -
Operating Profit is projected to increase to $56.8 M in FY 2010 (as the new storage tanks are expected to be placed into service during the second half of this fiscal year).

Strong balance sheet with Stockholders’ Equity of $128.2 M and no long-term debt or other long-term liabilities as of December 31, 2009.

Replaced with -
A total of 2.4 M shares of the Series A Preferred Stock was converted to common stock as of March 31, 2010. No common stock warrants associated with the October 2009 PIPE have been exercised as of April 27, 2010.

Was -
Longwei has announced its intention to uplist to the NYSE Amex stock exchange. Three new independent board members were announced on March 23, 2010

Replaced with -
Longwei has filed an application to list its common stock on the NYSE Amex Stock Exchange and will work with the NYSE Amex Stock Exchange to complete the listing process as soon as possible.

Was -
As of March 22, 2010, Longwei’s current price to earnings ratio based on the trailing twelve months adjusted net income is 7.26, well below industry comparables.

Replaced with -
As of April 26, 2010, Longwei’s current price to earnings ratio based on the trailing twelve months adjusted net income is 9.48, well below industry comparables.

That news warrant a -7% whack???

-Hog