CNAM--nice P.R. to remind investors of the growth story. Gives me the sense that they will be issuing more press releases over the coming weeks (until the expected big Q3 results to be reported in mid-Nov) to let investors know how everything is proceeding.... And this should serve to support the pps so it doesn't just drift down lower and lower on no news and a backward focus on Q2's results.
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China Armco Adds Nine Additional Cutting Machines to Help Accelerate Production Ramp Up at Its Metal Recycling Facility
Management Anticipates Rapid Revenue Growth From Its Metal Recycling Operations in the Second Half of 2010
Press Release Source: China Armco Metals, Inc. On Monday August 16, 2010, 6:00 am EDT
SAN MATEO, CA--(Marketwire - 08/16/10) - China Armco Metals, Inc. (AMEX:CNAM - News), a distributor of imported metal ore and a metal recycler with a new state-of-the-art scrap metal recycling facility in China, today announced that Armet Renewable Resourced Co., Ltd., the Company's wholly owned subsidiary, has added nine additional cutting machines in an effort to accelerate the ramp up in production at its scrap metal recycling facility in Lianyungang, China. The use of the new machines is part of management's plan to increase overall throughput in the second half of 2010 as the company seeks to fulfill existing and anticipated demand. The facility generated its first production revenue in the second quarter of 2010 after an initial testing phase and management anticipates a rapid expansion in production and delivery in the coming quarters.
Commenting on the announcement, Mr. Kexuan Yao, CEO and Chairman of China Armco Metals, Inc., stated, "We have invested substantial resources in the launch of our scrap metal operations and have spent several months completing testing, securing necessary government approvals, and procuring raw materials. In an effort to meet current and anticipated demand levels for the remainder of 2010 and beyond, we have added this equipment and intend to use every resource at our disposal to expeditiously grow this business. We are confident in our ability to reach our goals and remain steadfast in our belief that this business will be the largest driver of our growth for the foreseeable future."
AI
