L&L Energy Clarifies and Reaffirms Ownership of Mines
SEATTLE, Sept. 25, 2013 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-
based company with a track record of profitable energy (coal) operations in China, today reaffirmed its ownership of the
Luozhou and Lashu Mines and clarified previously released statements that responded to allegations made by short-sellers.
In November 2012, L&L acquired a 95% equity stake in the Luozhou and Lashu Mines. L&L accomplished this by purchasing
95% interests in two Union Energy subsidiaries, Guizhou Union Energy Shun Da Inventory and Transport Corporation and
Guizhou Union Energy WuZhou Energy Development Corporation, which previously owned 100% interest in both of the
respective mines.
In a press release dated September 24, 2013 the Company stated that in the Company's SEC Form 10-K for fiscal 2013, “the
Company clearly states that it acquired the mines by purchasing equity interests in Union Energy subsidiaries.” The release
goes on to state that “the Company completed the acquisition by obtaining a 95% equity interest in two entities, ‘Guizhou
Union Energy Shun Da Inventory and Transport Corporation’, the owner of LuoZhou Coal Mine and ‘Guizhou Union Energy
WuZhou Energy Development Corporation’, the owner of LaShu Coal mine.”
To clarify the statement quoted above the 10-K only discloses that the Company did complete the acquisition by purchasing
95% interest in both the Luozhou and Lashu mines from Union Energy through an equity ownership transfer agreement. The
additional disclosure of the names of the two Union Energy subsidiaries were made to respond to short sellers questioning of
L&L’s ownership of mines that do not bear L&L’s name. Retaining the name of Union Energy, our joint venture partner and a
reputable and well-connected mining group in the region, on our operating businesses in no way influences L&L’s ownership
rights.
For more information, please contact:
L&L Energy, Inc.
Investor Relations
+1 (206) 264-8065
ir@llenergyinc.com