China Runji Cement Inc. Announces New Client Commitment For a US$2.26 million Sales Contract
Thursday 01/22/2009 9:00 AM ET - Globenewswire
China Runji Cement Inc. (OTCBB:CRJI) ("CRJI" or "the Company"), a leading producer and distributor of cement in Anhui Province of China, today announced that it has secured a new buyer of cement following the execution of a US$2.26 million sales contract dated December 25, 2008. This contract from just one customer secures the purchase of the equivalent of 6% of CRJI's annual cement production in 2008.
According to the sales contract, CRJI will sell 60,000 tons of PO 42.5-grade cement to Jiangsu Zhuben Concrete Mixing Limited ("Jiangsu Zhuben") starting in January of 2009 over a period of 12 months. This new contract will increase CRJI's sales revenues by US$2.26 million.
Established in 1998, Jiangsu Zhuben is one of the largest concrete mixing companies in Jiangsu Province of China, and has been awarded the "Excellent Enterprise in China Concrete Industry." Jiangsu Zhuben is one of 36 concrete mixing companies which signed sales contract with CRJI in 2008, and it will become one of the ten largest customers of CRJI.
"We are very delighted to have a new client committing to purchase a significant amount of our annual production of cement and we look forward to our expanded relationship with Jiangsu Zhuben," Runji's President and CEO, Mr. Zhao Shouren said. "In light of the 4 trillion RMB stimulus plan from the central government and the 67 billion RMB contributed by the Anhui provincial government, we have been very aggressive in expanding our clientele to capture this exceptional business opportunity. We expect to secure many more new buyers in the coming months while increasing our long term production capacity through the recently announced construction of our third production line."
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