L & L Energy Acquires Hong Xing Coal Washing Facility
08 Janvier 2010 - 12:00PM
PR Newswire (US)
SEATTLE, Jan. 8 /PRNewswire-FirstCall/ -- L & L Energy, Inc.
(OTC Bulletin Board: LLEN) ("L&L") (formerly L & L
International Holdings, Inc.), a U.S.-based coal operator announced
today that it acquired 100% of SeZone County Hong Xing Coal Washing
Factory ("Hong Xing") located in Yunnan, China through its
subsidiary L&L Yunnan Tianneng Industry Co. Ltd ("TNI") of
which L&L owns 70% equity controlling interest. The agreement
was executed on January 1, 2010 with an effective date of November
30, 2009. L&L paid $1,000,000 USD for the acquisition, thus
Hong Xing now becomes a second tier subsidiary of L&L. The TNI
joint venture was approved by the Chinese government on December
24, 2009. Dickson Lee, L&L Chairman & CEO, commented: "This
acquisition demonstrates our commitment to expand L&L coal
operations in China. This acquisition will add 150,000 tons valued
at approximately $19,000,000 (based on $130 per ton) to our
existing coal washing capacity in China. We also plan to increase
the existing Hong Xing washing operation to 600,000 tons." For more
information on the transaction, see Form 8-K to be filed on January
8, 2010, available at http://www.sec.gov/. About L & L Energy
Founded in 1995 and headquartered in Seattle, Washington, our
Company's website is at http://www.llenergyinc.com/.
Forward-Looking Statements The statements contained market trends
and Company's future performance that are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Other than as required under the securities
laws, the Company does not assume a duty to update these
forward-looking statements. Contacts: Dave Gentry RedChip
Companies, Inc. (800) 733-2447, Ext. 104 John Baldissera BPC
Financial Marketing (800) 368-1217 DATASOURCE: L & L Energy,
Inc. CONTACT: Dave Gentry of RedChip Companies, Inc.,
1-800-733-2447, ext. 104, ; or John Baldissera of BPC Financial
Marketing, 1-800-368-1217, both for L & L Energy, Inc. Web
Site: http://www.llenergyinc.com/
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