ANHUI, China, Feb. 5, 2010 (GLOBE NEWSWIRE) -- 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 the Company is benefited from the Chinese rural economy stimulus policy in 2010, where the Company's selling price of cement clinker has increased $1.46 per ton in January, 2010, representing extra monthly revenue of $245,973 in current production capacity of 5,600 tons per day.
In 2010 China vowed to put more investment, subsidies, fiscal and policy support into rural areas, quoted from the first policy document jointly issued on January 31, 2010 by the Central Committee of the Communist Party of China and the State Council. In particular the policy document stressed budget expenditure should first support development of the agriculture and rural area, and fixed-asset investment first be channeled into agricultural-related infrastructure and projects in relation to rural livelihood.
Citizens living in rural areas will receive allowance from local provincial government to construct new houses to have better housing conditions. In China, there are over 900 million people living in villages. With the implementation of the policy, it is believed that the village architectural market demand for cement and other architectural materials will grow substantially with more and more village people constructing new houses with government allowance in 2010.
As a result of the policy, the Company's cement clinker selling price increased $1.46 per ton in January 2010, which represents extra revenue of $8,199 per day and $245,973 per month.
"Thanks to the rural stimulus policy our sales volume and prices both increased in this low season, we have even decided to maintain production during the long holiday of China New Year in February to meet the growing demand," commented Mr. Zhao Shouren, the Chairman and CEO of CRJI. "Rural market of China is becoming one of our most important markets in the future. We expect our cement sales volume to rural market will be much higher in the next several years. Our marketing department has adjusted new strategies and initiatives to capture the rural market, so as to create more value for our shareholder and investors."
About China Runji Cement Inc.
Founded in 2003, China Runji Cement, Inc. is one of the leading players in cement production and distribution. In October 2007, the Company became a U.S. public company following the completion of a share exchange with Fitmedia Inc. The Company's certified manufacturing facilities containing cutting-edge technology and advanced equipment and are capable of producing as much as 1 million tons of cement clinker and 1.1 million cement annually. Furthermore, the Company's solid distribution network and customer-oriented services have earned CRJI's products a superior reputation in the local cement market. Headquartered in Anhui Province of China, the Company's markets include major neighboring cities such as Hefei, Nanjing, and Liu'an. For more information on the Company and its products, please visit our website: www.chinarunji.com.
Safe Harbor Statement
This press release contains certain statements that may include 'forward-looking statements' as defined in the Securities Act of 1933, and the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included herein are 'forward-looking statements'. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
CONTACT: China Runji Cement, Inc. Investor Relations Contact: Lydia He, Assistant to President (0086) 25-8628-1127 (China) email@example.com
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