ANHUI, China, Feb. 22, 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 expects to receive a governmental allowance of RMB 2,425,000 (US$351,449) within the first quarter in 2010. The allowance will be disbursed to the Company as the endorsement of the Company's waste heat power generator project approved by the National Development and Reform Commission (NDRC) and completed in October 2009.
According to the regulation Fiscal Allowance Management Regulations for Energy-saving & Technical Reform enacted by NDRC in 2008, the Chinese government will provide an endorsement to CRJI for the reduced coal consumption in accordance with the national standard. As the consequence, CRJI is entitled to receive a total reward of RMB 6,075,000 (or US$880,435), in which the Company had received RMB 3,650,000 (US$528,986), or 60% of total allowance, from the local Fiscal Bureau on January 13, 2009. After completing the power generator project in October, 2009, the Company's waste heat facilities had been examined successfully by Anhui Provincial Fiscal Bureau and National Auditor Bureau in November, 2009. It is estimated that the residual balance of 40% will be received within the first quarter of 2010.
"We are very delighted that PRC government recognized the important role that our waste heat generator is playing in green practice, including reducing carbon dioxide emission of 67,272.5 tons and coal consumption of 24,327.7 tons per year," Runji's President and CEO, Mr. Zhao Shouren said. "Apart from NDRC's grant, CRJI has also awarded grants and beneficial policies from Anhui provincial government in the result of our achievements in energy efficiency and pollutant reduction. We commend the government's commitment to improving the environment, while increasing and ensuring the highest standards across the cement industry."
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 contain 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-orientated 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) firstname.lastname@example.org
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