China Shuangji Cement, Ltd., which controls a network of entities and affiliates that collectively represent one of the People’s Republic of China’s (PRC) top manufacturers of High-Quality Portland cement, provided a detailed update on the status of its Zhaoyuan Cement Production Facility, which is almost fully equipped and operational.
With current production capacity of 1.5M tons/year deriving from its two production facilities, Hainan Province and Shandong (where the new Zhaoyuan plant is located), a 2.5M tons/year capacity is projected upon the completion of the new facility, located just 5 miles south of the existing Shandong site and directly on a brand-new, high-capacity highway which connects to a majority of the Company’s customer base, as well as major ports.
The new facility, located near Zhaoyuan City, has cost CSGJ roughly $3.5M so far, and was undertaken initially due to a Governmental requirement to relocate the original facility – an action which also afforded CSGJ new land use rights near Zhaoyuan, and for which the government has so far forked over $8.5M in additional compensation for development purposes.
With high voltage cabling installed and the majority of the raw building infrastructure in place, final installation of equipment and finishing touches are all that remains before this money-machine is switched on, adding fuel to the ROI engine CSGJ has managed to create in China’s construction supply market.
President and Chairman of CSGJ, Mr. Wenji Song, expressed his honor at the continued support of the Company’s shareholders during the transition to the new facility, and he was clearly proud of the earned reputation demonstrated by this show of confidence, even through the “challenging global economic landscape” which had threatened to stall the project.
Mr. Wenji Song confidently asserted that funding for the minimal final requirements to bring the plant online would be easily obtained forthwith, and that he was eager to “aggressively expand production” to meet the overwhelming demand currently expressed within the market.
CEO of CSGJ, Mr. Jun Song, echoed the sentiments of his colleague and noted the vast effort toward improving the Company from an overall “compliance and transparency standpoint”, citing the October retention of consulting firm and investor relations specialist Hampton Growth, and subsequent shareholder visibility enhancements, like hiring fluent English-speaking CPA Michelle Zhu, who has an MBA from UC Irvine, to fill the Company’s CFO position.
Hampton Growth was also instrumental in getting Bernstein & Pinchuk LLP, an independent member of the BDO Seidman Alliance (“B&P”), to audit CSGJ’s books, a task which has helped many other Chinese companies migrate from the OTCBB to the NASDAQ or NYSE.
Mr. Jun Song also noted the retention of Sichenzia Ross Friedman Ference LLP (SRFF), a NY-based securities law firm with 3 Mandarin-fluent attorneys in their Asia group, as legal counsel.