TAIAN CITY, Shandong, China, Jan. 22 /Xinhua-PRNewswire-FirstCall/ -- Zeolite Exploration Company (OTC Bulletin Board: ZXPL), a leading
nano-precipitated calcium carbonate (NPCC) and coal-based chemical products manufacturer in the People's Republic of China ("PRC"), today announced its official name change to ShengdaTech, Inc. ("ShengdaTech" or "The Company") effective January 3, 2006. The Company has also changed its ticker symbol to SGAT, effective January 19, 2007.
Since becoming a public company in March 2006 through the acquisition of Faith Bloom Limited, ShengdaTech has reported consistent revenue and net income growth driven primarily from the expansion of its high margin
nano-precipitated calcium carbonate business. NPCC is a functional filler used in products such as tires, paints and polyvinyl chloride ("PVC") building materials to enhance their value. During 2006, the Company increased its production capacity of NPCC from 30,000 metric tons to 90,000 metric tons. The Company plans to add an additional 100,000 metric tons in 2007. ShengdaTech supports the majority of its growth through cash generated by its well established chemical business.
Xiangzhi Chen, President, CEO and Director of ShengdaTech, Inc. commented, "The word Shengda is equivalent to 'grand' or 'rich', and we believe it communicates our strength, experience and focus on becoming the leading NPCC and advanced material company in China. Our new name is an important part of building our corporate image, both domestically and internationally, and is well represented by ShendgaTech."
ShengdaTech is an innovative company with cutting-edge technology and a strong research and development ("R&D") program representing China's aspiration to move from "made in China" to "created in China". The Company co-developed the advanced membrane dispersion microstructure reactor technology with Tsinghua University which produces true NPCC particles that offer better quality control at a lower cost than other production methods currently in use. At ShengdaTech's new R&D centre in Shanghai, the Company is focused on both expanding current applications and developing new applications for NPCC such as plastics, paints, paper, and material for use in aerospace projects.
About ShengdaTech, Inc.
ShengdaTech is engaged in the business of manufacturing, marketing and selling a variety of nano-precipitated calcium carbonate ("NPCC") products and coal-based chemicals for use in various applications. The Company converts limestone into NPCC using its proprietary technology. The unique chemical and physical attributes make NPCC a valuable ingredient in tires, paints, polyvinyl chloride ("PVC") building materials and other products. It enhances the durability of many products by increased strength, heat resistance, and dimension stabilization. The Company is also engaged in the manufacture and sale of coal-based chemical products namely ammonium bicarbonate, liquid ammonia, melamine and methanol. The Company markets and sells its coal-based products mainly for chemical fertilizers and raw materials in the production of organic and inorganic chemical products, including formaldehyde and pesticides.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in product demand especially in the tire industry, changes in composition of tires, pricing and demand trends for the Company's chemical products, changes to government regulations, risk associated with operation of the Company's new manufacturing facility, risk associated with large scale implementation of the new NPCC manufacturing process, the ability to attract new customers, ability to increase its product's applications, ability of its customers to sell products, cost of raw material, downturns in the Chinese economy, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. The Company undertakes no duty to update any forward- looking statement to conform the statement to actual results or changes in the company's expectations.
For more information, please contact:
Crocker Coulson, President
Leslie Richardson, Financial Writer
CCG Elite Investor Relations
Tel: +1-310-231-8600 x103
Email: crocker.coulson@ccgir.com
Rick Dean. U.S. Representative
ShengdaTech, Inc.
Tel: +1-716-626-3535
Email: rick@heritagemgmt.net
