LANXI COUNTY, China, June 3 /PRNewswire-Asia/ -- China Linen Textile Industry, Ltd. (OTC Bulletin Board: CTXIF) ("China Linen"), a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, today announced that it received two new orders for linen yarn from customers in Belgium and India.
In May 2010, China Linen received two orders for linen yarn valued at approximately $1.5 million and $0.3 million from two new customers located in India and Belgium, respectively, with gross margins estimated at approximately 30%. The products for both orders will be manufactured at the Company's Lanxi, Heilongjiang facility starting in June 2010, with final shipments to be made before the end of the year. After further processing, these materials will be made into finished goods, such as personal home and apparel products.
Both customers are newly developed clients and local distributors in Belgium and India. They visited China Linen's Lanxi facility in March 2010 and evaluated the Company's product quality, techniques, service and credibility. Both clients were very satisfied and communicated their intent to build a long-term relationship with the Company.
"I am very pleased to announce these two orders from new customers for the export market. These orders represent a significant milestone in our international sales strategy and demonstrate our ability to expand into new markets by leveraging our high-quality products and unparalleled customer service. We expect to secure additional, larger orders from these and other international customers as we gain preferred supplier status," Mr. Gao Ren, chairman and CEO of China Linen, commented. "Our efforts to expand our geographic reach will further enhance our leading position and competitive advantages, while our R&D efforts will continue to focus on new product development and best-quality product enhancements. We believe that our emphasis on international expansion, coupled with growth of domestic market, will yield significant growth in 2010 and beyond."
About China Linen Textile Industry, Ltd.
China Linen Textile Industry, Ltd. (http://www.china-linen.net/en/main.asp ), is principally engaged in the production and sale of linen yarn and various types of linen fabric. The Company is also involved in consultation and R&D related to linen technology and linen products. The Company carries on all of its business activities through its subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industry Co., Ltd. ("Lanxi Sunrise"), established in June 2002 and located in Lanxi County, the "Homeland of Flax in China," near Harbin City in China. Lanxi Sunrise has one yarn-spinning factory and two fabric weaving factories in its 28,000 square meters of building area with a staff of 1,500 and 310 sets of world-class, advanced producing machinery. Annual production capacity totals approximately 1,600 tons with 50 different types of yarn and 8 million meters of fabric with 110 types. Approximately 60 percent of its products are exported to more than 10 countries.
Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
For further information, contact:
China Linen Textile Industry, Ltd.
Mr. James Shaofeng Qi
Tel: +86-139-1093-4932
RedChip Companies, Inc.
Jon Cunningham
Tel: +1-800-733-2447 x107
Email: info@redchip.com
