DALIAN, China, July 23 /PRNewswire-Asia/ -- Andatee China Marine Fuel Services Corporation ("Andatee" or the "Company") (Nasdaq: AMCF), the leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China, today announced that the Company has commenced the construction of Jilong wharf in Donggang City, Liaoning Province.
The new wharf will extend the existing Jilong wharf by 10,000 square meters to a total of 15,500 square meters. The capital expenditure for expanding the wharf is estimated at RMB 40 million (US$5.90 million). Upon completion of construction, the Jilong wharf will be capable of providing oil refilling, maintenance and docking services to small and medium sized fishing vessels. The Company anticipates annual contribution of RMB7-8 million (US$1.03-1.12 million) to the Company's net income.
"We are very excited about the growth prospects ahead of us. The expansion of the Jilong Wharf is an initiative to enhance our business model by providing higher margin value added services for small and medium sized vessels in China," said Mr. An Fengbin, Chairman, President and CEO of Andatee China Marine Fuel Services Corporation.
About Andatee China Marine Fuel Services Corporation
Andatee China Marine Fuel Services Corporation ("Andatee" or the "Company") is a leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China. Andatee is headquartered in the City of Dalian, a key international shipping hub and an international logistics center in Northern China and maintains operations in Liaoning, Shandong and Zhejiang Provinces in the People's Republic of China.
Safe Harbor Relating to the Forward Looking Statements
Statements contained in this press release not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule under the Private Securities Litigation Reform Act of 1995. All forward-looking statements included herein are based upon information available to the Company as of the date hereof and, except as is expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. As a result, investors should not place undue reliance on these forward-looking statements. To the extent that any statements made here are not historical, these statements are essentially forward-looking. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "may," "anticipates," "believes," "should," "intends," "estimates" and other words of similar meaning. The Company may also make written or oral forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by these forward-looking statements. Such risk factors include, without limitation, our ability to properly execute the Company's business model, to successfully complete and realize the benefits of the wharf construction, to assume and service the assumed debt related to acquired businesses, to attract and retain management and operational personnel, potential volatility in future earnings, fluctuations in the Company's operating results, PRC governmental decisions and regulation, and existing and future competition that the Company is facing. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission under the caption "Risk Factors" in such filings.
For more information, please contact:
Company Contact:
Mr. Wen Tong
Chief Financial Officer
Andatee China Marine Fuel Service Corp
Tel: +86-411-8360-4683
Email: bill.wen@andatee.com
Web: http://www.andatee.com
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson
President
Tel: +1-646-213-1915 (NY Office)
Email: crocker.coulson@ccgir.com
RedChip Companies, Inc.
Jon Cunningham
Tel: +1-800-733-2447 x107
Email: info@redchip.com
