TAIYUAN CITY, China, August 6, 2012 /PRNewswire-Asia-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced it plans to release its fiscal year-end June 30, 2012 earnings on or before its Form 10-K filing deadline of September 13, 2012. The Company expects to report record revenues and net income for fiscal 2012.
Longwei is currently working with its audit firm to complete its fieldwork in the PRC for the Company's annual audit. On August 1, 2012, the Company's audit firm, Child Van Wagoner & Bradshaw, PLLC ("CVB"), announced it had been reorganized. According to a statement released by the firm's partners, "CVB was reorganized in order for its partners to focus on their core competencies and provide enhanced client service."
CVB has been reorganized into three new firms, each with distinct specialties:
According to the statement from the firm's partners, "We believe this change will give you better service by allowing each of us to focus on what we do best. We expect that client communications will be enhanced and that access to partners will be increased, both for clients and employees."
Since CVB was replaced by AB for purposes of PCAOB registration, each of CVB's SEC issuer clients was required to file a Form 8-K under item 4.01 to reflect a Change in Registrant's Certifying Accountant. AB was established as the successor firm to CVB to continue performing audits for SEC reporting companies. As AB is viewed as a separate legal entity, Longwei was required to dismiss CVB and engage AB as its principal accountant for the Company's fiscal year ended June 30, 2012. The Company filed a Form 8-K on August 3, 2012 to reflect this change. The audit team at AB remains the same from the predecessor firm, CVB.
"We are pleased that our fieldwork and audit are led by the same team as previously with CVB," stated Mr. Cai Yongjun, Chairman and CEO of Longwei. "We look forward to releasing our audited financial statements on Form 10-K for fiscal year 2012 and announcing the successful completion to this past fiscal year. We remain committed to improving our level of transparency with our shareholders and look forward to upcoming events to grow the Company in fiscal 2013."
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The Company's oil and gas operations consist of transporting, storage and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 120,000 metric tons located at storage facilities in Taiyuan and Gujiao, Shanxi. The Company's Taiyuan and Gujiao facilities can store 50,000 metric tons and 70,000 metric tons, respectively. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue under an agency fee by acting as a purchasing agent for other intermediaries in Shanxi, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
For further information on Longwei Petroleum Investment Holding Limited, please visit http://www.longweipetroleum.com. You may register to receive Longwei Petroleum Investment Holding Limited's future press releases or request to be added to the Company's distribution list by contacting Dave Gentry at info@redchip.com.
Contact:
At the Company:
Michael Toups, Chief Financial Officer
U.S. Office +1 727-641-1357
mtoups@longweipetroleum.com
http://www.longweipetroleum.com
Investor Relations:
Mike Bowdoin
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 110
Email: info@redchip.com
Web: http://www.redchip.com
