Receives Free Land Use Rights and Considered as One of Ten Key Projects within Puwan New Area Development Zone
DALIAN CITY, China, June 11, 2011 /PRNewswire-Asia/ -- BEFUT International Co., Ltd. (the "Company" or "BEFUT") (OTCBB: BFTI), a developer, manufacturer and distributor of wire and cable products in China, today announced it has been selected as an anchor client in the Puwan New Area development zone, where it will build a new facility to develop carbon fiber composite materials. Puwan New Area, a 1045.6-kilometer economic zone, was created for the purpose of fostering research and development projects and to serve as a headquarters for technology innovation within China. The economic zone is located near the major port of Dalian. In a highly competitive process, the government selected BEFUT as one of its anchor tenants and is considered one of the ten key projects within the area.
Mr. Hongbao Cao, Chairman and CEO, commented, "We are pleased to enter this agreement with the Puwan New Area government and to situate development of our carbon fiber composite material project within this economic zone. The carbon fiber project will occupy a 300,000 square meter facility and ultimately we believe this facility will be able to produce 100,000 kilometers per year of high-pressure carbon fiber composite wire. This would equate to over $1.5 billion US (10.3 billion RMB) per year, once this facility is operating at full capacity."
Mr. Hongbao Cao continued, "We have a very strong research and development team in place to support our new project. With increased demand in China for carbon fiber, and with its inherent benefits as a lighter material that offers better electrical conductivity, we believe this project will significantly expand our operations."
"We appreciate the strong, ongoing support from the local government in conjunction with this process. We believe that the government's selection of us as an anchor tenant is based on both our reputation for high-quality products, our leading position within China's high-technology industry, and the strength of our strategic plan. Our new carbon fiber products will be a step forward for the industry and especially for Puwan New Area."
Click the links below to view a photo of the signing ceremony and a photo of Mr. Cao along with Mr. Dongsheng Lv, a member of the CCP Affairs Work Committee and vice director of the Administrative Committee of Puwan New Area:
About BEFUT International Co., Ltd.
BEFUT is a manufacturer of specialty cables in northeastern China for sale to industries, including, ship building, nuclear power plants, mining and petrochemical. The Company's cable products consist of (i) traditional electric power system cable and (ii) an assortment of specialty cable, including marine cable, mining specialty cable and petrochemical cable. BEFUT has recently begun to develop carbon fiber composite cable products. The Company has also developed the capability to produce other types of special cables such as submarine cable and certain "new energy" cable, including cable for wind and solar energy. BEFUT's switch application business mainly includes high and low voltage distribution cabinet switches and crane electronic control switches, which complement the cable product offerings.
Safe Harbor Statement
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. BEFUT undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulation.
Contact:
Crescendo Communications, LLC
David Waldman, Vivian Huo or Klea Theoharis
Tel: (212) 671-1020
E-mail: bfti@crescendo-ir.com
