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China Gengsheng Minerals, Inc. Announces Supply Agreements

2007-10-30 09:55 1170


GONGYI, China, Oct. 29 /Xinhua-PRNewswire-FirstCall/ -- China GengSheng Minerals, Inc. (“CGM” or the Company) (OTC Bulletin Board: CHGS) announces new supply contracts for its refractory business.

CGM signed a one-year refining ladle refractories maintenance service contract with Heilongjiang Jianlong Steel Limited whose annual output of high quality steel is one million tons. In addition the Company has signed a supply contract with Shanxi Zhongyu Iron Steel Co. Ltd. to provide refractory products for its hot blast furnace and a 600-ton mixer furnace. Shanxi is a new steel mill which began operation this year. The contracts are expected to generate RMB 25.1 million in sales, (approximately $3.3 million US) over the life of the contracts.

The Company

CGM is a mineral-based manufacturer whose products include monolithic refractories, industrial ceramics and fracture proppant. Monolithic refractories serve as heat resistant protective linings in industrial furnaces and other heavy machinery used in the steel, iron, cement, glass and aluminum industries. Ceramic products are heat and erosion resistant which are used to house high voltage switches and fuses and to transfer liquids, solids and gases. Fracture proppant is used in operating oil wells to release trapped oil allowing it to be extracted to the earth’s surface. CGM conducts business through Gengsheng International Corporation and its Chinese subsidiaries: Henan Gengsheng Refractories Co., Ltd., ZhengZhou Duesail Fracture Proppant Co., Ltd. and Henan Gengsheng High-Temperature Materials Co., Ltd.

FORWARD LOOKING STATEMENTS

This release may contain certain “forward-looking statements” relating to the business of China GengSheng Minerals, Inc. and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to China GengSheng Minerals, Inc. or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. China GengSheng Minerals, Inc. does not assume a duty to update these forward-looking statements.

For more information, please contact:

Denis Tontodonato

Tel: +1-704-562-0082

Source: China GengSheng Minerals, Inc.
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Keywords: Oil/Energy
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