Up to 350 Workers to be Hired Immediately
BEIJING, Oct. 31 /Xinhua-PRNewswire-FirstCall/ -- Franklin Towers (OTC Bulletin Board: FRTW) announced today that after successful completion of a trial period operating at approximately 50 percent capacity, it has now received approval to commence full capacity operations at Qiluo, its Chongqing, China facility. As a result of the newly received approval, FRTW estimates that its revenue production capability will increase to an estimated $30M capturing a larger percentage of the manufacturing output in its region.
FRTW will additionally institute a large scale employment campaign as up to 350 additional workers are needed to facilitate efficient operations at its Chongqing location. Upon the completion of the hiring process, Qiluo will be producing an estimated 600 tons of manufactured silk on an annual basis which solidifies the aforementioned figures of an estimated $30M revenue capability.
“We have anticipated receiving this approval for a lengthy time period, and therefore consider it a monumental benchmark on our ladder of corporate successes. As stated above, we will immediately begin the hiring process to propel Qiluo to its maximum capacity, further elevating our revenue potential and exposure within the industry. We are excited about the future of our organization and thank our recently acquired shareholders for their support,” stated Kelly Fan, CEO of Franklin Towers Enterprises, Inc.
Currently, China represents 70 percent of the world's silk export market, with the southwest region representing approximately 20 percent of that entire market. Historically the southwest region (Chongqing Included) has been considered a second grade silk producer predominately due to the inefficiencies of the older processing equipment being utilized. The creation of Qiluo's new facility with modern processing equipment will allow Qiluo to process approximately one third of the regions production, maximizing both output and quality, producing silk that is considered first rate.
Qiluo's initial efforts would produce approximately 20 percent of the production in the Chongqing area. With government support and adequate funding Qiluo plans to continue expanding into the larger southwest region in the near future.
ABOUT FRTW:
FRTW, through its wholly owned subsidiary, Chongqing Qiluo Textile Company Ltd (“Qiluo”) located in the southwest region of China in the Chongqing Municipality, operates in China's $250 Billion Yuan silk industry co-ordinating the entire silk manufacturing process from sericulture (the raising of silk worms for the production of raw silk), processing, clothing production and exportation of both final and raw products. Recent investments have been made to maximize the silk production/processing potential of Qiluo in attempt to propel its organization to the forefront of the industry.
Over the past several years, Mr. Dingliang Kuang, founder and CEO of Qiluo has worked diligently to break into the silk industry in Chongqing, China. Known in the Chongqing region as one of the major industrialists having received numerous entrepreneurial awards in relation to his food processing plant, Chongqing Xin Sheng Xiang Industrial Development Co. Ltd. (one of the top 50 privately owned enterprises in Chongqing - population approximately 31 million), Mr. Kuang and his team possess the necessary experience and knowledge to maximize the potential of the Qiluo organization.
CHINA'S SILK INDUSTRY:
China is the world's largest silk producer. In 2005, it accounted for 74 percent of the global raw silk production and 90 percent of the world export market according to statistics from the Chinese Ministry of Commerce. The annual output value of China's silk industry is to reach 250 Billion Yuan (31.25 Billion U.S. Dollars) in 2010, up 66.7 percent from 2005, according to a plan of the Ministry of Commerce.
For more information regarding Franklin Towers and Qiluo please visit: http://www.franklintowersenterprises.com
Disclaimer:
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," which are statements related to future, not past, events. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of strategic partner incentives, (c) the future regulatory environment, (d) our cost of financing, (e) our ability to complete acquisitions and dispositions and the risks associated therewith, and (f) our ability to retain key personnel. These factors, as well as additional factors, could affect our forward-looking statements. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements.
For more information, please contact:
Mr. Fan
Investor Relations
Franklin Towers Enterprises
Tel: +1-702-966-0436
