BARNSTEAD, N.H., Nov. 6 /Xinhua-PRNewswire-FirstCall/ -- In response to recent inquiries, the management of Franklin Towers Enterprises, Inc. (OTC Bulletin Board: FRTW) released the following statement concerning the recent trading activity in its common stock. The Company does not make a regular policy of commenting on Company transactions, developments, or trading activity.
"Franklin Towers is not aware of any operational or financial development which would account for the decline in value of the Company’s common stock in recent days. There is no material fact or information relating to the Company which has not been fully disclosed. Management of the Company believes that the Company’s fundamentals are strong and that its business prospects remain stable."
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 RMB250 billion 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, Inc.
Tel: +1-702-966-0436
