Project Values Total $80.1 Million; Total Net Profit $8.0 million
HOHHOT, China, Aug. 14 /Xinhua-PRNewswire-FirstCall/ -- Gold Horse International, Inc., (OTC Bulletin Board: GHII) (“Gold Horse” or “the Company”), a multifaceted business group that operates, controls and beneficially owns construction, hotel and real estate development businesses in Inner Mongolia, the People’s Republic of China (“PRC”), today provided an update on three key construction projects in Inner Mongolia that are scheduled for completion in 2008. The total value of these projects is RMB 548.6 million ($80.1 million), with an expected net profit of RMB 54.4 million ($8.0 million).
The Tian Fu Garden residential project, valued at RMB 232.5 million ($34.2 million), contains 28 buildings with construction area of 238,683 square meters. Jin Ma Construction Co. Ltd. (“Jin Ma”), an entity controlled and operated by Gold Horse, expects to complete Phase I of the Tian Fu Garden residential project -- which began in March 2008 -- in October 2008. Phase II of the project contains 16 buildings with construction area of 119,415 square meters. Phase II construction began in April 2008 and is expected to be completed in November 2008. Net profit for both phases of the Tian Fu Garden residential project is expected to be RMB 22.2 million ($3.3 million).
The He Ban Garden residential project, valued at RMB 200 million ($29.4 million), contains nine apartment buildings covering 119,731 square meters of construction area. After successful completion of the Phase I project, Jin Ma was contracted to build Phase II of the project and started construction in March 2008. Jin Ma aims to complete the He Ban Garden residential project in November 2008. Net profit for the project is expected to be approximately RMB 20 million ($2.9 million).
The Ai Bo Garden residential apartment project, valued at RMB 116.1 million ($17.1 million), contains 11 buildings with construction area of 119,936 square meters. Jin Ma began construction on the Ai Bo Garden project in April 2008 and expects to complete the project in November 2008. Net profit for the Ai Bo Garden residential apartment project is expected to be RMB 12.2 million ($1.8 million).
"We are pleased to announce the expected completion dates for these key projects, which meet the rapidly growing need for quality residential housing in Inner Mongolia. As one of the leading construction companies in Hohhot, we are dedicated to completing our projects on schedule and to the highest standards,” said Mr. Liankuang Yang, chairman and CEO of Gold Horse. “We are also excited to announce that we are anticipating new construction projects in the pipeline for the upcoming months due to our solid relationship with our customers.”
About Gold Horse International, Inc.
Gold Horse International, Inc., through its wholly owned subsidiaries, Gold Horse International, Inc. (Nevada) and Global Rise International Ltd., controls and operates Inner Mongolia Jin Ma Construction Co., Ltd., Inner Mongolia Jin Ma Hotel Co., Ltd., and Inner Mongolia Jin Ma Real Estate Development Co., Ltd., all based in Hohhot, the regional capital of Inner Mongolia Autonomous Region in the People’s Republic of China. Jin Ma Construction has been providing construction and general contractor services in Hohhot to both private developers and the local and regional governments since 1980. Jin Ma Hotel owns, operates and manages the Jin Ma Hotel, a full-service, two-star hotel located in Hohhot. Jin Ma Real Estate develops residential and commercial properties in Hohhot. For more information, visit http://www.GoldHorseInternational.com .
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company 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. Investors 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 Web site ( http://www.sec.gov ). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Gold Horse International, Inc.
Mr. Adam Wasserman, CFO
Tel: +1-800-867-0078
Email: adamw@cfooncall.com
Web: http://www.GoldHorseInternational.com
CCG Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgir.com
