WUHAN, China, March 5, 2014 /PRNewswire/ -- Kingold Jewelry, Inc. (NASDAQ: KGJI) ("Kingold" or the "Company"), one of China's leading manufacturers and designers of high quality 24-karat gold jewelry, ornaments, and investment-oriented products, today announced that the Company has signed a joint venture agreement with Kuwait Support Services Company W.L.L. ("KSS"), a major multi-business group headed by His Excellency Sheikh Ameer Al Sabah of Kuwait. The two companies will form a combined entity that is expected to source and finance gold, and to develop, market, and distribute gold products including, but not limited to, gold coins, gold bullion, medals, ornaments, and jewelry. The Company expects to market these products initially to customers in Kuwait, and then to customers in Bahrain, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Mr. Zhihong Jia, Chairman and CEO of Kingold Jewelry, Inc., stated, "We are so pleased to work with Sheikh Ameer and KSS to explore the fast growing Middle East gold market. This marks the first international business expansion for Kingold and we are looking forward to partnering with KSS to provide our quality gold products to a large population of potential consumers."
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in Wuhan City, one of China's largest cities, was founded in 2002 and today is one of China's leading designers and manufacturers of 24-karat gold jewelry, ornaments, and investment-oriented products. The Company sells both directly to retailers as well as through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. For more information, please visit www.kingoldjewelry.com.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These include statements regarding Kingold's new joint venture in Kuwait, including statements regarding the expected market for the joint venture, and Kingold's ability to capitalize on its international expansion. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. Forward-looking statements are subject to a number of risks, including those contained in Kingold's SEC filings available at www.sec.gov, including Kingold's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Kingold undertakes no obligation to update or revise any forward-looking statements for any reason.
Company Contact
Kingold Jewelry, Inc.
Bin Liu, CFO
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China)
Email: bl@kingoldjewelry.com
INVESTOR RELATIONS
The Equity Group Inc.
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com
Katherine Yao, Associate
+86 10-6587-6435
kyao@equityny.com
