TAIYUAN CITY, China, June 25 /PRNewswire-Asia/ -- Longwei Petroleum Investment Holding Ltd. (OTC Bulletin Board: LPIH) ("Longwei") announced today that Michael Toups has joined the Company as Chief Financial Officer, as of June 23, 2010. Mr. Toups, who is succeeding James Crane, will have overall leadership responsibility for the Company's finance and control functions.
"We are very excited to welcome Michael to our senior management team," said Cai Yongjun, Chairman and CEO of Longwei. "At this crucial point in our company's development, his extensive financial and leadership expertise, as well as his knowledge of Chinese business practices, will be invaluable in executing our aggressive growth strategy. We hope to leverage Michael's proven success in both domestic and international management and benefit from his strategic input as we continue expanding our business."
Mr. Toups is an accounting and corporate finance executive with 20 years of experience in senior business management and specialties in business strategy, M&A and international trade. He has middle-market corporate finance experience across a variety of industries as both principal and advisor and has served as the COO, CFO, and Director of publicly traded companies. His expertise includes PCAOB audits, SEC reporting and Sarbanes-Oxley compliance. Mr. Toups is also well-versed in Chinese business practices and has directed strategic business planning for Asia-based companies. Mr. Toups holds an MBA in Finance from the University of Notre Dame and a BBA in Finance from Texas Christian University.
Mr. Toups stated, "I am proud to be a part of the Longwei team. This company is extremely well-positioned for both short-term and long-term expansion and growth. As a fuel distributor with 120,000 metric tons of storage capacity and operations in one of the fastest industrial growth provinces in China, we are poised to become the dominant non-government-owned fuel distributor in the Shanxi Province."
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited (the "Company") is an energy company that, through its subsidiaries, engages in oil and gas operations in the People's Republic of China ("PRC"). Oil and gas operations consist of transporting, marketing and selling finished petroleum products. The Company's headquarters and primary facilities are located in Taiyuan City, Shanxi Province ("Shanxi"). The Company's second facility is located in Gujiao, Shanxi. The Company purchases diesel, gasoline, fuel oil and kerosene (the "Products") from various petroleum refineries in the PRC. The Company is 1 of 3 licensed intermediaries in Taiyuan City and the sole licensed intermediary in Gujiao that operates its own large-scale storage tanks. The Company has the necessary licenses to operate and sell Products not only in Shanxi but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi. The Company seeks to earn profits by selling its Products at competitive prices to large-scale gas stations, coal plants, other power-supply customers and small, independent gas stations. The Company also earns revenue by acting as a purchasing agent for other intermediaries in Shanxi and through the sale of diesel and gasoline at gas stations located at each of the Company's facilities. The sales price and the cost basis of the Company's products are largely dependent on regulations and price control measures instituted and controlled by the PRC government as well as the price of crude oil. The price of crude oil is subject to fluctuation due to a variety of factors, all of which are beyond the Company's control.
For further information on Longwei Petroleum Investment Holding Limited, please visit http://www.longweipetroleum.com . You may register to receive Longwei Petroleum Investment Holding Limited's future press releases or request to be added to the Company's distribution list by contacting Dave Gentry at info@redchip.com .
