TAIYUAN, China, April 21 /PRNewswire-Asia/ -- Puda Coal, Inc. (OTC Bulletin Board: PUDC), a supplier of China's high grade metallurgical coking coal used to make coke for the purposes of steel manufacturing, today announced that it has received approval from the municipal government to restructure six coal mines in Shanxi Province.
According to the official notice issued by the Yuncheng municipal government dated April 1, 2009, the municipal government has given Puda Coal approval to consolidate six coal mines located in Pinglu County, Shanxi Province. According to the letter of intent signed in January 2009, the consolidation of the coal mines requires approval from the Shanxi provincial government. Following approval of the project from the provincial government, the Company will launch the project to acquire or merge those six coal mines.
Details related to timeframe to obtain the provincial government approval and the requirements and conditions for any binding agreement for detailed coal mine consolidation to be discussed and executed are not yet available. All relevant documents related to the project have been submitted to the Shanxi Provincial government for approval.
"We are pleased to have received municipal level approval for this project as we are now one step closer to obtaining final approval from the Shanxi Provincial government to proceed with the project," said Mr. Liping Zhu, President and CEO of Puda Coal. "We will work closely with the provincial government to move this process forward and will provide our shareholders updates in a timely matter."
About Puda Coal, Inc.
Puda Coal, through its subsidiaries, supplies premium grade coking coal to the steel making industry in China for use in making coke. The Company currently possesses 3.5 million metric tons of annual coking coal cleaning capacity. Shanxi Province provides 20 - 25% of China's coal output and supplies nearly 50% of China's coke. For more information, please visit http://www.pudacoalinc.com/
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these
forward-looking statements. You should not place undue reliance on
forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity as well as local and global economic and financial conditions. For example, the entry into of a binding agreement is subject to various conditions and requirements of the Provincial government, which we may not be able to satisfy, and our management's ability to successfully consolidate and increase output at the mines and construct a coal gangue power plant, are subject to, among other things, the risks and uncertainties relating to the market condition beyond our control. We will not, and we assume no obligation to, publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For more information, please contact:
Investor Relations Contact:
Crocker Coulson, President
CCG Investor Relations
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Elaine Ketchmere, VP of Financial Writing
Tel: +1-310-954-1345
Email: elaine.ketchmere@ccgir.com
Web: http://www.ccgirasia.com
Company Contact:
Laby Wu, Chief Financial Officer; Director of Investor Relations
Puda Coal, Inc.
Tel: +86-10-6439-2405
Email: labywu@gmail.com
Web: http://www.pudacoalinc.com