JINJIANG, China, Aug. 15, 2019 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) ("China Ceramics" or the "Company"), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced its plans to enter the ceramic tile market in Southeast Asia. While this effort is in its early stages, the Company is already negotiating with customers in its first target market of Malaysia. The Company plans to capitalize upon the increased level of building construction in Southeast Asia which is due in part to China's Belt and Road Initiative. The Company's Chief Executive Officer, Ms. Huang Meishuang, will oversee the execution of this expansion.
"We plan upon substantially increasing our currently modest level of exports to the Southeast Asia market due to the rapid rise in construction in the region and its climate conditions which make it an ideal fit for certain of our ceramic tile products," said Ms. Meishuang Huang, Chief Executive Officer of China Ceramics. "Our proximity to the region, relatively low transportation costs and familiarity with the region are intended to expand our footprint outside of China and are expected to diversify our customer base and add to our growth."
The Company plans to introduce specialized products into the Southeast Asia market that are suitable for the region, including its recently announced new 'cooling' ceramic tile product. The Company also plans to slightly modify certain products that it currently sells into the southern region of China due its similarity with the hot and humid climate of Southeast Asia.
The Company anticipates that there will be modest capital expenditures associated with this expansion strategy with most of the capital outlays directed towards bolstering its marketing team and securing additional distributors and agents. The Company foresees this as an opportunity to utilize its currently unused production capacity as it enters a market with an estimated population of approximately 660 million people. The Company anticipates that it will deploy this strategy in the first half of 2020.
About China Ceramics Co., Ltd.
China Ceramics Co., Ltd. is a leading manufacturer of ceramic tiles in China. The Company's ceramic tiles are used for exterior siding, interior flooring, and design in residential and commercial buildings. China Ceramics' products, sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the "TOERTO" and "WULIQIAO" brands, and the "Pottery Capital of Tang Dynasty" brands, are available in over 2,000 style, color and size combinations and are distributed through a network of exclusive distributors as well as directly to large property developers. For more information, please visit http://www.cceramics.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties, including statements relating to the Company's ability to, among other things, successfully design, deploy and pursue this expansion strategy, the Company's ability to complete any agreements with new customers in the markets in question and add to its overall growth. Actual events or results may differ materially from the Company's expectations. Factors that could cause actual results to differ materially from those stated or implied by the Company's forward-looking statements are disclosed in its filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the time of this release. The Company disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
