Gold Horse International, Inc. Completes Key Construction Projects, Begins Work on Two Additional Projects Valued at $43.0 Milli
18 12월 2008 - 9:00PM
PR Newswire (US)
HOHHOT, China, Dec. 18 /PRNewswire-Asia/ -- Gold Horse
International, Inc., (OTC:GHII) (BULLETIN BOARD: GHII) ("Gold
Horse" or "the Company"), a multifaceted business group that
controls and operates a construction company, real estate
development business and a hotel in Inner Mongolia, China, today
announced that the Company successfully completed three key
construction projects in November as scheduled. The total revenue
generated over the life of the contracts, which commenced in March
and April 2008, was RMB 548.6 ($80.2 million). In November 2008,
the Company completed the following projects on schedule: the Tian
Fu Garden residential project (phases one and two), phase one of
the Ai Bo Garden residential apartment project, and phase two of
the Riverbank Garden Community residential project (also known as
He Ban Garden residential apartment project). All projects were
completed within budget and comprehensive inspections have been
carried out. Over the life of the contracts, the Tian Fu Garden
residential project generated revenue of RMB 232.5 million ($33.9
million), phase two of the Riverbank Garden Community residential
project generated revenue of RMB 200 million ($29.2 million) and
phase one of the Ai Bo Garden residential apartment project
generated revenue of RMB 116.1 ($17.0 million). In addition, the
Company has secured new construction work valued at RMB 294.2
million ($43.0 million) with an expected gross profit of RMB 58.6
million ($8.6 million). The Fu Xing Committee Bath Center project,
valued at RMB 165.8 million ($24.2 million), contains one building
with a construction area of 46,054 square meters. Jin Ma
Construction Co. Ltd., an entity controlled and operated by Gold
Horse, began construction in November 2008 and expects to complete
the project in August 2009 with an estimated gross profit of RMB
33.0 million ($4.8 million). Gold Horse also began construction of
the second phase of the Ai Bo Garden residential apartment this
month after successfully completing the first phase in November
2008. Valued at RMB 128.4 million ($18.8 million), this project
contains nine buildings with a construction area of 116,700 square
meters. Gold Horse expects to complete this project in June 2009
with an estimated gross profit of RMB 25.6 million ($3.8 million).
"We are pleased to announce the timely completion of these key
construction projects to the highest standards, further solidifying
our reputation as a valued and reliable contractor in Hohhot," said
Mr. Liankuan Yang, chairman and CEO of Gold Horse. "By securing
projects that meet our high profit-margin standards combined with
our access to local bank loans, we expect to meet our full-year
revenue guidance for 2009 of approximately $90 million," added Mr.
Yang. 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 China. Jin
Ma Construction has been providing construction and general
contractor services in Hohhot to both private developers and to the
local and regional governments since 1980. Jin Ma Hotel owns,
operates and manages the Jin Ma Hotel, a full-service, two-star
hotel and restaurant and banquet facility located in Hohhot. Jin Ma
Real Estate develops residential and commercial properties in
Hohhot. 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 such as cost overruns, lack of materials, projected
earnings not realized and other risks of construction 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. Note: US dollar amounts in this press
release are based on the exchange rate of 6.8400 RMB per US dollar
as of December 17, 2008. For more information, please contact: Gold
Horse International, Inc. Mr. Adam Wasserman, CFO Phone:
+1-800-867-0078 Email: CCG Investor Relations Mr. Crocker Coulson,
President Phone: +1-646-213-1915 Email: Web:
http://www.ccgirasia.com/ DATASOURCE: Gold Horse International,
Inc. CONTACT: Mr. Adam Wasserman, CFO of Gold Horse International,
Inc., +1-800-867-0078, or ; Mr. Crocker Coulson, President of CCG
Investor Relations for Gold Horse International, +1-646-213-1915,
or Web site: http://www.ccgirasia.com/
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