L&L Energy Signs Subcontract Agreement for ZoneLin Coal Coking Operations
05 2월 2010 - 8:00PM
PR Newswire (US)
SEATTLE, Feb. 5 /PRNewswire-FirstCall/ -- L&L Energy, Inc. (OTC
Bulletin Board: LLEN) ("L&L"), a U.S. coal operator serving
China's coal market, announced today that it has subcontracted
through its subsidiary, L&L Yunnan Tianneng Industry Co., Ltd.
("TNI"), the operations of the ZoneLin Coal Coking ("ZoneLin")
located in Yunnan Province of China. Under a fixed fee of
$1,000,000 for five years the agreement allows TNI to operate
ZoneLin's 150,000-ton annual coking facility, provide the necessary
working capital, and collect revenue of the facility. Additionally,
TNI is the exclusive provider of advisory and consultancy services
to ZoneLin. The coking revenue, profit, or loss will be
consolidated in L&L financial statements as a variable interest
entity. L&L expects the agreement to generate approximately $28
million revenue per year, based on a $187 price per ton of coke.
The agreement covers a period of five years starting from November
1, 2009, and can be extended by mutual consent. Dickson Lee, CEO of
L&L, said: "We're confident that contracting of ZoneLin will
increase our revenue and profits. This new development also extends
L&L role of becoming a leader in the region." About L&L
Energy Founded in 1995 and headquartered in Seattle, L&L
(http://www.llenergyinc.com/) focuses on serving the energy market
in China. Through its subsidiaries, it operates profitable coal
mines, coal wholesale, coking, and coal-washing facilities in
Yunnan and Guizhou Provinces. Forward-Looking Statements The
statements contained words that are not historical fact, including
but not limited to, statements using terms such as "anticipate,"
"expert," "intend," "plan," "could," "should," and other
expressions, including statements related to market trends and
Company's future performance, are all "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 and involve a number of risks and uncertainties. Actual
results of the future events described in this document could
differ materially due to numerous factors and other made by the
company filing with the Securities and Exchange Commission. Other
than as required under the securities laws, the Company does not
assume a duty to update these forward-looking statements. Contacts:
Dave Gentry RedChip Companies, Inc. (800)733-2447, Ext.104 John
Baldissera BPC Financial Marketing (800)368-1217 SOURCE: L&L
Energy, Inc. DATASOURCE: L & L Energy, Inc. CONTACT: Dave
Gentry of RedChip Companies, Inc., 1-800-733-2447, Ext. 104; or
John Baldissera of BPC Financial Marketing, 1-800-368-1217, both
for L & L Energy, Inc. Web Site: http://www.llenergyinc.com/
http://www.lnlinternational.com/
Copyright