NEW YORK and HARBIN, China, Sept. 13, 2010 (GLOBE NEWSWIRE) -- American Jianye Greentech Holdings, Ltd. (OTCBB:AJGH), a leading China-based developer, manufacturer and distributor of alcohol-based automobile fuels and civil-use fuels, including methanol, ethanol, and blended fuels, today provided guidance for the third quarter and 2010.
The company anticipates generating revenue of more than $25 million for the third quarter of 2010, compared to $2.2 million for the third quarter of 2009, reflecting the commencement of operations in September 2009. The company anticipates third quarter 2010 net income of at least $2.5 million, or $0.08 per share, compared to $277,039 for the third quarter of 2009, before American Jianye had become a public company.
The company anticipates generating revenue of more than $90 million, compared to $9.7 million for 2009, reflecting the commencement of operations in September 2009. The company anticipates 2010 net income of at least $9.0 million, or $0.28 per share, compared to $943,342, or $0.03 per share, in 2009.
Mr. Haipeng Wang, Chairman and Chief Executive Officer stated, "Our business continues to grow extremely rapidly, due to the fact that demand for alcohol-based clean fuel in China far outstrips supply. Demand for these fuels is driven by several factors including the rising cost of gasoline and new environmental mandates. Alcohol-based fuels cost less to manufacture, are lower cost to the consumer, and are more environmentally friendly than traditional unleaded fuels. Moreover, our fuels have distinct advantages over other alcohol-based fuels as a result of our proprietary and patented catalysts. Our advanced technology allows us to produce high-quality alcohol-based clean fuel, and has led to customer recognition and loyalty. Given these factors and the strong support from the government, we believe we are extremely well positioned to rapidly gain market share. As a result, we are confident in our ability to achieve net income of at least $0.29 per share in 2010, which based on our current stock price, represents a price-to-earnings ratio of 2.5x our 2010 guidance."
About American Jianye Greentech Holdings
American Jianye Greentech Holdings, headquartered in Harbin, China, is a leading developer, manufacturer and distributor of alcohol-based fuel. The company's alcohol-based fuels burn with higher efficiency and significantly lower toxic waste emissions than unleaded gasoline. The unique combination of catalysts in the fuel enhance fuel octane rating and engine power, inhibit the premature oxidation of the fuel, help remove sediment in the carburetor, and prevent the erosion of the engine cylinder surface. Additional information about the company is available at: .
This press release contains certain "forward-looking statements" relating to the business of the Company. 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 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 website ( 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.
CONTACT: Crescendo Communications, LLC David Waldman Vivian Huo (212) 671-1020 ajgh@crescendo-ir.com