NEW YORK and HARBIN, China, Sept. 15, 2010 (GLOBE NEWSWIRE) -- American Jianye Greentech Holdings, Ltd. (OTCBB:AJGH), a leading developer, manufacturer and distributor of alcohol-based automobile fuel and civil-use fuel in China, including methanol, ethanol, and blended fuel, today announced the grand opening of its first gas station in Tieling, within Liaoning Province. This location is the first of four gas stations initially planned in Tieling, which will be in close proximity to the company's new fuel factory currently under construction.
Mr. Haipeng Wang, Chairman and Chief Executive Officer, commented, "We are pleased to announce that our first Tieling gas station is now in full operation. The gas station is part of a larger construction project which will culminate in the completion of a new factory for our alcohol-based clean fuels in Tieling. Upon completing this project, we anticipate production capacity exceeding 200,000 tons of blended fuel per year. Having a fully owned gas station alongside the factory provides us with a stable, local outlet for our fuels, and allows us capture additional margin through vertical integration."
Mr. Wang continued, "We selected a highly convenient transportation hub as the location of this new factory, providing us quick and easy access to markets in central, southern, and eastern China. We appreciate the extensive support that the local government has given us on this project, and we are honored that our advanced technology and management team have earned their trust."
Mr. Wang continued, "We expect our Tieling factory to bring in over $180 million of revenue and more than $18 million of net income to our shareholders each year upon completion, which is expected in mid-2011. We expect this first gas station alone will contribute an additional $2 million each year with over 10% net profit margins. We plan to build a total of 4 gas stations in close proximity to the production plant."
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