NEW YORK and HARBIN, China, Jan. 25, 2011 (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, today announced that it has renewed for the third year its product liability insurance policy with Ping An Insurance Company covering replacement and/or repair of vehicle engines damaged by American Jianye's renewable fuel. Under the policy, Ping An provides American Jianye with up to RMB 3.0 million (USD $443,000) in insurance per replacement and/or repair of any vehicle found to be damaged by American Jianye's fuel. The Company notes that no claims have been filed to date against American Jianye that would potentially be covered by this policy. Consequently, today's policy renewal and the lack of claims is strong real world evidence of the underlying safety of American Jianye's product.
Mr. Haipeng Wang, Chairman and Chief Executive Officer, commented, "We are confident and proud that since launching our innovative product in 2002, no product liability complaints or claims have been received by either American Jianye or China Ping An Insurance Company. This track record of zero claims is impressive in its own right and should provide the end user customer, our insurance company and our shareholders with additional high confidence in the quality and safety of our product."
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.
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