ZIBO CITY, China, Nov. 10, 2010 (GLOBE NEWSWIRE) -- China Chemical Corp. (OTCQB:CHCC) ("China Chemical" or the "Company"), a manufacturer of organic chemicals for broad consumer goods applications, announced today that the Company applied for a listing on the NASDAQ Capital Market.
NASDAQ OMX is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with more than 3,600 listed companies representing $5.2 trillion in total market value. NASDAQ offers the highest listing standards in the world and has attracted more IPOs than any other U.S. exchange over the last 40 years. NASDAQ currently lists 145 companies headquartered in Greater China, more than any other U.S. exchange.
China Chemical Corp. is a fast-growing Chinese organic chemical manufacturer that has generated revenues of $66.1 million and net income of $12.8 million during the twelve months ended June 30, 2010. Long-term growth in China's consumer goods sector is driving high demand for the Company's two principal products, phthalic anhydride and maleic anhydride, which are used as production inputs in a wide variety of commercial and consumer applications.
Mr. Lu Feng, Chairman and CEO of China Chemical, stated, "We are very excited about a potential future NASDAQ listing. NASDAQ is the premier exchange in the world for Chinese companies, and a listing on this prestigious market would allow us to achieve an entirely new level of liquidity and visibility."
About China Chemical Corp.
China Chemical Corp. is a Zibo City, China-based manufacturer of organic chemical compounds used in high-performance plastics, PVC, elastic fibers, paints, tires, insulation, flooring, adhesives, medicines, food processing, ink, and paper. The Company's primary products are Phthalic Anhydride (PA) and Maleic Anhydride (MAH), which have a wide variety of applications in the construction, automotive, aviation, marine, and consumer goods industries. China Chemical currently has the capacity to produce 30,000 tons of MAH and 50,000 tons of PA annually. In addition the Company expects to expand its MAH capacity by an additional 30,000 tons during the fourth quarter of 2010. The Company began site development in October 2010 for a 50,000-ton-capacity 1,4 butanediol (BDO) co-generation plant.
For more information about China Chemical Corp., please visit the Company's website at .
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. For additional information, readers should carefully review reports or documents the Company files periodically with the Securities and Exchange Commission.
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