NEW YORK and HARBIN, China, Feb. 22, 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 AJGH has received approval to undertake a new project in alcohol-based biodiesel fuel production. Specifically, AJGH will self-finance the construction of a new biodiesel plant located in the ShiLong Industrial Park in Xiangzhou, Guangxi Province. The Xiangzhou County National Land and Resources Bureau has allocated 10,000 square meters of land in Zone C of the park to American Jianye specifically for the purpose of constructing the new plant.
Mr. Haipeng Wang, Chairman and President, commented, "This approval is another significant acknowledgment and recognition of the technical breakthrough accomplished by our proprietary alcohol-fuel catalyst. With the completion of this new alcohol-based biodiesel plant, estimated for completion by year-end 2011, we will further expand our revenue by venturing into the biodiesel market segment. We anticipate that the new plant will generate additional estimated annual revenue of US$200 million and net income of US$16 million to be realized beginning in 2012."
American Jianye is and will remain the 100 percent owner of the new plant. The plant will blend ethanol produced from municipal solid waste with diesel fuel imported from Malaysia and/or Indonesia along with AJGH's proprietary catalyst. The final biodiesel product will contain 40 percent alcohol, much higher than the industry standard 10-20%. AJGH notes that the proprietary catalyst is the most important element of the fuel mix, allowing the higher concentration of alcohol fuel, which results in blended biodiesel fuel that is cleaner and more economical than traditional biodiesel.
AJGH also notes that it has all necessary permitting to move forward with plant construction (including allocation of land, construction, manufacturing and distribution approvals). During the construction phase, AJGH expects to secure progressive approvals related to the construction, and once construction is completed will obtain progressive approvals including a Certificate of Operation, Manufacturing Permit and Distribution Permit.
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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