NEW YORK, June 30 NY-Gushan-opens-plant
NEW YORK, June 30 /PRNewswire-FirstCall/ -- Gushan Environmental Energy
Limited ("Gushan"; NYSE: GU), China's largest producer of biodiesel as
measured by annual production capacity, today announced that its Shanghai
plant had commenced production on June 28, 2008, adding 50,000 tons to the
company's annual biodiesel production capacity. With the addition of the
Shanghai plant, Gushan's annual biodiesel production capacity has now reached
290,000 tons.
"We are very pleased to see the commencement of production at our Shanghai
plant, which we believe shows our ability to continuously expand our
production lines and execute our growth strategy. In addition, we completed
the construction of this plant on schedule and within the prior estimated
budget. With this additional biodiesel capacity, we believe Gushan will
further strengthen its leadership in the China biodiesel industry and
contribute to the environmental and energy needs of China," said Jianqiu Yu,
Chairman of Gushan.
To remain at the forefront of China's biodiesel industry, Gushan plans to
continue expanding its production capacity. In addition to opening the new
Shanghai plant, Gushan plans to open biodiesel plants in Chongqing and Hunan,
each with initial targeted capacities of 30,000 tons per year, and expand the
capacity in Beijing by 50,000 tons in the fourth quarter of 2008. With its
existing five production facilities, located in the Sichuan, Hebei and Fujian
provinces and Beijing and Shanghai, Gushan's aggregate annual biodiesel
production capacity is 290,000 tons. Gushan targets to increase its annual
biodiesel production capacity to 400,000 tons by the end of 2008.
About Gushan Environmental Energy Limited
Gushan Environmental Energy is China's largest producer of biodiesel, as
measured by annual production capacity. The company produces biodiesel, a
renewable, clean-burning and biodegradable fuel, primarily from vegetable oil
offal and used cooking oil, and by-products from biodiesel production,
including glycerine, plant asphalt, erucic acid and erucic amide. Gushan sells
biodiesel directly to users, such as marine vessel operators, as well as to
petroleum wholesalers and individual retail gas stations. The company
currently operates five production facilities in the Sichuan, Hebei, Fujian
provinces and Beijing and Shanghai with a combined annual production capacity
of 290,000 tons. The company targets to increase its annual production
capacity to 400,000 tons by the end of 2008 with the expansion or addition of
new production facilities in Beijing, Shanghai, Hunan and Chongqing.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by words such as
"will," "may," "expect," "anticipate," "aim," "intend," "plan," "believe,"
"estimate," "potential," "continue," and other similar statements. Statements
other than statements of historical facts in this announcement are
forward-looking statements, including but not limited to, our expectations
regarding the expansion of our production capacities, our future business
development, and our beliefs regarding our production output. These
forward-looking statements involve known and unknown risks and uncertainties
and are based on current expectations, assumptions, estimates and projections
about the Company and the industry. Important risks and uncertainties that
could cause the Company's actual results to be materially different from
expectations include but are not limited to the effect of any applicable
government policy, law or regulation, of natural disasters, and of
intensifying competition in the biodiesel and alternative energy industries,
the availability of suitable raw materials to the Company, and the risks set
forth in the Company's filings with the U.S. Securities and Exchange
Commission, including on Form F-1, as amended. The Company undertakes no
obligation to update forward-looking statements, except as may be required by
law. Although the Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are cautioned that
actual results may differ materially from the anticipated results.
SOURCE Gushan Environmental Energy Limited
