|By Marketwired .||
|May 23, 2014 07:45 AM EDT||
FUQING CITY, CHINA -- (Marketwired) -- 05/23/14 -- Guanwei Recycling Corp. (NASDAQ: GPRC), China's leading clean tech manufacturer of recycled low density polyethylene (LDPE), said today that it came to the Company's attention that a local newspaper had published an article in which it referred to an alleged $60 million agreement made by the Company to expand its manufacturing facility.
The Company said it believes this actually refers to a non-binding letter of intent it recently signed with the local government in Fuqing which normally it would not wish to or be required to disclose given its non-binding, highly preliminary nature.
According to the Company, there are no firm plans in place to expand its production facilities in current market conditions. Further, the Company said any such expansion would certainly be announced to shareholders on a timely basis.
Description of Guanwei Recycling Corp.
Adhering to the highest "green" standards, Guanwei Recycling Corp. (the "Company") has generated rapid growth producing recycled low density polyethylene (LDPE) from plastic waste procured mostly in Europe. The Company sells the recycled LDPE to more than 300 customers (including over 150 active recurring customers) in more than ten different industries in China. The Company is licensed by Chinese authorities and also has been issued a Compliance Certificate by TÜV Rheinland, which issues certificates of approval for certain plastics manufacturers that meet Germany's strict environmental standards. This enables the Company to procure high quality plastic waste directly from Germany and other European countries with no middlemen, and permits highly economic production of the highest grades of LDPE. Additional information regarding Guanwei Recycling Corp. is available at www.guanweirecycling.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
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