Guanwei Recycling Corp. Believes Recent Bank of China Actions Brighten Business Outlook
FUQING CITY, CHINA -- (Marketwire) -- 06/13/12 -- Guanwei Recycling Corp. (GPRC) (NASDAQ: GPRC), China's leading clean tech manufacturer of recycled low density polyethylene (LDPE), said today it believes the recent announcement by the central bank of China of a quarter-percentage-point cut in its benchmark lending and deposit rates may prove helpful to China's economy and, in particular, several of Guanwei's customers.
"The decisions by the central bank, which include providing banks the ability to offer discounts to the key lending rate, as well as a recent government decision to speed up certain project approvals, should make it easier for a number of our customers to plan and grow their businesses against the backdrop of what has become the most difficult economic environment in China since 2008," stated Mr. Chen Min, CEO of the Company.
He added, "While we believe these actions provide good news for Guanwei's business, it is too soon to quantify. However, we are in regular contact with our customers in more than ten different industries and well positioned to benefit from an improving environment wherever it develops most strongly."
Description of Guanwei Recycling Corp.
Guanwei Recycling Corp. is China's largest manufacturer of recycled low density polyethylene (LDPE). Adhering to the highest "green" standards, it has generated rapid growth producing LDPE from plastic waste procured mostly in Europe for sales to more than 300 customers in more than ten different industries in China. Guanwei Recycling Corp. is one of the few plastic recyclers in China that has been issued a Compliance Certificate by Umweltagentur Erftstadt, which issues certificates of approval for certain plastics manufacturers which meet strict environmental standards in Germany. This enables the Company to procure high quality plastic waste directly from Germany and other European countries, including Spain and Holland, with no middlemen, and permits 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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Source: Guanwei Recycling Corp.