L&L Discusses Banking Support for Wholesale Business
SEATTLE, July 18, 2012 /PRNewswire/ -- L&L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or "Company"), a Seattle-based company with a five-year track record of profitable coal operations in China, announced that Dickson Lee, L&L's Chairman and CEO, and Jingcai Yang, L&L Director and former Senior Executive for Shenhua Group, attended a meeting with senior executives of China Construction Bank Corp. ("CCB") at their Beijing office to discuss financing options to support L&L's growing wholesale business.
CCB, one of the four large state owned banks in China, offers accounts receivable factoring to select companies contracted with reputable enterprises such as Datang International Power Generation Co. Ltd. ("Datang"). CCB recognized L&L's growing operations in Southeast China and its initiatives to improve the mining industry, specifically in the Guizhou and Yunnan provinces. Securing such financing will enable L&L to further expand its wholesale and logistics platform, as well as ramp up its capacity to large customers.
In February 2012, L&L received a license to expand its wholesale operations to Guizhou and in March completed Datang's vendor qualification process. In June, L&L made its first shipment of coal to Datang's HeShan power plant. While many suppliers in the region lack efficient delivery capabilities, L&L has established the necessary rail and logistics network to service major customers in Guizhou and surrounding provinces.
L&L Director, Mr. Yang, commented: "The support shown by China Construction Bank is another positive step forward for L&L. By solidifying a financing facility with such a reputable partner, we will strengthen our position in the marketplace and further reinforce our capabilities to service major enterprises such as Datang."
Forward Looking Statements
The statements contained words that are not historical fact, including statements related to Company's future performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and that involve a number uncertainties. Actual results of the future events described in this document could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
L&L Energy Inc.
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