This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

China Direct Industries Completes The Sale Of Its 51% Stake In Shanxi Pan Asia Magnesium Company For $3 Million

DEERFIELD BEACH, Fla., Sept. 19, 2011 /PRNewswire/ -- China Direct Industries, Inc. ("China Direct Industries") (NASDAQ: CDII), a U.S. based company that sources, produces and distributes industrial products in China and the Americas in two core business segments, announced today that it has completed the sale of its 51% stake in Shanxi Pan Asia Magnesium Company ("Pan Asia") for $3.05 million in cash to Bloomgain Investment Company, Ltd. ("Bloomgain"), a privately held British Virgin Island company.  

The sale of Pan Asia is part of management's overall plan to focus its Magnesium segment operations on the management of facilities previously owned or controlled by Yuweii Huang, a member of China Direct Industries' board of directors and its executive vice president - magnesium.   Management intends to use the proceeds from this sale for general working capital as well as to expand its magnesium operations in China and its U.S. based commodities trading operations as it continues to ship iron ore to China from Mexico and begins shipping from South America.  

Commenting on the sale of Pan Asia Dr. James Wang, Chairman and CEO of China Direct Industries, Inc., stated, "We are pleased to have concluded this sale as we move forward with the expansion of our Magnesium segment in partnership with Mr. Huang.  This infusion of capital will provide us with further financial flexibility as we strengthen our magnesium business and build our ore distribution capabilities in Mexico and South America in the coming quarters.  We look forward to putting this money to work as we position our company for growth in fiscal 2012 and beyond."

About China Direct Industries, Inc.

China Direct Industries, Inc. (NASDAQ: CDII - News), is a U.S. based company that sources, produces and distributes industrial commodities in China and the Americas and provides business and financial consulting services. Headquartered in Deerfield Beach, Florida with corporate offices in Shanghai, China Direct Industries' unique infrastructure provides a platform to expand business opportunities globally while effectively and efficiently accessing the U.S. capital markets. For more information about China Direct Industries, please visit http://www.cdii.net.

DISCLOSURE NOTICE:

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs