The Audit Committee has advised the board that in its view, the findings of the Report further support the integrity of the Company's accounting system and financial reporting in the PRC and the US. The review was detailed, and it is also the view of the board that the Company's processes were shown to be in accordance with good accounting practices.
"We are pleased the findings in the Report confirm our continued efforts to deliver good financial reporting and transparency for our shareholders," stated Mr. Cai Yongjun, Chairman and CEO of Longwei. "We look forward to reporting strong fiscal 2012 results and completing the acquisition of the Huajie Petroleum assets as a further catalyst for our growth in fiscal 2013."
The procedures and findings of the Tax Reconciliation Report can be found on the Company's website at
under the "Investors" section. The report includes the following schedules as exhibits:
About Longwei Petroleum Investment Holding Limited
- Schedule A - Sales Revenue Compared between PRC SAT (CIT and VAT) filings to SEC filings
- Schedule B - List of Quarterly SAT - CIT Paid, Including Date, Amount, Voucher No. and Invoice No.
- Schedule C - List of Monthly SAT - VAT Paid, Including Date, Amount, Voucher No. and Invoice No.
- Schedule D - Comparison of December 31, 2011 SAIC filings to SEC filings for the same period of Calendar 2011
- Schedule E - Comparison of December 31, 2010 SAIC filings to SEC filings for the same period of Calendar 2010
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in
the People's Republic of China
. The Company's oil and gas operations consist of transporting, storage and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City,
. The Company has a storage capacity for its products of 120,000 metric tons located at storage facilities in Taiyuan and Gujiao,
. The Company's Taiyuan and Gujiao facilities can store 50,000 metric tons and 70,000 metric tons, respectively. The Company has the necessary licenses to operate and sell petroleum products not only in
but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue under an agency fee by acting as a purchasing agent for other intermediaries in
, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
For further information on Longwei Petroleum Investment Holding Limited, please visit
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