Longwei also recently announced it has received the independent report (the "Tax Reconciliation Report") from Child, Van Wagoner & Bradshaw, PLLC, Certified Public Accountants ("CVB"), commissioned by the Company's Audit Committee. The Tax Reconciliation Report reviewed the Company's management reports compared to taxes paid and financial statements filed in the PRC with the Company's publicly reported filings with the Securities and Exchange Commission (the "SEC") for the periods beginning July 1, 2009 to March 31, 2012.
Tax Reconciliation Report -- Summary Findings:
1. State Administration of Taxation (the "SAT") filed corporate income tax ("CIT") and value added tax ("VAT") Filings - No variance in revenues reported under US Generally Accepted Accounting Principles ("US GAAP").
2. State Administration for Industry and Commerce ("SAIC") Income Statement Filings – On a consolidated income statement basis, there is no difference in revenues, and net income has a 1.1% or less difference between the US GAAP and the PRC financial statements and tax filings.
3. SAIC Balance Sheet Filings - On a consolidated balance sheet basis, there is a less than 1.0% difference in total assets, total liabilities and total stockholders' equity between the US GAAP and the PRC financial statements and tax filings.
The procedures and findings of the Tax Reconciliation Report can be found on the Company's website at
under the "Investor Relations" section.
About Longwei Petroleum Investment Holding Limited
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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