July 18, 2012
/PRNewswire/ -- L&L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or "Company"), a
-based company with a five-year track record of profitable coal operations in
, announced that
, 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
office to discuss financing options to support L&L's growing wholesale business.
CCB, one of the four large state owned banks in
, 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
and its initiatives to improve the mining industry, specifically in the
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.
, L&L received a license to expand its wholesale operations to
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
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."