SEATTLE, July 23, 2012 /PRNewswire/ -- L&L Energy, Inc. (NASDAQ: LLEN) ("L&L"), a Seattle-based company with a five-year track record of profitable coal operations in China, announced that it recently signed a Letter of Intent ("agreement") with AVIC Sichuan Coal Logistics Co., Ltd. ("AVIC Sichuan") of Chengdu City, to jointly explore business opportunities in China.
Under the agreement, AVIC Sichuan agrees to share its resources including its customer base, logistics network, financial capabilities, and market intelligence, with L&L. The initial strategic partnership focuses on two large markets of Chongqing City (population 28 million), and Chengdu City (population 14 million).
AVIC Sichuan is headquartered in Chengdu City, one of the most important economic, and transportation centers in western China. It operates primarily in Sichuan Province, one of the most populous provinces in China and adjacent to L&L's Guizhou operations. AVIC Sichuan has a strong coal network in Chongqing City, and is a subsidiary of AVIC International Holding Corp. ("AVIC International"), a major enterprise operating in aviation, logistics, finance and real estate. AVIC International has 50,000 employees and assets exceeding RMB 100 billion ( $15.7 billion).
"We are excited to enter a business alliance with AVIC Sichuan, and to expand our business into the large Sichuan market, which needs coal. Working with AVIC Sichuan will help streamline our coal logistics and grow our sales opportunities," commented Dickson Lee, Chairman and CEO of L&L. "Leveraging AVIC Sichuan's strong, established reputation in the region will allow us to explore new financial capabilities, helping us execute our growth strategy."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 involve a number of risks and uncertainties. Actual results of the future events described in this document could differ materially due to numerous factors and other made by the company filing with the Securities and Exchange Commission. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements
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