XIAMEN, China, Aug. 2, 2012 /PRNewswire-Asia/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE:XNY), a leading provider of men's business casual apparel in China, yesterday discussed the Company's outlook for a proposed new production facility that will be constructed in Jinjiang City, Fujian Province.
In an interview with Chinese media yesterday, Mr.Jianeng Pan, Assistant to the Chairman, provided an update to Xiniya's plans for the new manufacturing and logistic facilities. He said that the Company is awaiting approval from the government to acquire land use rights for the facilities. The budget for the facilities, including the land use rights, is expected to be approximately RMB600 million (or approximately US$94 million). He added that the facilities will be built in several phases over the next five years (assuming the Company obtains government approval for the land use rights) and that construction is expected to be funded with the proceeds from the IPO and internally generated cash.
Projected to be built on 74 acres of land, the Mr.Pan said that the Company's goal for the proposed new facilities is to provide the Company with 30 to 40% of its total production needs and act as a logistics distribution center.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
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