SEATTLE, Aug. 6, 2012 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-based company with a track record of profitable coal operations in China, announced today that it has entered a strategic agreement with GuangShunYuan Group Mining Co. ("GSY") to expand the Company's wholesale and logistics operations in China.
GSY is a large, privately owned, integrated coal supplier based in Guizhou Province. It operates twenty-six (26) coal mines that have 7.5 million tons of coal mining capacity annually. GSY also has a wholesale network handling 1.6 million tons of coal annually, as well as chain stores selling coal related machinery and equipment. The agreement allows L & L to access GSY's vast mining resources and assist in securing additional coal from GSY. In return, GSY can leverage L & L's existing business relationship with Datang International, one of the largest utility companies in China.
Furthermore, L & L will work with GSY to develop a new coal washing, blending, and wholesale facility on 33 acres of GSY land, located near the ZhaZuo Railway Station, a key rail access point in Guizhou. GSY also operates a loading facility next to L & L's ShinPingBa loading station. The new strategic rail terminal, in addition to L & L facilities at ShinPingBa, will boost L & L's capabilities to serve additional large-scale customers.
Dickson Lee, L & L's Chairman and CEO, commented, "We are delighted to reach this strategic partnership with GSY. By leveraging on GSY's vast mining assets, we have demonstrated our innovative ability to expand business effectively with less capital investment. Moving forward, we plan to develop a joint venture with GSY to accelerate our revenue and profit growth."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 that involve a number uncertainties. Actual results of the future events described in this document could differ materially. 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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