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Longwei Petroleum Plans To Release Record Revenues And Net Income For FYE June 30, 2012

Stocks in this article: LPH

TAIYUAN CITY, China, Aug. 6, 2012 /PRNewswire-Asia-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced it plans to release its fiscal year-end June 30, 2012 earnings on or before its Form 10-K filing deadline of September 13, 2012. The Company expects to report record revenues and net income for fiscal 2012.

Longwei is currently working with its audit firm to complete its fieldwork in the PRC for the Company's annual audit.  On August 1, 2012, the Company's audit firm, Child Van Wagoner & Bradshaw, PLLC ("CVB"), announced it had been reorganized.  According to a statement released by the firm's partners, "CVB was reorganized in order for its partners to focus on their core competencies and provide enhanced client service."

CVB has been reorganized into three new firms, each with distinct specialties:

  1. Anderson Bradshaw PLLC ("AB") will be the Public Company Accounting Oversight Board ("PCAOB") registered successor firm to CVB and will focus on audits of both public and private companies, and tax services for international and domestic businesses and high-wealth individuals.
  2. Child, Van Wagoner and Associates, PLLC will focus on audits of private companies and tax clients.
  3. FJ & Associates, PLLC will focus on audits of assisted housing, not for profit, and governmental organizations and tax services for businesses and individuals.

According to the statement from the firm's partners, "We believe this change will give you better service by allowing each of us to focus on what we do best. We expect that client communications will be enhanced and that access to partners will be increased, both for clients and employees."

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