Longwei Petroleum Appraisal Values Huajie Assets At $119.4 Million
"We believe our fair value is higher than currently reflected in our stock price, especially when compared to our book value," continued Mr. Cai. "Longwei has a straightforward business model, highly visible assets, and strong and stable business operations. We will continue to do our best to fully communicate the value of the Company's assets and operations to the market."
Longwei has also received the official asset ownership registration documents from the local government, as approved by the Shanxi Province, Fanshi County Administration for Industry and Commerce.
Longwei recently reported revenues of US $510.6 million and net income of US $65.1 million for the fiscal year ended June 30, 2012. At the June 30, 2012 fiscal year-end, the Company reported total assets of US $342.3 million and a book value per share of $3.31.
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The Company's oil and gas operations consist of transporting, storing and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 220,000 metric tons located at three storage facilities within Shanxi: Taiyuan, Gujiao and Huajie, which have an individual storage capacity of approximately 50,000 metric tons ("mt"), 70,000mt, and 100,000mt, respectively. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi, but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.
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