CD International Enterprises Provides Business Update For Its Industrial Commodities Business
DEERFIELD BEACH, Fla., Nov. 19, 2012 /PRNewswire/ -- CD International Enterprises, Inc. ("CD International") (OTCQB:CDII), a U.S. based company that produces, sources, and distributes industrial commodities in China and the Americas and provides business and financial corporate consulting services, today provided a business update for its international commodities distribution business.
CD International and its affiliated companies received bankruptcy court approval for the disposition of CDII Trading's assets and settlement of claims on September 24, 2012. Upon receiving this approval CD International resumed its international commodities distribution business through its CDII Minerals subsidiary. CDII Minerals has spent the weeks following the settlement reestablishing relationships with suppliers and key industry contacts to resume its Latin American commodities operations which were essentially idled during the court proceedings. CDII Minerals recent efforts have resulted in the sale of approximately 11,000 tons of iron ore locally in Mexico to a China based steel mill operating in Manzanillo, Mexico. Additionally, CDII Minerals has worked to resume production in Bolivia to set the stage for shipments to potentially begin out of this area in the coming months. CD International has brought in engineers from China to help CDII Minerals increase the quantity and quality of production out of Latin America as it seeks to expand its Bolivian operations.
Commenting on the announcement, Dr. James Wang, Chairman and CEO of CD International, stated, "We are pleased to resume the operation of our commodities business in Latin America. By completing the sale of our inventory in Mexico and positioning CDII Minerals to market our current and future inventories in Bolivia and Chile to further enhance our liquidity, we expect to have greater financial flexibility to build this business in the coming years."About CD International Enterprises, Inc.
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