Longwei Petroleum Responds To Blog Post Allegations
TAIYUAN CITY, China, Jan. 4, 2013 /PRNewswire/ -- 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"), has been informed of the allegations made by a group called Geo Investing in a report dated January 3, 2013, and will consider and decide on the necessary and appropriate course of action in response to the allegations. The Company believes that the Geo Investing report contains numerous errors of facts, misleading speculations and malicious interpretations of events.
Longwei and its legal counsel in the U.S. and the PRC, as well as its auditor are currently looking into the alleged claims made in the blog post. The Company will take further action and intends to defend itself. These types of allegations appear to be consistent with similar attacks against other Chinese companies by noted short sellers, which have later been proven to be inaccurate.
The Company will release additional information concerning the allegations in due course. Longwei is committed to providing full and accurate disclosure to investors and to rebutting any false claims that attempt to undermine confidence in the Company.
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 ("mt") located at three storage facilities within Shanxi: Taiyuan, Gujiao and Huajie, which have an individual storage capacity of approximately 50,000mt, 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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