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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
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to transportation companies, coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue from agency fees by acting as a purchasing agent for other intermediaries in
Shanxi, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's Taiyuan and Gujiao facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
Longwei was recently named to the
Forbes list of "
Asia's 200 Best Under a Billion" from a universe of 15,000 companies.
Forbes ranked the companies based on sales growth, earnings growth and return on equity in the past 12 months and over three years. As was reported, Longwei's three-year track record is 45% sales growth, 28% earnings per share growth and 28% return on equity. The
Forbes article can be found at:
For further information on Longwei, please visit
http://www.longweipetroleum.com. You may register to receive the Company's future press releases on the website under 'Email Alert.'