SEATTLE, Sept. 24, 2013 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-based company with a track record of profitable energy (coal) operations in China, announced today that management has produced key documents to the special committee of independent directors to repudiate the short seller allegations posted by GeoInvesting.
The GeoInvesting report alleges that L&L does not own the LuoZhou and LaShu mines. The claim hinges on the fact that the mines are owned by an entity not named "L&L Energy." In the company's SEC Form 10-K report for the year ended July 31, 2013, the company clearly states that it acquired the mines by purchasing equity interests in Union Energy subsidiaries. The Company completed the acquisition by obtaining a 95% equity interest in two entities, "Guizhou Union Energy Shun Da Inventory and Transport Corporation", the owner of LuoZhou Coal Mine and "Guizhou Union Energy WuZhou Energy Development Corporation", the owner of LaShu Coal mine. The Company supplied to its independent board committee the following documents: the equity acquisition agreement; a supplement that explains the deal structure; a Proof of Purchase Status document stating that L&L fulfilled its payment obligations under the agreement; and a legal opinion from DaCheng Law Offices that confirms L & L's controlling interest in the LuoZhou and LaShu mines. Similarly, allegation 7 purports that SAIC filings show that neither Union Energy nor L&L own the DaPing mine and ZoneLin Coking Plant. The Company has provided to its committee both the original and translated versions of the Acquisition Agreement of DaPing Coal Mine, and an original copy of the ZoneLin Acquisition Agreement.
The Company is still collecting all relevant documents and is making progress in delivering evidence to the committee of independent board members. The committee is to examine all information with a critical eye and formulate their independent opinion to the public in due time.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV