- During the period in question, L&L operated two (2) washing facilities, Hong Xing and TaiFung. During fiscal 2013, Hong Xing washing only represented approximately 20% of consolidated total company sales (not 39% as alleged by GeoInvesting), while TaiFung washing represented approximately 19% of company sales. As previously disclosed, the Company idled Hong Xing plant this summer to redirect its capital investment to fulfill a large wholesale supply agreement with Datang. The Company has submitted a monthly sales analysis to auditors that reflects the reduction of activity at Hong Xing from May to June 2013. Hong Xing ceased operations as of June 30, 2013 and produced no revenue in July 2013.
L&L Provides Additional Information To Refute Short Seller Attack
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