SEATTLE, January 17, 2012. L & L Energy,
Inc. (Nasdaq: LLEN) ("L&L" or the
"Company"), a U.S. based company since 1995
with coal mining and distribution businesses in southwest
China, announced today it reaffirms its ownership in Ping Yi
Mine ("Ping Yi")
and states it has not posted Ping Yi for sale.
A GeoInvesting blog/article recently cites three questions,
regarding ownership of Ping Yi, availability of Ping Yi for
sale, and coal
production at DaPuAn Mine ("DaPuAn").
Regarding ownership, the Company reaffirms its ownership
rights in Ping Yi Mine. As the Company has disclosed in its
most recent
10-K, "effective November 1, 2009, KMC (a wholly owned
subsidiary of L&L) through its subsidiary Baoxing Co.,
entered into an
agreement to acquire 100% of Ping Yi mine operations."
The disclosure is consistent with both legal opinion (issued
by a large and
reputable law firm in China) and audit opinion (issued by an
independent auditing firm after its FY 2011 year-end audit on
the
Company.)
Ed Moy, L&L Board Director and Vice President commented,
"Last April, I led investors on a tour of our operations
in Yunnan and
Guizhou Provinces of China, which included a visit to Ping Yi
Mine. Investors had a chance to meet and talk with our staff
and local
mine management. I can therefore confirm our ownership of
Ping Yi Mine."
Regarding the sale notices mentioned by GeoInvesting in its
article, the Company never authorized or prepared such sale
notices.
Accordingly, the Company does not know the source of such
notices.
As stated in the Company's last quarterly report, an
accident that happened at a mine not owned by L&L (located a
few miles from
DaPuAn) had caused DaPuAn to be temporarily idled. The
Company is currently working with the local government to
reach full
production. However, due to the way local governments and
agencies operate, it is often extremely difficult to predict
the overall
impact of any governmentally initiated interruption on coal
production. Therefore, as already stated in our most recent
10-Q, "we
believe that the Company will continue to experience periodic
to frequent idling or production slowdowns until the
consolidation
process reaches critical mass and closes down small or high
risk mines that were not acquired by a
consolidator."
Dickson Lee, Chairman and CEO of L&L further commented,
"L&L made an officer available to GeoInvesting for
interview and also
offered to answer GeoInvesting's questions directed to me
in writing. But GeoInvesting refused and insisted on speaking
with me
personally, at a time when I have been traveling extensively
in Asia and frequently in very remote mining areas."
Given that GeoInvesting has made publication without proper
verification, the Company with due respect, does not plan to
respond to
any of GeoInvesting's future publications.
Forward-Looking Statements
The statements contained words that are not historical
fact, including statements related to Company's future
performance, are all
"forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, and
involve a number of risks
and uncertainties. Actual results of the future events
described in this document could differ materially due to
numerous factors and
other made by the company filing with the Securities and
Exchange Commission. Other than as required under the
securities laws, the
Company does not assume a duty to update these
forward-looking statements
Contacts:
L&L Energy, Inc.
(206) 264-8065
ir@llenergyinc.com
###
SOURCE: L & L Energy, Inc.
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