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First Quarter 2011 Highlights

Number of visits: Date:2011年6月1日 17:36

Abstract:

· Revenue increased 63.8% to $13.1 million compared to $8.0 million for Q1 2010

· Gross profit increased 89.7% to $5.5 million versus $2.9 million for Q1 2010

· Operating income increased 4 time to $2.0 million versus $0.5 million Q1 2010

· Net income for increased 10 times to $1.4 million versus $0.1 million for Q1 2010

Mr. Fuchao Li, Chairman, commented, "We are very pleased to report a 95.7 percent increase in revenues and a 200 percent increase in net income for 2010. We continued this strong growth in the first quarter 2011 with a 63.8 percent increase in revenues and a 10 times increase in net income. With our headquarters in Zhengzhou, Henan, we believe we are extremely well positioned with strong brand recognition and established long-term distributor relationships."

Mr. Li continued, "We have built a very efficient and scalable operation. We have five (5) special production lines of refractory for hot blast stove and steel and iron smelting consumables. We also have more than 1,000 sets of modern processing equipment and four (4) high temperature tunnel kilns. The forming equipments are 400 ton and 600 ton pneumatic brick presses. In addition, in 2010, we rented a 1,000 ton brick press and blast furnace tunnel kiln.

Mr. Li concluded, "Looking ahead, our strategy is to capture market share as one of the only fully integrated refractory companies in Henan by the end of 2011. Our focus is on entering new regional markets in China, and increasing our presence in high-end overseas markets. While our primary focus is generating strong free cash flow to internally fund our organic growth, we are also considering opportunistically pursuing strategic and accretive acquisitions. Overall, we are extremely encouraged by both the near-term and long-term outlook for the business, and believe our ability to increase net income by 200% in 2010 year illustrates our ability to generate meaningful value for shareholders."

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