TAIYUAN CITY, China,
Jan. 11, 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"), announced that the Company has posted its own on-site
security video clips that refute the blog-post defamatory claims of
Geo Investing.
As previously stated, Longwei believes the Geo Investing report
contains numerous errors of facts, misleading speculations and
malicious interpretations of events. Nevertheless, in order to
provide the highest level of transparency to its shareholders, the
Company and its legal counsel in the U.S and the PRC, as well as
its auditor are reviewing the allegations and management has fully
cooperated in the investigation.
One of the numerous false allegations presented in the Geo
Investing report includes a claim that Longwei's wholesale fuel
sales are "virtually non-existent." The report purports to
have taken 7 weeks (October 26 to December
13, 2012) of time-lapse video surveillance of the Company's
Taiyuan facility, which alleges that only 1 tanker truck fueled at
the Taiyuan facility during the entire 7-week
timeframe. Longwei is in the process of reviewing its on-site
security video for the 7-week timeframe, however, it has posted two
10-minute video clips on its website that shows 6 tankers trucks at
the Taiyuan facility being fueled during the Geo Investing report
timeframe. Longwei's on-site security video proves the Geo
Investing video and claim are false.
Longwei has posted the videos clips from its on-site security
video at its Taiyuan facility on its website at
http://www.longweipetroleum.com/operations/storage-operations.
The video was taken during the same timeframe Geo Investing
alleged only 1 tanker truck came to its facility. The
Company's security video is also maintained independently at the
local fire safety bureau.
The Company intends to take further action to defend
itself. The misleading video and claims posted by Geo
Investing is only one example in their inaccurate report on the
Company. Longwei will be sending its security video to the
appropriate authorities for review and prosecution.
The Company will continue to 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 Shanxi.
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:
http://www.forbes.com/sites/christinasettimi/2012/07/25/asias-200-best-under-a-billion.
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.'
Forward-Looking Statements
Certain statements contained herein constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on current expectations, estimates and
projections about Longwei's industry, management's beliefs and
certain assumptions made by management. Readers are cautioned that
any such forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict. Because such statements
involve risks and uncertainties, the actual results and performance
of the Company may differ materially from the results expressed or
implied by such forward-looking statements. Given these
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements. Longwei's operations are conducted
in the PRC and, accordingly, are subject to special considerations
and significant risks not typically associated with companies in
North America and Western Europe. These include risks associated
with, among others, the political, economic and legal environment
and foreign currency exchange. The Company's results may be
adversely affected by changes in the political and social
conditions in the PRC and by changes in governmental policies with
respect to laws and regulations, anti-inflationary measures,
currency conversion, remittances abroad, and rates and methods of
taxation. Other potential risks and uncertainties include but are
not limited to the ability to procure, properly price, retain and
successfully complete projects, and changes in products and
competition. Unless otherwise required by law, the Company also
disclaims any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions
to the forward-looking statements made here. Readers should review
carefully reports or documents the Company files periodically with
the Securities and Exchange Commission.
Contact:
At the Company:
Michael Toups, Chief Financial
Officer
Tel: U.S. Office +1-727-641-1357
Email: mtoups@longweipetroleum.com
Web: http://www.longweipetroleum.com
Investor Relations:
Tina
Xiao
Weitian Group LLC
Tel: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
Web: http://www.weitian-ir.com
SOURCE Longwei Petroleum Investment Holding Ltd.