Songzai International Holding Group, Inc. Surpasses 100,000 Tonne Mark in Coal Production for 2005, As Company's Net Income in 3rd Quarter Triples Combined Net Income of First Two Quarters
Posted on: Monday, 28 November 2005, 09:00 CST
WALNUT, Calif. and HARBIN, China, Nov. 28 /PRNewswire-FirstCall/ -- Songzai International Holding Group, Inc. (Songzai) (BULLETIN BOARD: SGZI) , a company that develops coal mining opportunities in China for the industrial and home-use markets, announced today that so far, in 2005, the company has produced 110,000 tonnes of coal from its TongGong Coal Mine, topping the 100,000 tonne mark. The announcement was made today by Hong Jun Li, CEO of Songzai.
The company, per its latest quarterly report, announced that it's net income for Q3 was $359,874-more than tripling the combined net income of the first two quarters of 2005. The net income of Q1 and Q2 was $115,831.
Regarding the announcements, Mr. Li stated, "We are extremely pleased with the numbers we produced during the third quarter of 2005. Production at the mine has increased, and with the price of coal rising, we are confident about our abilities to continue the upward trend in both production and income. Topping the 100,000 tonne mark in coal production is a milestone for our company, and we look forward to getting close to production capacity from the mine with five weeks remaining in the calendar year."
Additionally, Songzai has launched a new corporate website designed to give visitors more detailed information about the company, its executives, and its projects.
About Songzai
Based in Harbin, China and Walnut, California, Songzai focuses on the development of coal mining projects in Northern China. The company is currently producing coal from its TongGong Coal Mine located near Heihe City in Northeastern China. The mine's coal, with estimated reserves totaling more than 4 million tonnes, is being sold to end-buyers within the power plant, cement factory, and home-use markets. China is the world's largest producer and largest consumer of coal. For more information, please visit our Website at http://www.songzaigroup.com/ or call Investor Relations at 1-800-313-7912.
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Songzai International Holding Group, Inc. has little or no control.
ON BEHALF OF THE BOARD Songzai International Holding Group, Inc. Taylor Zhang
Songzai International Holding Group, Inc.
CONTACT: Michael Garfinkel, +1-818-865-9898, info@bzcom.com, for SongzaiInternational Holding Group, Inc.
Web site: http://www.songzaigroup.com/
Source: PRNewswire-FirstCall
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