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L & L Energy, Inc. (NasdaqGS: LLEN) |
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L & L Energy, Inc. (NasdaqGS: LLEN) |
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L&L Explores Surface Mining in Inner Mongolia 5/4/2012 10:03:00 AM SEATTLE, May 4, 2012 /PRNewswire/ -- L & L Energy, Inc. (LLEN) ("L&L"), a U.S.-based company with a five-year track record of profitable underground coal mining and distribution operations in China, has begun due diligence of targeted large-scale surface mines in Inner Mongolia, China for potential acquisition. The eventual acquisition of surface mines and entry into long-term coal supply agreements in Inner Mongolia is expected to significantly expand and diversify L&L's existing underground coal operations from south China into a national presence. Mr. Jingcai Yang, a recently appointed director of L&L, is assisting the Company in sourcing suitable surface mines. Mr. Yang, the former Chief Engineer at Shenhua Group Corporation Ltd. and former Chairman & CEO of Shengdong Coal Corporation, is an expert in surface mining in China. Dickson Lee, Chairman & CEO of L&L, stated, "We are now expanding our platform to target one million ton and larger surface mining operations in Inner Mongolia which will expand and diversify our mining portfolio. Our on-the-ground technical capabilities are in place, and we have built a strong team that includes Mr. Yang and Dr. Syd Peng, who bring industry connections in Inner Mongolia and U.S. mining technology, respectively, to our operations. " To further strengthen shareholder value, L&L has reached an agreement to sell the underperforming Ping Yi mine, which is one of five L&L underground mines. Under the terms of the agreement, L&L sells Ping Yi back to its original owners, while securing an off-take agreement at a discounted price to take advantage of the mine's future production. The sale terms include, among others, a US $31 million sale price, payable in part as a prepayment on future coal purchased by L&L, and future use of the mine's coal washing facility. L&L purchased the mine in 2009 for approximately US $4 million. Lee also commented, "We are committed to enjoying the long term benefits of consolidation in the Guizhou Province. Selling the Ping Yi mine is a healthy move and will allow us to focus our energy on purchasing additional mines, including those in Inner Mongolia. As L&L has developed more resources over the years, a diversification into larger, surface mining in Inner Mongolia, as well as upgrading our existing mining portfolio will ensure diversified growth with a positive impact on company's bottom line." 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 that involve a number uncertainties. Actual results of the future events described in this document could differ materially. 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.
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RedChip Companies, Inc. 500 Winderley Place, Suite 100, Maitland, FL 32751, (800) 733-2447, Fax: (407) 644-0758, info@redchip.com  Disclosure: None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. Any investor should determine whether a particular security is suitable based on the investor's objectives, other securities holdings, financial situation needs, and tax status. RedChip Companies, Inc., employees and affiliates may maintain positions and buy and sell the securities or options of the issuers mentioned herein. L & L Energy, Inc. (“LLEN”) is a client of RedChip Companies, Inc. and of RedChip Visibility, a division of RedChip Companies. On March 19, 2012, LLEN agreed to pay RedChip Companies Inc., 50,000 shares of common stock under Rule 144 and a monthly fee of $8,000 in cash for six (6) months of RedChip Visibility Program and investor relations services. RedChip Visibility Program services include the preparation of the equity research report(s). The equity research report(s) are prepared for informational purposes only and are paid for by the company portrayed in the report(s). Information contained in the equity research report(s) is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. The equity research report(s) are not a recommendation or a solicitation to purchase or sell any security, nor do they constitute investment advice. RedChip Companies, Inc., is currently engaged by this company to provide investor awareness services. Investor awareness services and programs are designed to help small-cap companies communicate their investment characteristics. These services may include investor conferences, digital and print distribution of LLEN investor-related materials, investor road shows and radio programming. Previously, on April 25, 2011, LLEN agreed to pay an affiliate of RedChip Companies, Inc., 12,500 shares of common stock under Rule 144 and a monthly fee of $6,500 in cash for twelve (12) months of investor relations services, with the option to terminate the agreement after six (6) months of service. On July 7, 2010, LLEN agreed to pay RedChip Companies, Inc., 15,000 shares of common stock under Rule 144 and a monthly fee of $8,000 in cash for twelve (12) months of RedChip Visibility Program and RedChip investor awareness services, with the option to terminate the agreement with RedChip after six (6) months of service. As of January 20, 2011, LLEN exercised its right to terminate its agreement with RedChip Companies, Inc., and RedChip Visibility. On July 7, 2009, L&L International Holdings, Inc. paid RedChip Visibility 35,000 shares of common stock under Rule 144 for the first six (6) months of investor awareness services and agreed to pay an additional 34,000 shares of common stock under Rule 144 for the second six (6) months of investor awareness services.
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