HARBIN, China, Oct. 1, 2008 (GLOBE NEWSWIRE) -- Chang-On International Inc. (OTCBB:CAON), a Chinese manufacturer of green architectural products made of its innovative SF brand of synthetic resin, today announced an agreement with Harbin Xiangfang District Hongye Waste Reclaim Ltd. for the supply of recycled plastics. According to the terms of the contract, the Company will be provided up to 300 tons of recycled plastic per month at a cost of RMB900 per ton, including delivery. The company combines recycled plastics with fly ash as the main ingredients in the patented production of its environmentally friendly products.
Commenting on the significance of this latest agreement, Mr. Li Guomin, President of CAON, stated, "The combination of our Harbin Xiangfang deal with our previously announced fly ash supply contract has secured our advantage in raw material costs over competing architectural materials. This now allows us to more fully concentrate on market introduction and acceptance of our SF brand products."
About Chang-On International, Inc.:
Chang-On International Limited (OTCBB:CAON) is a Chinese manufacturer of green architectural products made of its innovative SF brand of synthetic resin. Using patented technologies, the Company is engaged in the manufacturing and sales of green architectural products in the multi-billion dollar building materials market in the People's Republic of China. Through its sole operating subsidiary Harbin Hongbo Environment Protection Material, Inc., the Company utilizes China's abundant supply of recycled plastic and coal waste as its main raw materials. SF resin can be molded into a virtually limitless range of end-use products, including pallets, pipes, tubes and wallboard, and is a superior substitute for PVC, steel, wood and cement. The Chinese government continues to make energy efficiency and green construction top priorities, and Chang-On is well positioned to become a major player in this growing sector. For more information, please visit the company's website at: www.changon.com.
Safe Harbor Statement:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.