NEW YORK and HARBIN, China, Feb. 8, 2011 (GLOBE NEWSWIRE) -- American Jianye Greentech Holdings, Ltd. (OTCBB:AJGH), a leading developer, manufacturer and distributor of alcohol-based automobile fuel and civil-use fuel in China, today announced that the Guangxi Provincial Government's Ministry of Land and Natural Resources has allocated and approved siting and construction of three new retail gas station locations in Xiangzhou City, Guangxi Province. The Company anticipates that each of the three new gas stations will be completed and in retail operation prior to year-end 2014.
Mr. Haipeng Wang, Chairman and Chief Executive Officer, commented, "Following our persistent and ongoing promotion of AJGH renewable clean fuel products, we have received another milestone in the form of support from the Guangxi Provincial Government for the siting and construction of three new retail gas stations in Xiangzhou City. With the completion of these new gas stations before the end of 2014, AJGH will benefit from being able to further build its corporate image while expanding distribution channels consistent with the retail strategy recently outlined by the company. That strategy contemplates an initial total of eight gas station outlets in Guangxi and Tieling inclusive of the first two facilities that are already completed and operational."
AJGH notes that under its retail gas strategy, which is part of the company's overall growth strategy, gas stations will sell conventional and alcohol-based clean fuels and exclusively distribute the company's clean and renewable fuel products. This approach provides higher gross margins on fuel sales and opportunities to leverage existing fuel distribution and refinery assets coming on-line.
About American Jianye Greentech Holdings
American Jianye Greentech Holdings, headquartered in Harbin, China, is a leading developer, manufacturer and distributor of alcohol-based fuel. The company's alcohol-based fuels burn with higher efficiency and significantly lower toxic waste emissions than unleaded gasoline. The unique combination of catalysts in the fuel enhance fuel octane rating and engine power, inhibit the premature oxidation of the fuel, help remove sediment in the carburetor, and prevent the erosion of the engine cylinder surface.
Additional information about the company is available at: www.americanjianyegroup.com.
This press release contains certain "forward-looking statements" relating to the business of the Company. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.