DAVIE, Fla., Nov. 3, 2004 (PRIMEZONE) -- China Direct Trading Corporation (OTCBB:CHDT) returned to the United States after a successful mission that accomplished five major business objectives in China.
First, China Direct established relationships with top central government ministerial officials in certain Chinese agencies, who have encouraged the company to establish a "China Mart" in South Florida, which would serve as a permanent showroom for exporters of merchandise from China. China Mart would facilitate imports by "bringing China to the United States" saving retail representatives the travel and time required to go to China to obtain products. The company has begun the process in China of securing all of the necessary licenses, permits and approvals to allow China Direct to open its first China Mart in the United States. It is expected that all approvals should be in order by the end of November, 2004. China Direct will then close a transaction on the site of the China Mart in Dade or Broward County.
China Direct also established relationships with exporters of furniture, diapers, and coke that should result in significant U.S. import transactions in the near future. While China Direct has focused to date on imports of souvenirs from China, the business plan of the company is to become a diversified trading company with a series of vertical entities in different consumer product sectors where demand for products exists in the United States and China.
Third, a series of new possible projects related to energy, real estate, and the Beijing 2008 Olympics were presented to the China Pathfinder Fund (CPF), a wholly-owned subsidiary of China Direct focused on business development in China. CPF will work on the energy sector in China, and has agreed to explore possible ventures and opportunities in Shangxi Province related to power plants, aluminum production, coal, and coke.
Fourth, an organization was put in place for China Direct to market souvenirs in China. As the market for tourism develops in China there will be a need for the marketing of quality souvenir products, particularly as part of the effort to promote the Beijing 2008 Olympics.
Fifth, the company has established business operations in China. One of the directors of the company, Cora Wong, will permanently move to Beijing. Management has agreed to return to China on a monthly basis, and more frequently, if needed, to supplement the efforts of Susan Xu, Director of China Operations for China Direct and her staff in Beijing, Shanghai, and Chengdu, which are the major commercial and trade regions of China.
BUSINESS: China Direct is a global trading company engaged in trade between the US and China.
FORWARD-LOOKING STATEMENTS: This press release includes "forward-looking statements" within the meaning of the federal securities laws. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Many factors are beyond the Company's and its subsidiaries' control. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's existing and future filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions as set forth above and as set forth in the Company's current and future filings with the U.S. Securities and Exchange Commission.