China Runji Cement Inc. Receives Government Grant for Environmental Initiatives


ANHUI, China, Jan. 14, 2009 (GLOBE NEWSWIRE) -- China Runji Cement Inc. (OTCBB:CRJI) ("CRJI" or "the Company"), a leading producer and distributor of cement in Anhui Province of China, today announced that the Company has received RMB 3,650,000 (US$528,986) or 60% of a government grant totaling RMB 6,075,000 (or US$ 880,435) on January 13, 2009. The grant was given to CRJI as a result of the endorsement of its waste heat power generator by the National Development and Reform Commission (NDRC) in the NDRC's 2008 Energy-saving & Technical Reform Fiscal Allowance Project Plan.

The NDRC's 2008 Fiscal Allowance Plan endorsed 401 energy-saving & technical reform projects throughout China that are expected to save 11.1 million tons of coal nationwide. Runji's 10-Million-Watt waste heat power generator fits perfectly in the plan because it will save approximately 26,000 tons of coal consumption per year by utilizing the residue heat released from the two cement production lines to generate power for CRJI. This power generator is expected to be completed in April 2009. CRJI has already started the construction of the plant's infrastructure.

According to the policy of NDRC's "Fiscal Allowance Management Regulations for Energy-saving & Technical Reform", the Chinese government will provide a financial grant to CRJI for the reduced coal consumption in accordance with the national standard. As a consequence, CRJI is entitled to receive a grant of RMB 6,075,000 (or US$880,435). RMB 3,650,000 (US$528,986), or 60% of the full grant has been provided to CRJI through the local Fiscal Bureau on January 13, 2009. The remaining balance will become due and receivable upon completion of the power generator.

"We are very delighted to be included in NDRC's 2008 energy-saving and technical reform fiscal allowance list," Runji's President and CEO, Mr. Zhao Shouren said. "Apart from cutting down our coal consumption in our production process, our waste heat power generator is also capable of reducing carbon dioxide emission by 67,272.5 tons every year. NDRC's fiscal allowance is another way of recognizing our green practices by the Chinese government. The allowance benefits us by providing a non-dilutive source of funds and expediting the return on investment from our waste heat power generator, which in turn should result in better financial performance in 2009."

About China Runji Cement Inc.

Founded in 2003, China Runji Cement, Inc. is one of the leading players in cement production and distribution. In October 2007, the Company became a U.S. public company following the completion of a share exchange with Fitmedia Inc. The Company's certified manufacturing facilities containing cutting-edge technology and advanced equipment and are capable of producing as much as 2 million tons of cement annually. Furthermore, the Company's solid distribution network and customer-orientated services have earned CRJI's products a superior reputation in the cement market. Headquartered in Anhui Province of China, the Company's markets include major neighboring cities such as Hefei, Nanjing, and Liu'an.

For more information on the Company and its products, please visit our website: www.chinarunji.com.


            

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