FORT LAUDERDALE, Fla., July 26, 2005 (PRIMEZONE) -- Dragon International Group Corp. (OTCBB:DRGG) announced that it has secured financing in excess of $1,900,000. The Company completed an offering of its 8% Secured Convertible Debentures due on or before July 2007. Skyebanc, Inc. acted as placement agent for the offering. The notes are convertible into the Company's common stock at prices ranging between $0.20 and $0.55 depending upon certain conditions. The proceeds from this offering will provide the Company with ample resources to execute its acquisition strategy.
Dragon International Group Corp. is one of China's leading manufacturers and distributors of specialty paper products and packaging materials. Dragon intends to increase its market share of this rapidly expanding industry through internal expansion as well as through strategic acquisitions. Management believes that the Company is on track to achieve its fiscal 2006 revenue goal of $40 million to $50 million coupled with a potentially significant increase in profitability. Management believes its fiscal 2005 revenues will range from $19 million to $20 million.
David Wu, CEO of Dragon International, stated: "Our management team is focused on the primary initiative of capturing a growing share of the specialty paper packaging industry via internal expansion and external acquisitions. The Company is entering into a broader range of markets, through the expansion of its facilities and previously announced strategic acquisitions. Management believes that this strategy will lead to significant growth in revenues and expansion of profit margins and bottomline results. We anticipate increased market acceptance as we continue to demonstrate the intrinsic value of Dragon's products and services."
Dragon International Group Corp. encourages shareholders and interested investors to learn more about the Company, its business plan and corporate progress. The Company's press release archive provides more details on the Company's business model, as well as the many initiatives launched to accelerate and expand its business model. Dragon expects its progress to soundly demonstrate the achievability of forecasted goals, and to overcome the apparent market doubt reflected in its current share price.
About Dragon International Group Corporation
Dragon International Group Corp. ("Dragon") has 100% ownership interest in Ningbo Anxin International Trade Co. Ltd. ("Anxin"). Anxin is located in Ningbo, Zhejiang Province, China, 200 miles south of Shanghai, and was established in 1997. Anxin is one of China's leading manufacturers and distributors of a wide variety of specialty paper products and packaging materials. Anxin operates one subsidiary, Yonglongxin, a manufacturing facility located in Ningbo, and Anxin holds an ISO-9000 certificate and national license to import and export its product line globally. Anxin's main products are "Federal" SBS, "Hang Kong" CCB, golden and silver paperboards, holographic film paper, pearl paperboards, and laminating paper. Anxin currently has a distribution network covering east and central China. The Company and its subsidiary have cultivated strategic relationships with several of the world's largest and well-known manufacturers of paper and specialty packaging products. For more information, please visit http://www.drgg.net
Safe Harbor Statement
Certain of the statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited financial resources, domestic or global economic conditions, especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.