LOS ANGELES, July 28, 2006 (PRIMEZONE) -- Goldenway, a subsidiary of Ever-Glory International Group (OTCBB:EGLY) (Frankfurt:E4G), recently finished legal formalities of a significant land purchase agreement that was signed with the local government on April 7th of 2006.
Goldenway was pleased to announce that it now is in possession of the title certificate for the 112,442.3 square meter land parcel purchased in the Jiangning Economic and Technological Development Zone, Nanjing City, PRC. The land use right is for a period of 50 years and was purchased for roughly US$4.2 million. Included on the land are infrastructures such as factory buildings, office buildings, employee apartment buildings, an R&D center, dining hall, and dormitory building. It will soon become a first-class building development for the Ever-Glory Group.
"The agreement has given us an area to expand our operations thereby leading to production growth that will help us keep one step ahead of the tremendous demand for our services," stated Edward Kang, President and CEO of Ever-Glory. "This land will become the new headquarters for Ever-Glory and home to Goldenway and Catchluck integrated manufacturing facilities."
About Ever-Glory International Group
Ever-Glory International Group (OTCBB:EGLY) is a U.S. publicly-traded company engaged in international garment manufacturing for well-known middle to high-grade casual, outer, and sportswear brands. The company's U.S. headquarters is based in Los Angeles, CA, although Ever-Glory also owns a full subsidiary company, Nanjing Goldenway Garments Co. Ltd. located in China. Ever-Glory has strategic marketing and logistics channels located in Japan, Europe, and United States and has strategic business partners in countries including China, Europe and the U.S. The Company cooperates with well-respected garment retailer chains such as ITOCHU, ABERCROMBIE & FITCH (ANF), SHINKO, DEBENHAMS, NEXT, OTTO, C&A, I.Y, etc. in handling high and middle grade casual-wear and sportswear. The company entered into production and sale cooperation agreements with a number of internationally famous brands such as MATALAN, EB, BEST-SELLER, BB DAKOTA, FAT FACE, LINDEX,and JUST JEANS, etc. The company employs about 700 people. At present, the market distribution is segmented as 35% in Japan, 50% in Europe and the 15% in United States.
For more information about Ever-Glory International Group, please visit: http://www.everglorygroup.com.
This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors are detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities.