HOHHOT, China, Aug. 29, 2007 (PRIME NEWSWIRE) -- Gold Horse International, Inc. (OTCBB:SPEH) announced two new building contracts, both having commenced this month, in Western China. The projects total nearly $10 million and should yield profits of about $1,750,000, according to management.
Mr. Yang Lian Kuan, Chairman and CEO of Gold Horse, offered the following details: "The Hohhot Government facility covers an area of 8,163 square meters with reinforced concrete and brick construction. Construction commenced on August 8th, and should be completed in February 2008. The revenue of this project should reach $855,062 and the profit is expected to be $153,911.
"The construction of four buildings at Inner Mongolia Riverbank Gardens, a residential project, covers an area of 45,912 square meters with frame construction. Construction commenced on August 15th, and should be completed in early May 2008. The revenue for this project should reach $8,834,203 and the profit is expected to be $1,590,157."
Mr. Yang also confirmed that Adam Wasserman, Chief Financial Officer, shall arrive in China soon after Labor Day to assist in the completion of the Company's 2007 annual report. This audited financial review, to be filed as 10-KSB with the S.E.C., is being performed by Kabani & Company of Los Angeles, California. "We are confident that our shareholders will be impressed by the Company's performance over the past 12 months," predicted Mr. Yang.
About Gold Horse International, Inc.
Gold Horse, through its wholly owned subsidiary, Global Rise International Ltd., controls and operates Inner Mongolia Jin Ma Construction Co., Ltd. ("Jin Ma Construction"), Inner Mongolia Jin Ma Hotel Co., Ltd. ("Jin Ma Hotel") and Inner Mongolia Jin Ma Real Estate Development Co., Ltd. ("Jin Ma Real Estate", and collectively the "Jin Ma Companies"), all based in Hohhot City, the regional capital of Inner Mongolia Autonomous Region in the People's Republic of China. Jin Ma Construction has been providing construction and general contractor services in Hohhot City to both private developers and the local and regional governments since 1980. Jin Ma Hotel owns, operates and manages the Jin Ma Hotel, a full-service two-star hotel located in Hohhot City. Jin Ma Real Estate develops residential and commercial properties in Hohhot City. For more information, visit www.GoldHorseInternational.com
Forward-looking Statements
Statements made in this news release, may contain forward-looking statements concerning Speedhaul's business operations. The actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, market acceptance, competition from existing and new competitors, and various other factors beyond its control. The risks inherent in Speedhaul's business operations are detailed under "Risk Factors" in its Current Report on Form 8-K/A filed on July 9, 2007. Speedhaul undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.