XI'AN, China, June 23, 2008 (PRIME NEWSWIRE) -- Hankersen Intl. Corp. (OTCBB:HKRS), a leading manufacturer of cork-based building materials for the Chinese and international building industry, announced today that the company has completed a US$700,000 financing consisting of convertible promissory notes and warrants to support its expansion and growth strategy.
The placement agent was Hickey Freihofner Capital, a division of Brill Securities, Inc. More information about this agent is available at: http://www.hfcap.com.
Hankersen CEO Pengcheng Chen said, "This financing is an important step forward in our growth plans. We are building a new factory to increase production capacity to meet the growing demands we are experiencing both here in China and abroad. Our order book remains full as consumers increasingly request cork, which is not only superior to wood in many respects, but is also a renewable green product."
Hickey Freihofner Capital Managing Partner, Paul Hickey, said, "With growing world-wide interest in the use of green and renewable materials, demand for cork products should continue to rise. Cork is not only environmentally friendly, but it also provides excellent durability and insulation and it is fire resistant. China is in the midst of a building boom. Because of its proprietary technology and its strategic position in this robust market, we believe the outlook for Hankersen is favorable. We are very pleased to raise funds for Hankersen to help them grow their business."
Hankersen's revenues have grown from $2.18 million in 2002 to $16.05 million in 2007. The company's reported net income increased 178% to $1.76 million and revenues grew 33% in 2007 compared to 2006.
About Hankersen International Corp.
Located in Xi'an, China, Hankersen is a rapidly growing leader in the development, manufacturing and marketing of cork-based building materials. The company's products include raw and semi-finished cork materials, and finished cork products such as cork floorboards and cork wallboards. Approximately 75% of the company's products are sold within China and the rest are sold overseas to customers in the United States, Germany, Japan and India. The company currently capitalizes on four technological patents. The company operates in China under the Hanxin brand. More information may be found at http://www.hxrm.com.
For investor relations, contact Frank Hawkins, Hawk Associates, at 305-451-1888, e-mail: Hankersen@hawkassociates.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.