HARBIN, China, Sept. 23, 2008 (GLOBE NEWSWIRE) -- Chang-On International Inc. (OTCBB:CAON), a company engaged in green architectural products made of its innovative SF brand of synthetic resin, today announced an agreement with Heilongjiang Province Shuangda Electric Power Equipment Group for the supply of fly ash.
Fly ash is a Coal Combustion Product (CCP), by-products of burning coal at electric utility power plants, and has minerals commonly found in the earth's crust. The Company utilizes fly ash in its synthetic resin to lower the raw material cost and increase the physical characteristics of its products.
Terms of the agreement call for the delivery of up to 200 tons of fly ash per month at a cost of RMB110 per ton and include delivery.
Commenting on the agreement with Shuangda Electric Power, Mr. Li Guomin, President of CAON, stated, "This contract represents an important step in ensuring the supply of fly ash for Chang-On's innovative production process, allowing the Company to move forward more aggressively with its expansion plans. With the supply of this necessary raw material secured, Chang-On is now in a position to implement the next stage of its development strategy with confidence."
About Chang-On International Inc.:
Chang-On International Limited (OTCBB:CAON) is a Chinese manufacturer of green architectural products made of its innovative SF brand of synthetic resin. Using patented technologies, the Company is engaged in the manufacturing and sales of green architectural products in the multi-billion dollar building materials market in the People's Republic of China. Through its sole operating subsidiary, Harbin Hongbo Environment Protection Material, Inc., the Company utilizes China's abundant supply of recycled plastic and coal waste as its main raw materials. SF resin can be molded into a virtually limitless range of end-use products, including pallets, pipes, tubes and wallboard, and is a superior substitute for PVC, steel, wood and cement. The Chinese government continues to make energy efficiency and green construction top priorities, and Chang-On is well positioned to become a major player in this growing sector. For more information, please visit the company's website at: www.changon.com.
Safe Harbor Statement:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.