FORT LAUDERDALE, Fla., Aug. 3, 2005 (PRIMEZONE) -- David Wu, CEO of Dragon International Group Corp. (OTCBB:DRGG), one of China's leading manufacturers and distributors of specialty paper products and packaging materials, forecasts the revaluation of Yuan by Chinese government could facilitate Dragon's expansion.
Currently, Dragon's importing business accounts for approximately 60% of the Company's revenues. Revaluation of Yuan could make the currency stronger and increase Dragon's margins in its importing activity. In addition, the Company's product sales revenues, which are almost exclusively domestic in China, could increase significantly when translated into U.S. dollars if the Yuan appreciates to a great degree against the U.S. currency as many major financial analysts predict it will. This increase would also reduce Dragon's Debt service for its outstanding U.S. convertible debentures.
Management welcomes the revaluation of Yuan during a time of rapid growth and development for the Company. Management believes revaluation of Yuan will have a positive effect on its operations overall.
About Dragon International Group Corporation
Dragon International Group Corp. ("Dragon") owns 100% ownership interest of 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 ISO9000 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, 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.