BEIJING, Nov. 15, 2004 (PRIMEZONE) -- China Direct Trading Corporation (OTCBB:CHDT) announced today that it has been approved by the China Ministry of Commerce (MOFCOM) to open and manage a China Mart in Dade or Broward County (South Florida) as a permanent showroom for the wares of Chinese manufacturers. Manufacturers will come to the U.S., man their showrooms, and sell their goods at overseas pricing.
China Mart will assist Chinese manufacturers by allowing U.S. retail purchasers to shop for the newest lines of Chinese products without having to attend expensive trade fairs in Hong Kong, Guangzhou, Shanghai, Beijing and other venues. China Mart will shorten the supply chain for U.S. retailers, and lower the cost of Chinese goods for U.S. consumers.
Large U.S. retailers and mass merchants have buyers that spend a great deal of time and effort to travel to China and within China and Hong Kong. China Mart will make it cheaper to acquire Chinese goods and is a logical step in the evolution of U.S.-Chinese commerce.
MOFCOM showed an interest in South Florida because of it's centralized location as the gateway for trade to the Caribbean and Latin America, and China Mart will permit Chinese manufacturers to expand export sales to those areas.
China Direct will manage the operation, arrange for rental space for Chinese manufacturers and exporters, and assist U.S. retailers in sourcing needs from the China Mart. The company will meet with local officials, the Hong Kong Trade council of Miami, and search for a venue in Dade or Broward counties. Follow up meetings have been scheduled in late November in China with MOFCOM to discuss progress and logistics and a MOFCOM delegation is considering a visit to South Florida once a site has been selected.
BUSINESS: CHDT is a global trading company engaged in product development, manufacturing, distribution, logistics and product placement into mass retail. The company holds patents and sells products to importers, theme parks and directs to retail worldwide. By establishing relationships with various governmental agencies, public and private institutions and private industries in China, the company aims to play a key role in assisting U.S. companies that desire to move production or investments into China as well as helping Chinese firms grow through U.S. distribution and financial support. In addition, the company acquires and invests in innovative products, services, or technology companies.
FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of the federal securities laws. Although CHDT (the "Company") believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Many factors are beyond the Company's and its subsidiaries' control. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's existing and future filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions as set forth in the Company's public filings with the Securities and Exchange Commission and herein.