DAVIE, Fla., Nov. 29, 2004 (PRIMEZONE) -- China Direct Trading Corp. (OTCBB:CHDT) a global trader of products to, from and within Asia, has engaged Mr. Robert Kaye as the head of the companies Energy Division. CHDT has quickly become an active participant in the trading of coal, coke, iron ore, scrap metals and other minerals. In order to keep up with the daily demand and enquiries from both buyers and suppliers within China as well as the U.S., CHDT felt it essential to bring in an experienced global trader of these commodities.
Mr. Kaye, who has experience residing within China, has been active in trade activities with and within China since 1974. For example, Mr. Kaye owned and operated manufacturing facilities within China and exported the manufactured goods throughout the Western Hemisphere. Recently, Mr. Kaye has been active in sourcing urgently needed raw materials and thus has become an invaluable asset to the Company. Combine that, with Mr. Kaye's 30 years of "hands-on" experience provides the Company an extra dimension in meeting the needs of our customers, as well as providing the global expertise required in negotiating with both the suppliers and customers of China Direct Trading Corp. and its affiliated companies.
"We welcome Mr. Kaye as a crucial member of the Company adding another experienced China trader to our table," said Howard Ullman, Chairman and CEO of CHDT. "We will continue to add experienced personnel to run our new vertical businesses," he said.
CHDT currently has buyers for materials in China and is actively seeking suppliers globally to fill these orders. Currently the supply of minerals such as coal, iron ore and oil have become quite tight over the past year as China's demand for natural resources continues to outpace their supply. China's coal output last year was 1.8 billion tons, yet it is estimated the country will consume 3 billion tons by the year 2020 as their energy needs quadruple. Next year China is expected to have a shortfall in excess of 80 million tons of coal and China Direct is active in sourcing and supplying the necessary minerals to meet the demand, including creating joint venture partners in new U.S. coal mining operations through the China Pathfinder Fund, LLC a newly formed subsidiary of CHDT.
For more information on the companies products go to www.chinadirecttradingco.com
FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of the federal securities laws. Although 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.