NEW YORK, Sept. 8, 2009 (GLOBE NEWSWIRE) -- China Carbon Graphite Group, Inc. ("China Carbon" or the "Company") (OTCBB:CHGI), one of China's leading non-state-owned producers and wholesale suppliers of fine grain and high purity graphite, today announced that members of its management team will participate in the Rodman & Renshaw Annual Global Investment Conference to be held at the New York Palace Hotel from Wednesday, September 9 to Friday, September 11, 2009.
Details for the Company's presentation are as follows:
Date: Thursday, September 10, 2009
Time: 12:30 p.m. to 1:00 p.m. in Kennedy I Salon (4th Floor)
Location: New York Palace Hotel, 455 Madison Ave,
New York, New York 10022
Hotel Phone Number: 212 888 7000
At the conference, China Carbon will also hold one-on-one meetings with institutional investors to discuss the Company's financial projections for 2009 and their acquisition strategy. More information about the Rodman & Renshaw Conference can be found at: http://www.rodm.com/conferences.
Additionally, Ventana Capital Partners, the Company's investment banker, will be attending the conference. Ventana recently retained the services of Crystal Equity Research to provide ongoing analyst research and weekly updates. Crystal Equity Research provides relevant, actionable information for financial professionals and self-directed investors. http://www.crystalequityresearch.com/home.html
Company Reaffirms Earnings Forecast For 2009
Donghai Yu, the Company's CEO, reaffirmed the Company's earnings forecast for 2009, "As we look at the remainder of 2009, we expect that China Carbon will achieve its goal of a top and bottom line increase of 15% to 25%."
Cash Reserves
As of June 30, 2009, the Company reported cash reserves totaling $6.3 million and shareholder equity of $36.7 million resulting in a book value of $2.61 per share. The cash balance will be used for working capital along with the purchase of new machinery and equipment.
About China Carbon Graphite Group, Inc.
China Carbon, through its affiliate, Xingyong Carbon Co., Ltd., manufactures carbon and graphite based products in China. The company is the largest wholesale supplier of fine grain and high purity graphite in China. Fine grain graphite is widely used in smelting for colored metals and rare earth metal smelting as well as the manufacture of molds. High purity graphite is used in metallurgy, mechanical industry, aviation, electronic, atomic energy, chemical industry, food industry and a variety of other fields. In September 2007, the company was approved and designated by Ministry of Science & Technology as a "National Hi-tech Enterprise." Of the 400 plus carbon graphite producers in China, China Carbon is the only non-state-owned company to receive this honor. For more information, visit http://www.chinacarboninc.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release.