NEW YORK, Sept. 10, 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, received a 23 page CER analyst report from Crystal Equity Research.
Crystal Equity Research has initiated coverage on CHGI with a Speculative Buy rating and a price target of $3.40 a share over the next twelve to eighteen months. The report projects earnings per share of $.20 for 2009 and $.34 a share for 2010. The Company's current book value is $36.7 million or $2.61 per share. The research report's "Outlook" of the company is as follows: "We believe successful completion of a planned capacity expansion is a 'game changer' for the Company and could lead to a significant increase in revenues and earnings in the next year." The entire report may be viewed at http://www.crystalequityresearch.com/home.html
Crystal Equity Research provides relevant, actionable information for financial professionals and self-directed investors. Ventana Capital Partners, the Company's investment banking firm, sponsored the research report.
CHGI to Present at Rodman & Renshaw Conference Today
Additionally, the Company's management team will be presenting today at the Rodman & Renshaw Annual Global Investment Conference to be held at the New York Palace Hotel.
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, NY 10022 Hotel Phone Number: 212 888 7000
At the conference China Carbon will also be meeting with institutional investors to discuss the Company's financial projections for next year and their acquisition strategy. More information about the Rodman & Renshaw Conference can be found at: http://www.rodm.com/conferences.
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.