October 4, 2010, TAIYUAN CITY, China, (Coal Geology): Longwei Petroleum Investment Holding Ltd. (“Longwei” or the “Company”) has been added to the Halter USX China Index, as of September 30, 2010.
The Halter USX China Index, created by the Halter Financial Group and calculated and distributed by the NYSE Arca, consists of 192 companies whose common stock is publicly traded in the United States and the majority of whose business is conducted in the PRC.
For a company to be included in the Halter USX China Index it must conduct a majority of its business in the PRC, maintain an average market cap of over $50 million for the preceding 40 trading days, trade on the NYSE, Amex or NASDAQ and be approved by the USX Selection Committee. For more information please visit www.usxchinaindex.com.
Mr. Cai Yongjun, Chairman and CEO of Longwei, commented, “We are very proud to be added to the Halter USX China Index. We just announced record results for the fiscal year ended in June, and our inclusion in this index is yet another confirmation of the soundness of our business model and strategy execution. Together with our solid operational performance, we expect the addition to the Halter index to boost visibility and attract greater investor interest in the Company.”
For the third quarter 2010, the Halter USX China Index was up 16.64%. During the same period the Dow Jones Industrial Average increased by 10.37% while the NASDAQ finished up 12.30%.
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People’s Republic of China. The Company’s oil and gas operations consist of transporting, storage and selling finished petroleum products, entirely in the PRC. The Company’s headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 120,000 metric tons located at storage facilities in Taiyuan and Gujiao, Shanxi. The Company’s Taiyuan and Gujiao facilities can store 50,000 metric tons and 70,000 metric tons, respectively. The Company is 1 of 3 licensed intermediaries in Taiyuan and the sole licensed intermediary in Gujiao that operates its own large scale storage tanks. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi but throughout the entire PRC. The Company’s storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue under an agency fee by acting as a purchasing agent for other intermediaries in Shanxi, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company’s facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
For further information on Longwei Petroleum Investment Holding Limited, please visit http://www.longweipetroleum.com.