FUQING CITY, CHINA — (Marketwire) — 09/27/12 — (NASDAQ: GPRC), China–s leading clean tech manufacturer of recycled low density polyethylene (LDPE), said today that despite the economic downturn in China which continues to affect the operations of most customers, the Company nevertheless has been able to broaden its customer base, reporting an increase to 154 active customers going into the 2012 third quarter as compared to 124 at the end of 2011.
“As a consequence,” stated Mr. Min Chen, Guanwei–s CEO and Chairman, “we believe that despite the present down cycle in the economy, probably the worst in memory, we will push forward even stronger than before with a number of good new customers.”
“While it is still too soon to pinpoint when the rebound in the economy will occur,” Mr. Chen added, “we continue to be cautiously optimistic about modest pricing improvements and a leveling in costs for our imported raw materials.”
Guanwei Recycling Corp. is China–s largest manufacturer of recycled low density polyethylene (LDPE). Adhering to the highest “green” standards, it has generated rapid growth producing LDPE from plastic waste procured mostly in Europe for sales to more than 300 customers in more than ten different industries in China. Guanwei Recycling Corp. is one of the few plastic recyclers in China that has been issued a Compliance Certificate by Umweltagentur Erftstadt, which issues certificates of approval for certain plastics manufacturers which meet strict environmental standards in Germany. This enables the Company to procure high quality plastic waste directly from Germany and other European countries (Spain and Holland), with no middlemen, and permits highly economic production of the highest grades of LDPE. Additional information regarding Guanwei Recycling Corp. is available at .
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
Richard Sun
Ken Donenfeld
DGI Investor Relations
Tel: 212-425-5700
Fax: 646-381-9727