China Runji Cement Inc. Receives
Government Grant for Environmental Initiatives
ANHUI, China, January 14, 2009 (GLOBE
NEWSWIRE) -- China Runji Cement Inc. (OTC
BB:CRJI.OB - News) (``CRJI'' or ``the
Company''), a leading producer and distributor
of cement in Anhui Province of China,
today announced that the Company has received
RMB 3,650,000 (US$528,986) or 60% of a
government grant totaling RMB 6,075,000
(or US$ 880,435) on January 13, 2009.
The grant was given to CRJI as a result
of the endorsement of its waste heat power
generator by the National Development
and Reform Commission (NDRC) in the NDRC¡¯s
2008 Energy-saving & Technical Reform
Fiscal Allowance Project Plan.
The NDRC¡¯s 2008 Fiscal Allowance Plan
endorsed 401 energy-saving & technical
reform projects throughout China that
are expected to save 11.1 million tons
of coal nationwide. Runji¡¯s 10-Million-Watt
waste heat power generator fits perfectly
in the plan because it will save approximately
26,000 tons of coal consumption per year
by utilizing the residue heat released
from the two cement production lines to
generate power for CRJI. This power generator
is expected to be completed in April 2009.
CRJI has already started the construction
of the plant¡¯s infrastructure.
According to the policy of NDRC¡¯s ¡°Fiscal
Allowance Management Regulations for Energy-saving
& Technical Reform¡±, the Chinese government
will provide a financial grant to CRJI
for the reduced coal consumption in accordance
with the national standard. As a consequence,
CRJI is entitled to receive a grant of
RMB 6,075,000 (or US$880,435). RMB 3,650,000
(US$528,986), or 60% of the full grant
has been provided to CRJI through the
local Fiscal Bureau on January 13, 2009.
The remaining balance will become due
and receivable upon completion of the
power generator.
``We are very delighted to be included
in NDRC¡¯s 2008 energy-saving and technical
reform fiscal allowance list,'' Runji¡¯s
President and CEO, Mr. Zhao Shouren said.
``Apart from cutting down our coal consumption
in our production process, our waste heat
power generator is also capable of reducing
carbon dioxide emission by 67,272.5 tons
every year. NDRC¡¯s fiscal allowance is
another way of recognizing our green practices
by the Chinese government. The allowance
benefits us by providing a non-dilutive
source of funds and expediting the return
on investment from our waste heat power
generator, which in turn should result
in better financial performance in 2009.''
About China Runji Cement Inc.
Founded in 2003, China Runji Cement, Inc.
is one of the leading players in cement
production and distribution. In October
2007, the Company became a U.S. public
company following the completion of a
share exchange with Fitmedia Inc. The
Company's certified manufacturing facilities
containing cutting-edge technology and
advanced equipment and are capable of
producing as much as 2 million tons of
cement annually. Furthermore, the Company's
solid distribution network and customer-orientated
services have earned CRJI's products a
superior reputation in the cement market.
Headquartered in Anhui Province of China,
the Company's markets include major neighboring
cities such as Hefei, Nanjing, and Liu'an.
For more information on the Company and
its products, please visit our website:
www.chinarunji.com.
Contact:
Evian Investor Relations
Tel: 1-877-331-8777 (toll free)
Email: svd@evianir.com
