Mr. Min Chen, Chairman and CEO of the Company, stated, "Despite the economic downturn in China we again managed to generate quarter over quarter sales growth from our increasingly diversified customer base, and saw what we believe is a key turning point in the third quarter with costs moderating as our revenues continued to grow. Looking ahead, we anticipate further moderate increases in selling prices while costs for raw materials, labor and overhead should continue to stabilize or perhaps increase slightly. With the expectation of continued long term strong demand for recycled LDPE, we remain very optimistic about our continuing growth potential in an improving economy."
Conference Call Invitation
The Company will discuss 2012 third quarter and nine month results during a live conference call and webcast on Wednesday, November 14th, at 8:00am ET. This will follow distribution of a news release with the Company's third quarter and nine month results on Tuesday, November 13, 2012.
To participate in the call, interested participants should call 1-877-941-8418 when calling within the United States or 1-480-629-9809 when calling internationally. Please ask for the Guanwei Recycling Corp. 2012 Third Quarter Conference Call, Conference ID: 4575618. There will be a playback available until 11/21/12. To listen to the playback, please call 1-877-870-5176 when calling within the United States or1-858-384-5517 when calling internationally. Use the Replay Pin Number: 4575618.
This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link http://public.viavid.com/index.php?id=102532 or at ViaVid's website at http://viavid.com.
Description of Guanwei Recycling Corp.
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 (including over 150 active recurring 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 www.guanweirecycling.com.
Information Regarding Forward-Looking Statements
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.
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