BURNABY, British Columbia -- Ableauctions.com Inc. (AMEX:AAC) (the 鈥淐ompany鈥? released a statement today about its acquisition of SinoCoking, a coal and coke producer based in central China.
鈥淲e are pleased to announce our acquisition of SinoCoking, a coal and coke producer based in the Henan Province in the People鈥檚 Republic of China,鈥?said Abdul Ladha, Chief Executive Officer of Ableauctions.com, Inc. The closing of the acquisition is scheduled to occur at the close of business on February 5, 2010. Mr. Ladha further added 鈥渢his acquisition has provided our shareholders with a unique opportunity to participate as equity holders in what we believe to be a company that has good fundamentals and growth potential as a supplier of products of vital economic importance within China鈥檚 fast-growing economy. Moreover, the transaction allows our pre-acquisition shareholders to receive the full liquidation value of our pre-acquisition business assets in addition to a 3% aggregate stake in the reorganized company to be renamed SinoCoking Coal and Coke Chemical Industries, Inc. We are excited about the potential of SinoCoking to grow and build shareholder value.鈥?
replica rolex Mr. Ladha, who has served as Chief Executive Officer of Ableauctions since 1999, will step down as CEO on February 5, and will be succeeded by Mr. Jianhua Lv, who is an initial founder and current President of SinoCoking. In addition, on February 5, 2010, the current board of directors of Ableauctions will step down and be succeeded by seven new directors designated by SinoCoking.
Mr. Jianhua Lv, the incoming CEO of the Company stated 鈥淎s a coal producer and coke manufacturer, SinoCoking has been a significant supplier of the vital commodities of thermal and metallurgical coal and coke to industrial customers such as power plants, steel mills and other industrial buyers in China since 1996. SinoCoking is a vertically-integrated processor that uses coal from both its own mines and that of third-party mines to provide basic and value-added coal products to its client base. SinoCoking currently holds mining rights for approximately 2.5 million tons of coal from mines located in central China. SinoCoking began producing metallurgical coke in Fendi Replica Handbags 2002, and since then has expanded its production to become an important supplier to regional steel producers in central China. Coke, which is an essential ingredient in steel-making, is manufactured in SinoCoking鈥檚 on-site facilities by heating selected coal with certain thermal and chemical properties at extremely high temperatures in an oxygen-free environment. For the year ending June 30, 2009, SinoCoking produced and sold 154,631 tons of coke, 55,360 tons of washed coal, and 72,923 tons of raw coal, and generated $51 million in revenue from sales consisting primarily of these products. During its 2009 fiscal year, SinoCoking had audited net income of approximately $17 million on a GAAP basis.鈥?
Mr. Lv went on to say 鈥淲e produce essential products that power the industrial growth of China 鈥?coal and coke, and we see this moment as only the beginning of a long-term secular expansion. Currently, the demand from our customers significantly exceeds our current production capacity, and we think that demand from Chinese industrial purchasers will continue to increase. We are investing heavily in building our production capacity, and since we are a larger producer that utilizes
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