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DGA Core Plus Absolute Return ETF T.HF


Primary Symbol: HF



ARCA:HF - Post by User

Post by sweetsauceon Jan 17, 2007 10:14am
333 Views
Post# 12033546

$60 million in sales

$60 million in salesHanfeng 2007 sales order exceed $60 million TORONTO, Jan. 17, 2007 (Canada NewsWire via COMTEX) -- (Canada NewsWire) -- JIANGSU NPK PLANT WILL ALSO INCREASE PRODUCT RANGE IN 2007 -- TSX Symbol: HF TORONTO, Jan. 17 /CNW/ - Hanfeng Evergreen Inc. ("Hanfeng") is pleased to announce a 20,000 tonnes NPK (nitrogen, phosphate and potassium) fertilizer sales order with a major distributor in Jiangyan, Jiangsu province where Hanfeng's NPK Prill Tower plant is located. Delivery for this order will start in March 2007. Hanfeng's consolidated sales orders for 2007, including orders previously announced on January 3, 2007, have exceeded 410.6 million RMB, or $60 million CAD, compared with the estimated $56 million CAD total sales for 2006. These 2007 sales orders are for three of the four plants Hanfeng currently has in operation. The fifth plant (under construction) will be commissioned after the second quarter of 2007. As the production capacity available for 2007 will be at least double that of 2006, Hanfeng will show a strong increase in sales and earnings in 2007. This new order was placed with Hanfeng's Prill Tower NPK fertilizer plant in Jiangyan, Jiangsu province, which went into production towards the end of the third quarter of 2006. The plant initially targeted all its NPK production to the large agriculture market in China. In 2007, this plant will be able to increase its product range to also cover the international urban greening market. This new development resulted from Hanfeng combining the slow-release MU/UF technology with the NPK prill tower granulation method used at the Jiangsu plant. This unique slow-release technology designed by Hanfeng's R&D team is of particular interest to international distributors from countries in North America, Europe, as well as Japan and South Korea. The 1 mm diameter NPK fine granules with superior slow-release qualities from the UF/MU technology are best suited for golf courses and other urban greening uses. For details about this technology, please see Hanfeng's previous press release on December 12, 2006. "We are excited with our ability to sell to both China and international markets, as a result of our advanced slow-release technology and our competitive pricing. While China agricultural demand for slow-release NPK fertilizer is increasing, the international urban greening sales broaden our market. The increased slow-release fertilizer product range will further enhance our return on capital," said Mr. Xinduo Yu, President and CEO of Hanfeng Evergreen Inc. About Hanfeng Evergreen Inc. Hanfeng is headquartered in Toronto, Canada and has been listed on the Toronto Stock Exchange since 2003. It is a leading provider of value-added fertilizer to China's urban greening and large agricultural markets. Hanfeng introduced slow-release fertilizer to the China fertilizer industry by establishing the first commercial-scale slow-release fertilizer plant in China. Using various advanced technologies, all Hanfeng fertilizers offer the benefits of slow-release. Hanfeng's production facilities in China are located in prime agricultural regions, and its quality products and competitive pricing are also attracting international sales interest. For more information, please visit: www.hanfengevergreen.com This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Hanfeng's business are more fully discussed in the company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada. %SEDAR: 00019491E SOURCE: Hanfeng Evergreen Inc. Madeline Haiying Yu, CA, Chief Financial Officer, Email: info@hanfengevergreen.com; Hanfeng Evergreen Inc., Phone: (416) 368-8588, Fax: (416) 849-0075
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