SEATTLE, Nov. 12, 2013 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: LLEN) ("L&L" or the "Company"), a U.S.-based company with profitable energy (coal) operations in China, today provided an update regarding its investigation into the allegations posted by GeoInvesting in an article on SeekingAlpha on September 19, 2013.
The L&L management team has authored a detailed report that refutes each allegation made by GeoInvesting. The report includes fully executed acquisition agreements, legal opinions, and supporting documents including fairness valuations reports, tax filings, invoices, receipts, payroll records, SAIC filings, and correspondence, to rebut the allegations. The Company has made the report and all documentation available to its Board of Directors (the "Board") and the Board's Special Independent Committee ("the Committee").
Upon evaluation by the Committee, the report and related documentation will be disclosed to the general public.
In evaluating the allegations presented by GeoInvesting, L&L cautions investors to consider the motives of all parties involved. L&L is a Seattle based company governed by the laws of the United States, overseen by a Board of Directors consisting of leaders in the industry. L&L has made significant investments in China over past the 18 years, which have leveraged Chinese economic growth in order to create shareholder value. In contrast, GeoInvesting is a small firm actively engaged in suspicious short-selling. It publishes what L&L believes to be defamatory reports, using false identification and deceptive tactics to collect misleading information. L&L believes that its report to the Committee fully refutes GeoInvesting allegations, and looks forward to disclosure the report to the public in due time.
L&L management will continue to focus its resources on building a world class energy company, via acquiring additional mining operations, expanding wholesaling business, pursuing new clean energy projects, and completing its TDR listing.
For further information, please contact:
L&L Energy, Inc.
Investor Relations
+1 (206) 264-8065
ir@llenergyinc.com
ICR, LLC
Gary Dvorchak, CFA
U.S.: +1 (310) 954-1123
China: +86 (10) 6583-7528
Email: gary.dvorchak@icrinc.com
SOURCE L & L Energy, Inc.