Adamant DRI Commences Sales of Direct Reduced Iron Following 2-year Coal-to-Natural Gas and Production Upgrade
Affirms guidance of $16-20 million 2017 revenue
ZHANGJIAKOU, CHINA--(Marketwired - Apr 27, 2017) - Adamant DRI Processing
and Minerals Group (OTCQB: ADMG), based in Hebei Province, People's Republic of China, a producer and supplier of direct
reduced iron (DRI) feedstock for China's steel manufacturing and processing industries, announces the restart of production and
initial sales following a 2-year production modernization period.
Current sales, from one of the Company's two Huaxin-based lines, are products used by locally owned steel manufacturers as the
Company progresses toward being able to deliver consistent product with the high quality metallic content required to obtain long
term purchase orders from larger enterprises including state owned producers such as Hebei Iron & Steel Group.
The 2-year retooling effort, undertaken in response to restrictive environmental policies adopted in China was led by Dr. Ti Chang Sun, professor of
mineral processing engineering at the University of Science and
Technology Beijing, a leading authority on China steel manufacturing.
Plant upgrades include a power source conversion from coal to natural gas, installation of a full production line including
rotary kiln, fine filtering, reductive roasting and pressing equipment.
Given the completion of the conversion to natural gas and the upgrade of the Company's plants, the Company reaffirms its
overall business outlook for 2017, which calls for revenue of $16-20 million.
About Adamant DRI
Adamant DRI Processing and Minerals Group produces and sells
direct reduced iron for use as feedstock
to Chinese state owned and locally owned steel manufacturers. The Company is now emerging from a 2-year retooling period in
response to Chinese environmental reforms. The Company's stock is traded on the OTCQB under the ticker symbol ADMG. Adamant DRI is based in Zhangjiakou, Hebei Province, People's Republic of
China.
Forward-looking Statements
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or our future financial performance. All statements other than present and historical facts and conditions contained in this
release, including any statements regarding our future results of operations and financial positions, business strategy, plans
and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future
events and are based on assumptions and subject to risk and uncertainties and subject to change at any time.