Andatee Marine Fuel Services Corporation Achieves Breakthrough in Research on Proprietary Pour Point Depressant
DALIAN, China, March 10 /PRNewswire-Asia/ -- Andatee China Marine Fuel Services Corporation (NasdaqGM: AMCF), the leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China, today announced that it has successfully achieved breakthrough in research on the Company's proprietary pour point depressant LDY-103 ("PPD"), which will be used as a marine fuel additive to improve the fuel's performance in winter.
The R&D Department of the Company commenced its research and development efforts on LDY-103 in October 2008 with a range of small scale experiments. During the pilot production phase, the Company found that its proprietary PPD increases the performance of its marine fuel #3 and #4, especially during low temperature conditions. PPD LDY-103 has a shorter production cycle and cost structure compared to Andatee's previous PPD. In addition, the Company's PPD product is expected to reduce marine fuel production cost by RMB60-RMB70 ($8.80-$10.20), and to increase gross margin by 1.2% based on a market price of RMB5,000 ($735.30) per ton.
"We are very pleased with the pace of progress in the research of our proprietary PPD, which is currently applied to over 4,000 tons of marine fuel and meets all the required specifications and quality control measures," commented Mr. An Fengbin, Chairman, President and CEO of Andatee China Marine Fuel Services Corporation. "We are confident that the use of PPD as an additive for our marine fuel will increase the demand for our marine fuel and we believe we have a well-planned strategy to promote our product as reliable, superior quality and cost effective for small and medium-sized vessel owners, thus strengthening our brand recognition in the industry," concluded Mr. An.
About Andatee China Marine Fuel Services
Andatee China Marine Fuel Services Corporation is a leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China. Headquartered in the City of Dalian, a key international shipping hub and an international logistics center in Northern China, Andatee maintains operations in Liaoning, Shandong and Zhejiang Provinces in the People's Republic of China.
Andatee China Marine Fuel Services provides customers with value-added benefits, including single-supplier convenience, competitive pricing, logistical support and fuel quality control. Its products are substitutes for diesel used throughout east China fishing industry. Backed by core facilities, such as storage tanks, marine fuel pumps, blending facilities and berths (the space allotted to a vessel at the wharf), its sales network covers major depots along the towns of Dandong, Shidao and Shipu along the east coast of China. Additional information about the Company is available at http://www.andatee.com .
Safe Harbor Relating to the Forward Looking Statements
Statements contained in this press release not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule under the Private Securities Litigation Reform Act of 1995. All forward-looking statements included herein are based upon information available to the Company as of the date hereof and, except as is expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. As a result, investors should not place undue reliance on these forward-looking statements. To the extent that any statements made here are not historical, these statements are essentially forward-looking. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "may," "anticipates," "believes," "should," "intends," "estimates" and other words of similar meaning. The Company may also make written or oral forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by these forward-looking statements. Such risk factors include, without limitation, our ability to properly execute our business model, to attract and retain management and operational personnel, potential volatility in future earnings, fluctuations in the Company's operating results, PRC governmental decisions and regulation, and existing and future competition that the Company is facing. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission under the caption "Risk Factors" in such filings.
For further information, please contact:
Company Contact:
Andatee China Marine Fuel Services Corporation
Mr. Wen Tong
Chief Financial Officer
Tel: +86-411-8360-4683
Email: [email protected]
Web: http://www.andatee.com
Investor Relations Contact:
RedChip Companies, Inc.
Jon Cunningham
Tel: +1-800-733-2447, Ext. 107
Email: [email protected]
Web: http://www.RedChip.com
CCG Investor Relations
Mr. Crocker Coulson
President
Tel: +1-646-213-1915 (NY Office)
Email: [email protected]
Web: http://www.ccgirasia.com
SOURCE Andatee China Marine Fuel Services Corporation
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