China Redstone Group, Inc. Reports Monthly Cemetery Plot Sales for June 2010

CHONGQING, China, Aug. 3 /PRNewswire-FirstCall/ -- China Redstone Group, Inc. (OTC Bulletin Board: CGPI) ("China Redstone" or the "Company"), the largest private provider of cemetery products and services in Chongqing, China, today reported it sold 627 cemetery plots in June.

In June, China Redstone sold 627 cemetery plots, representing an increase of 57.7% from June, 2009 and an increase of 3.5% from May, 2010.  The average selling price in June was $6,737, which was 3.3% higher than May and 17.1% higher than the average for fiscal 2010.

For the first fiscal quarter of 2010, which ended June 30, the Company sold 1,854 plots, representing a 1.2% increase from the first quarter ended March 31, 2009 and up 12.3% sequentially for the three months ended March 31, 2010. The average sales price per plot for the first quarter of fiscal 2011 was $6,557, 14% higher than fiscal 2010 and well above the $5,000 to $6,250 the Company forecasts for fiscal year ending March 31, 2011.

"We are off to a great start for our 2011 fiscal year, having sold 1,854 plots through the end of June," stated Mr. Yivou Ran, Chairman and Chief Executive Officer of China Redstone. "We are tracking our target to surpass 7,000 cemetery plots this year. The Company continues to experience strong demand for its cemetery plots due to rapid growth in our customers' disposal income, the convenient location of our cemetery which services a population with 31.4 million residents in Chongqing, and the Fengshu created by the optimal lakefront location in a peaceful property. With 80% of our land still available for development, a strong working capital position and cash flow positive business, we are well positioned to capitalize on our growth plan."

Going forward, the Company will provide monthly plot sales on a monthly basis. Management believes this will provide shareholders with more timely and useful information to assess the operating results of the Company.

China Redstone Group, Inc.

China Redstone is a cemetery developer and provider of cemetery products and services in Chongqing, China, through its contractually controlled affiliate Chongqing Foguang Tourism Development (Group) Co., Ltd. Founded in 2002, the Company provides a complete range of funeral merchandise and services, including cemetery property, both at the time of need and on a preneed basis. Its cemeteries are highly regarded in terms of a number of factors such as tradition, reputation, physical size, capacity of business, available supply, name recognition, aesthetics and potential for development or expansion.   

Safe Harbor Statement

Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.

SOURCE China Redstone Group, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED