China Direct Sees Recent Earthquake in the Sichuan Province of China Having No Adverse Impact on any of Its Operations in China
May 12 2008 - 1:31PM
PR Newswire (US)
DEERFIELD BEACH, Fla., May 12 /PRNewswire-FirstCall/ -- China
Direct, Inc. (NASDAQ:CDS), a U.S. company that owns controlling
stakes in a diversified portfolio of Chinese entities and assists
Chinese businesses in accessing the U.S. capital markets, today
announced that its operations were not adversely affected by the
recent earthquake in the Sichuan province of China. Commenting on
this tragedy, Dr. James Wang, Chairman and CEO of China Direct,
stated while attending the NASDAQ opening bell ceremony, "We are
deeply saddened by today's tragic event in China. Our hearts go out
to the families of the victims as well as to all those people who
have been affected by this earthquake. As many of our employees in
the U.S. have family and close ties to China, we intend to donate
to those efforts created to provide aid to the earthquake victims
and will post on our website information on how any of our
employees, shareholders, or any other interested parties can do the
same as soon as that information becomes available. It is important
to remember that we all have a responsibility to help those who are
impacted by such destructive forces of nature. Our thoughts and
prayers are with those people so sadly affected by this tragic
occurrence." About China Direct, Inc. China Direct, Inc.
(NASDAQ:CDS) is a diversified management and advisory services
organization headquartered in the U.S. Our management services
division acquires a controlling interest in entities operating in
China. Our ownership control enables China Direct to provide
management advice, as well as financing to Chinese entities. This
infrastructure creates a platform to expand business opportunities
globally while effectively and efficiently accessing the U.S.
capital markets. Our advisory services division provides
comprehensive advisory and consulting services to Chinese entities
seeking to access the U.S. capital markets. As a direct link to
China, China Direct serves as a vehicle allowing investors to
directly participate in the rapid growth of the Chinese economy in
a diversified and balanced manner. For more information about China
Direct, please visit http://www.chinadirectinc.com/ . Contact:
Investors: Alan Sheinwald HC International, LLC Phone: (914)
669-0222 Email: Or For the Company: China Direct, Inc. Richard
Galterio Executive Vice President Phone: 1-877-China-57 Email:
DISCLOSURE NOTICE: In connection with the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995, China Direct,
Inc., is hereby providing cautionary statements identifying
important factors that could cause our actual results to differ
materially from those projected in forward-looking statements (as
defined in such act). Any statements that are not historical facts
and that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions or future events or
performance (often, but not always, indicated through the use of
words or phrases such as "will likely result," "are expected to,"
"will continue," "is anticipated," "estimated," "intends," "plans,"
"believes" and "projects") may be forward-looking and may involve
estimates and uncertainties which could cause actual results to
differ materially from those expressed in the forward-looking
statements. These statements include, but are not limited to, our
guidance and expectations regarding revenues, net income and
earnings. In addition, any such statements are qualified in their
entirety by reference to, and are accompanied by, the following key
factors that have a direct bearing on our results of operations:
our ability to identify and close acquisitions of operating
companies in China in a cost effective manner that enhance our
financial condition; our need for additional financing which we may
not be able to obtain on acceptable terms, the dilutive effect
additional capital raising efforts in future periods may have on
our current shareholders and the increased interest expense in
future periods related to additional debt financing; our ability to
effectively integrate our acquisitions and to manage our growth and
our inability to fully realize any anticipated benefits of acquired
business; the value of the equity securities we accept as
compensation is subject to adjustment which could result in losses
to us in future periods; the Investment Company Act of 1940 which
limits the value of securities we can accept as payment for our
business consulting services which may limit our future revenues;
our acquisition efforts in future periods may be dilutive to our
then current shareholders; our dependence on certain key personnel;
the lack various legal protections in certain agreements to which
we are a party and which are material to our operations which are
customarily contained in similar contracts prepared in the United
States; our ability to assure that related party transactions are
fair to our company. Chang Magnesium's chief executive officer is
also chief executive officer of a group of companies which directly
compete with Chang Magnesium; the risks and hazards inherent in the
mining industry on the operations of our basic materials segment;
the effect of changes resulting from the political and economic
policies of the Chinese government on our assets and operations
located in the PRC. The influence of the Chinese government over
the manner in which our Chinese subsidiaries must conduct our
business activities; the impact on future inflation in China on
economic activity in China; the impact of any recurrence of severe
acute respiratory syndrome, or SAR's, or another widespread public
health problem; the limitation on our ability to receive and use
our revenues effectively as a result of restrictions on currency
exchange in China; our ability to enforce our rights due to
policies regarding the regulation of foreign investments in China;
our ability to comply with the United States Foreign Corrupt
Practices Act which could subject us to penalties and other adverse
consequences; our ability to establish adequate management, legal
and financial controls in the PRC; the provisions of our articles
of incorporation and bylaws which may delay or prevent a takeover
which may not be in the best interests of our shareholders; and the
adverse impact of various policies recently adopted by the PRC
which seek to minimize pollution by limiting the operation of
specific polluting agents commencing on June 1, 2008 in advance of
the Beijing Olympics to be held during August 2008. We caution that
the factors described herein could cause actual results to differ
materially from those expressed in any forward-looking statements
we make and that investors should not place undue reliance on any
such forward-looking statements. Further, any forward-looking
statement speaks only as of the date on which such statement is
made, and we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of
anticipated or unanticipated events or circumstances. New factors
emerge from time to time, and it is not possible for us to predict
all of such factors. Further, we cannot assess the impact of each
such factor on our results of operations or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. This press release is qualified in its entirety by the
cautionary statements and risk factor disclosure contained in our
Securities and Exchange Commission filings, including our Annual
Report on Form 10-K for the year ended December 31, 2007 and our
reports on Form 10-Q. DATASOURCE: China Direct, Inc. CONTACT:
Investors: Alan Sheinwald of HC International, LLC,
+1-914-669-0222, ; or Richard Galterio, Executive Vice President of
China Direct, Inc., +1-877-China-57, Web site: http://www.cdii.net/
http://www.chinadirectinc.com/
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