China Armco Metals Renews Financing Facility with Leading Bank, Securing $15,000,000 Trade Finance Facility
by PR Newswire
SAN MATEO, Calif., Dec. 18, 2012 /PRNewswire/ -- China Armco Metals, Inc. (NYSE MKT: CNAM) ("China Armco" or the "Company"), a distributor of imported metal ore and metal recycler with a new state-of-the-art scrap metal recycling facility in China, today announced that on November 13, 2012 Armco Metals International Limited, the Company's wholly owned subsidiary, signed a third amendment to the Facility Letter dated March 25th, 2009 (the "Amendment") with RB International Finance (Hong Kong) Limited (formerly known as RZB Austria Finance (Hong Kong) limited) ("RB International") to renew an expired finance facility.
According to the Amendment, RB International will provide up to USD $15,000,000 of uncommitted trade finance facilities to Armco Metals International Limited, with the purpose of financing the Company's purchase of iron ore, chrome ore, manganese ore, nickel ore and any other acceptable products from time to time. RB International is a leading commercial and investment bank with some of the top 1,000 commercial customers in Austria and in Europe, and they serve approximately 14.1 million customers at more than 3,100 business outlets in the corporate and private customer segments and investment banking segment.
"We are able to continue to secure financing for our business and maintain bank facilities with leading banks, which we consider as a demonstration of our good credit and business reputation," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "We also believe that it shows banks' confidence in our business operation. The finance facility is expected to help us expand our operations and develop our brand name. We believe we are well positioned to grow our business when the market improves."
ABOUT CHINA ARMCO METALS, INC.
China Armco Metals, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout the PRC and is in the recycling business in the PRC. China Armco's customers throughout China include some of the fastest growing steel producing mills and foundries in the PRC. Raw materials are acquired from a global group of suppliers located in diverse countries, including, but not limited to, Brazil, India, Indonesia, Ukraine and the United States. China Armco's product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore, steel billet and recycled scrap metals. For more information about China Armco, please visit http://www.armcometals.com.
SAFE HARBOR STATEMENT
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Armco, 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 expectations regarding our revenues and production related to our scrap metal recycling operations, pricing and demand for our product lines and the extent of government imposed energy and monetary policy restrictions and resulting blackouts and associated impact on our trading and recycling operations.
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:
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 following, including, but not limited to, any expectations with respect to the Company's revenues and operations, institution of governmental regulations relating to our businesses and the international economic climate, and 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, 2011, as amended, and each of our Quarterly Filings on Form 10-Q for the periods ended March 31, 2011, June 30, 2011 and September 30, 2011, respectively.
SOURCE China Armco Metals, Inc.