WUHAN, China, May 19, 2011 /PRNewswire-Asia/ -- Kingold Jewelry, Inc. ("Kingold" or the "Company") (NASDAQ: KGJI), a leading Chinese manufacturer and designer of 24-karat gold jewelry and ornaments, today announced that the Company opened a new showroom and distribution center in Beijing on May 18, 2011. The launch of the Beijing showroom and distribution center represents a key milestone in the Company's strategy to expand its footprint in Northern China, and enables Kingold to better serve new and existing customers in the region. The showroom and distribution center's opening ceremony was attended by over 100 of the Company's customers, including several major regional wholesalers and the regional heads of China Merchants Bank Limited and Bank of Communications Co., Ltd.
"We are very pleased to announce the opening of our new showroom and distribution center in Beijing, which will serve as a hub for our distribution and marketing activities in Northern China," said Mr. Zhihong Jia, Chairman and CEO of Kingold. "We believe that having a physical presence in Beijing will strengthen our existing customer relationships and improve our ability to attract new customers in the region. In our view, this new location greatly complements our recently launched distribution center in Shenzhen, in Southern China, as well as our headquarters in Wuhan in Central China. We intend to maintain all of our design and manufacturing operations in Wuhan in order to benefit from Central China's relatively low labor costs, but will continue to evaluate the possibility of expanding our distribution presence in other regions as we seek to consolidate our leadership position in the market."
About Kingold Jewelry, Inc.:
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located inWuhanCity,one of China's largest cities, was founded in 2002 and today is one of China's leading designers and manufacturers of 24-karat gold jewelry and ornaments sold by weight. The Company sells both directly to retailers as well as through major distributors acrossChina. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. Sales have grown from$29 millionin FY 2006 to$523 millionin FY 2010 with net income attributable to common stockholders growing from$1.3 million to $18.2 millionover the same period. For more information, please visitwww.kingoldjewelry.com.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in Kingold's SEC filings available atwww.sec.gov, including Kingold's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Kingold undertakes no obligation to update or revise any forward-looking statements for any reason.
Company Contact: Kingold Jewelry, Inc Bin Liu, CFO Email: bl@kingoldjewelry.com www.kingoldjewelry.com | Investor Relations Contact: CCG Investor Relations Kalle Ahl, CFA Phone: +1-646-833-3417(New York) Email:kalle.ahl@ccgir.com www.ccgir.com | ||
SOURCE Kingold Jewlery, Inc.
