Longwei Petroleum releases on-site security videos to refute false claims
Monday, Jan 14, 2013
TAIYUAN CITY, China, Jan. 11, 2013 /PRNewswire/ -- Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), announced that the Company has posted its own on-site security video clips that refute the blog-post defamatory claims of Geo Investing.
As previously stated, Longwei believes the Geo Investing report contains numerous errors of facts, misleading speculations and malicious interpretations of events. Nevertheless, in order to provide the highest level of transparency to its shareholders, the Company and its legal counsel in the U.S and the PRC, as well as its auditor are reviewing the allegations and management has fully cooperated in the investigation.
One of the numerous false allegations presented in the Geo Investing report includes a claim that Longwei's wholesale fuel sales are "virtually non-existent." The report purports to have taken 7 weeks (October 26 to December 13, 2012) of time-lapse video surveillance of the Company's Taiyuan facility, which alleges that only 1 tanker truck fueled at the Taiyuan facility during the entire 7-week timeframe. Longwei is in the process of reviewing its on-site security video for the 7-week timeframe, however, it has posted two 10-minute video clips on its website that shows 6 tankers trucks at the Taiyuan facility being fueled during the Geo Investing report timeframe. Longwei's on-site security video proves the Geo Investing video and claim are false.
Longwei has posted the videos clips from its on-site security video at its Taiyuan facility on its website at http://www.longweipetroleum.com/operations/storage-operations. The video was taken during the same timeframe Geo Investing alleged only 1 tanker truck came to its facility. The Company's security video is also maintained independently at the local fire safety bureau.
The Company intends to take further action to defend itself. The misleading video and claims posted by Geo Investing is only one example in their inaccurate report on the Company. Longwei will be sending its security video to the appropriate authorities for review and prosecution.
The Company will continue to release additional information concerning the allegations in due course. Longwei is committed to providing full and accurate disclosure to investors and to rebutting any false claims that attempt to undermine confidence in the Company.
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The Company's oil and gas operations consist of transporting, storing and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 220,000 metric tons ("mt") located at three storage facilities within Shanxi: Taiyuan, Gujiao and Huajie, which have an individual storage capacity of approximately 50,000mt, 70,000mt, and 100,000mt, respectively. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi, but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to transportation companies, coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue from agency fees by acting as a purchasing agent for other intermediaries in Shanxi, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's Taiyuan and Gujiao facilities.
The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
SOURCE Longwei Petroleum Investment Holding Ltd.
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