PR Newswire
SEATTLE, Oct. 7, 2013
SEATTLE, Oct. 7, 2013 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-based company with energy (coal) operations in China, today released additional information to refute the recent defamatory article by short-seller firm, GeoInvesting. In addition to contracts, legal opinions and other supportive evidence already produced, the Company has collected additional documents refuting allegations that its Hong Xing's coal washing facility ("Hong Xing") was shut down since 2012 and produced no revenue. The Company has collected the following documentation and explanatory material, which will be also shared with the proper authorities.
In addition, GeoInvesting's allegation that they "sent [a] representative to visit the Shizong County Local Tax Bureau, Second Branch [and t]he local tax bureau confirmed that the Hong Xing Coal Washing Factory paid less than RMB 30,000 to the Shizong County Local Tax Bureau," fundamentally misrepresents how Chinese tax collections operate. Hong Xing pays taxes to the proper Chinese authorities for its sales. The Shizong County Local Tax Bureau, Second Branch ("Second Branch") is a county tax agent that is only responsible for the county's special surcharges and taxes, including local education and construction surcharges. The surcharge amount is generally small.
Furthermore, L&L believes that the Second Branch refused to give any information to GeoInvesting's investigators. A certification received from the Second Branch states that it recently rejected a request from an unknown party to review Hong Xing's data. The requesting party failed to provide proper identification.
L&L will provide all relevant documentation, including the Second Branch's certification, to the proper authorities.
For further information, please contact:
L&L Energy, Inc.
Investor Relations
+1 (206) 264-8065
ir@llenergyinc.com
ICR, LLC
Gary Dvorchak, CFA
Senior Vice President
U.S.: +1 (310) 954-1123
China: +86 (10) 6583-7528
Email: gary.dvorchak@icrinc.com
SOURCE L & L Energy, Inc.
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