Archive for the ‘ Press Releases ’ Category

China Direct Industries Completes Initial Rollout of UFIDA NC Enterprise Resource Planning (ERP) System

DEERFIELD BEACH, FL–(10/18/11) – China Direct Industries, Inc. (“China Direct Industries”) (NASDAQ:CDII), a U.S. based company that sources, produces and distributes industrial products in China and the Americas in two core business segments, announced today that it successfully completed implementation of its new UFIDA NC Enterprise Resource Planning (ERP) financial account software system at Shanxi Gu County Golden Magnesium Co., Ltd. (“Golden Magnesium”), its wholly owned subsidiary.

 

The NC ERP system is a comprehensive financial accounting software suite provided by UFIDA Software Co. Ltd., the largest enterprise resource management solution provider inChina. Once fully implemented, this web based ERP system will enable management to better manage its magnesium operations through a real-time centralized financial data management system.  The NC ERP system enables multi-currency financial data capability as well as multilingual user interfaces and reports functionality making it the ideal financial management tool for China Direct Industries as it builds its operations in theUnited States,China, andLatin America.

 

Management expects to continue the implementation of the system with its other magnesium subsidiaries in the coming months. Full implementation of the ERP system will help management improve corporate forecasting, overall accounting practices, and financial transparency as China Direct Industries grows its operations in the coming years.

 

Commenting on the successful ERP implementation at Golden Magnesium, Dr. James Wang, Chairman and CEO of China Direct Industries, Inc., stated “The system-wide rollout of this ERP system is critical for us as we move to complete our magnesium consolidation plan and successful implementation at Golden Magnesium is a significant milestone in this important process.  The NC ERP system will provide for greater financial transparency and  enable management to rapidly respond to changing business conditions to maximize overall financial performance throughout our organization. ”

 

 

About China Direct Industries, Inc

China Direct Industries, Inc. (NASDAQ:CDII), is a U.S. based company that sources, produces and distributes industrial commodities in China and the Americas and provides business and financial consulting services. Headquartered in Deerfield Beach, Florida with corporate offices in Shanghai, China Direct Industries’ unique infrastructure provides a platform to expand business opportunities globally while effectively and efficiently accessing the U.S. capital markets. For more information about China Direct Industries, please visit http://www.cdii.net.

 

DISCLOSURE NOTICE:

 

In connection with the safe harbour provisions of the Private Securities Litigation Reform Act of 1995, China Direct Industries, 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 expectations concerning our ability to complete implementation of the NC ERP software in our Magnesium segment and our ability to operate and maintain this system.

 

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 Report on Form 10-K for the fiscal year ended September 30, 2010.

 

Contact Information:

 

ChinaDirect Industries, Inc.

Richard Galterio or Lillian Wong

Investor Relations

Phone: 1-877-China-57

Email: richard.galterio@cdii.net

lillian.wong@cdii.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

China Direct Industries to Present at the Sixth Annual Singular Research “Best of the Uncovereds” Conference October 26, 2011

DEERFIELD BEACH, Fla., Oct. 17, 2011 /PRNewswire/ — China Direct Industries, Inc. (“China Direct Industries”) (NASDAQ:CDII), a U.S. based company that sources, produces and distributes industrial products in China and the Americas in two core business segments, announced today that it will be presenting at the Singular Research sixth Annual “Best of The Uncovereds” Conference on Wednesday, October 26th at the Luxe Sunset Boulevard Hotel in Los Angeles.

Mr. Richard Galterio, Vice President of China Direct Industries, is scheduled to present at 11:30am ET (8:30am PT).  The Company will also provide a live webcast of this presentation at http://www.singularresearch.com.

During the remainder of the day, Mr. Galterio will meet with investors during a series of one-on-one breakout meetings at the conference. For more information on the conference or to schedule a one-on-one meeting, please contact Singular Research.

About China Direct Industries, Inc.

China Direct Industries, Inc. (NASDAQ:CDII – News), is a U.S. based company that sources, produces and distributes industrial commodities in China and the Americas and provides business and financial consulting services. Headquartered in Deerfield Beach, Florida with corporate offices in Shanghai, China Direct Industries’ unique infrastructure provides a platform to expand business opportunities globally while effectively and efficiently accessing the U.S. capital markets. For more information about China Direct Industries, please visithttp://www.cdii.net.

About Singular Research/ http://www.singular-research.com/index.htm

Singular Research aims to be the most trusted supplier of independent, trusted, single-source research on small-to-micro cap companies to the small-to-medium sized Hedge Fund manager. We will provide quarterly updates for 20 to 50 companies and make recommendations. How do we strive to achieve our Mission/Goal: Find under or overvalued securities: Our goal is to provide initiation reports and quarterly updates for approximately 40 micro to small cap companies. In most cases, our analysts research companies that are not covered by any other firms.

 

  • We provide Honest Advice: Our Independent analysts have no financial interest in the stocks we cover. Analysts are compensated based on the accuracy of their research calls not through trading commissions or potential deal flow.
  • Cumulative Track Record: Since inception in August 2004 Singular Research is up 151.53% throughDecember 2010, compared to the S&P 500 at 13.90%

 

 

Contact Information:

China Direct Industries, Inc.
Richard Galterio or Lillian Wong
Investor Relations
Phone: 1-877-China-57
Email: richard.galterio@cdii.net
lillian.wong@cdii.net

China Direct Industries Completes the Sale of its 51% Stake in Shanxi Pan Asia Magnesium Company for $3 Million

DEERFIELD BEACH, FL–(8/911) – China Direct Industries, Inc. (“China Direct Industries”) (NASDAQ:CDII), a U.S. based company that sources, produces and distributes industrial products in China and the Americas in two core business segments, announced today that it has completed the sale of its 51% stake in Shanxi Pan Asia Magnesium Company (“Pan Asia”) for $3.05 million in cash to Bloomgain Investment Company, Ltd. (“Bloomgain”), a privately held British Virgin Island company.

 

The sale of Pan Asia is part of management’s overall plan to focus its Magnesium segment operations on the management of facilities previously owned or controlled by Yuweii Huang, a member of China Direct Industries’ board of directors and its executive vice president – magnesium.   Management intends to use the proceeds from this sale for general working capital as well as to expand its magnesium operations in China and its U.S. based commodities trading operations as it continues to ship iron ore to China from Mexico and begins shipping from South America.

 

Commenting on the sale of Pan Asia Dr. James Wang, Chairman and CEO of China Direct Industries, Inc., stated “We are pleased to have concluded this sale as we move forward with the expansion of our Magnesium segment in partnership with Mr. Huang.  This infusion of capital will provide us with further financial flexibility as we strengthen our magnesium business and build our ore distribution capabilities in Mexico and South America in the coming quarters.  We look forward to putting this money to work as we position our company for growth in fiscal 2012 and beyond.”

 

 

About China Direct Industries, Inc.

China Direct Industries, Inc. (NASDAQ:CDII – News), is a U.S. based company that sources, produces and distributes industrial commodities in China and the Americas and provides business and financial consulting services. Headquartered in Deerfield Beach, Florida with corporate offices in Shanghai, China Direct Industries’ unique infrastructure provides a platform to expand business opportunities globally while effectively and efficiently accessing the U.S. capital markets. For more information about China Direct Industries, please visit http://www.cdii.net.

 

DISCLOSURE NOTICE:

 

In connection with the safe harbour provisions of the Private Securities Litigation Reform Act of 1995, China Direct Industries, 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 expectations concerning our ability to execute on our business plan in our magnesium and basic materials segments.

 

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 Report on Form 10-K for the fiscal year ended September 30, 2010.

 

Contact Information:

 

China Direct Industries, Inc.

Richard Galterio or Lillian Wong

Investor Relations

Phone: 1-877-China-57

Email: richard.galterio@cdii.net

lillian.wong@cdii.net

China Direct Industries in Definitive Agreement to Acquire 100% of Golden Trust Magnesium Industry Co., Ltd. 80% of Lingshi Xinghai Magnesium Industry Co., Ltd.

DEERFIELD BEACH, FL–(9/6/11) – China Direct Industries, Inc. (“China Direct Industries”) (NASDAQ:CDII), a U.S. based company that sources, produces and distributes industrial products in China and the Americas in two core business segments, announced today that it has entered into a series of agreements to acquire a 100% ownership interest in Golden Trust Magnesium Industry Co., Ltd. (“Golden Trust”) and an 80% ownership interest in Lingshi Xinghai Magnesium Industry Co., Ltd. (“Lingshi Magnesium”).  The acquisitions are part of management’s ongoing plan to further consolidate its magnesium holdings as well as acquire additional facilities owned in whole or in part by Mr. Yuwei Huang, a member of the board of directors of China Direct Industries.

Under the terms of the agreements China Direct Industries will issue up to 18.2 million shares of its common stock, transfer its $4.7 million interest in its subsidiary Excel Rise Technology Co., Ltd., and pay $4.8 million in cash or through the repayment of one of its intercompany loans to make the acquisitions in a deal totaling approximately $26.7 million. Closing of the acquisitions is conditioned upon (i) approval of the issuance of the common stock constituting the stock consideration provided for in the agreements to acquire these companies  and in accordance with NASDAQ Market Place Rules and Regulations;  (ii) the absence of any order or injunction of a court of competent jurisdiction that prohibits the consummation of the acquisitions, (iii) the absence of certain governmental restraints, and (iv) the accuracy of the representations and warranties of each party. A summary of the agreements is provided in a Form 8-K China Direct Industries filed with the Securities and Exchange Commission on September 6, 2011.

Upon completion of the two acquisitions, China Direct Industries annual magnesium production capacity will increase by 30,000 metric tons bringing the total magnesium production capacity at China Direct Industries to 90,000 metric tons. At this production capacity, China Direct Industries would be among the world’s largest magnesium producers.  The facilities at Golden Trust and Lingshi Magnesium could be expanded to increase production capacity should demand levels warrant future expansion.   Upon completion of the acquisitions, management of China Direct Industries intends to improve many aspects of its operations through the synergistic alignment of all purchasing, sales and administrative functions among its magnesium production facilities through the centralized management of Yuwei Huang and Kong Tung.

Commenting on the agreement Dr. James Wang, Chairman and CEO of China Direct Industries, Inc., stated “We are excited to move forward with our consolidation and acquisition plan through the acquisitions of Golden Trust and Lingshi Magnesium.  We believe the addition of these magnesium production facilities will further solidify our place among the world’s leading magnesium producers. We continue to position our company to meet our expectations for the future in this important industry, poised to take advantage of the improving demand and pricing trends to fuel substantial growth in the coming years.”

About China Direct Industries, Inc.

 

China Direct Industries, Inc.   (NASDAQ: CDII – News), is a U.S. based company that sources, produces and distributes industrial commodities in China and the Americas and provides business and financial consulting services.   Headquartered in Deerfield Beach, Florida with corporate offices in Shanghai, China Direct Industries’ unique infrastructure provides a platform to expand business opportunities globally while effectively and efficiently accessing the U.S. capital markets. For more information about China Direct Industries, please visit http://www.cdii.net.

DISCLOSURE NOTICE:

In connection with the safe harbour provisions of the Private Securities Litigation Reform Act of 1995, China Direct Industries, 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 expectations concerning the expected completion of the acquisition of Golden Trust and Lingshi Magnesium, our beliefs concerning our position in the magnesium production industry, and the expected demand, pricing and operating results for our magnesium segment and our rates of magnesium production.

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 Report on Form 10-K for the fiscal year ended September 30, 2010.

Contact Information:

China Direct Industries, Inc.

Richard Galterio or Lillian Wong

Investor Relations

Phone: 1-877-China-57

Email: richard.galterio@cdii.net

lillian.wong@cdii.net