SOURCE: Guanwei Recycling Corp.

Guanwei Recycling Corp.

January 18, 2011 08:00 ET

Guanwei Recycling Corp. Achieves 2010 Growth Target With Sales of 42,000 Tons of Recycled LDPE

Company Sees Continuing Gains in 2011

FUQING CITY, CHINA--(Marketwire - January 18, 2011) - Guanwei Recycling Corp. (NASDAQ: GPRC), China's leading clean tech manufacturer of recycled low density polyethylene (LDPE), announced today that, as forecasted, continuing strong demand in China for recycled LDPE in the fourth quarter ended December 31, 2010 resulted in full year sales for the Company of 42,000 tons of recycled LDPE.

Mr. Chen Min, Chairman and CEO of the Company, stated, "Achieving our previously estimated 2010 sales target caps an outstanding year for the Company in which we also saw continuing gains in product pricing, a significant strengthening of our raw material supply base, important upgrades of our zero discharge production facility and further diversification of our customer base."

The Company said it expects to announce audited full year results on or about March 31, 2011. 

Maintaining Its Environmental Advantage
"We take special pride that not only were we able to achieve our 2010 sales target," Mr. Chen said, "but once again we did so maintaining the highest environmentally sound manufacturing standards. In turn, this has permitted us the continuing significant advantage of being able to directly source our raw material in Europe from countries with the world's toughest environmental demands."

"As we enter 2011," Mr. Chen added, "we are well positioned for continuing advances capitalizing on the strong demand in China for recycled LDPE. All necessary steps to maintain our industry leadership are being taken, including active pursuit of an expanded import quota."

Description of Guanwei Recycling Corp.
Guanwei Recycling Corp. is China's largest manufacturer of recycled low density polyethylene (LDPE). Adhering to the highest "green" standards, it has generated rapid growth producing LDPE from plastic waste procured mostly in Europe for sales to more than 300 customers in ten different industries in China. Guanwei Recycling Corp. is one of the few plastic recyclers in China that has been audited by TÜV Rheinland Cert GmbH for compliance with German pollution and environmental standards, which allows the company to procure high quality plastic waste directly from Germany and other European countries (Spain and Holland), with no middlemen, and permits highly economic production of the highest grades of LDPE. Additional information regarding Guanwei Recycling Corp. is available at www.guanweirecycling.com.

Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.

Contact Information