SOURCE: Guanwei Recycling Corp.

Guanwei Recycling Corp.

December 09, 2010 12:00 ET

Guanwei Recycling Corp. Moving Closer to Achieving Full Year Sales Forecast

FUQING CITY, CHINA--(Marketwire - December 9, 2010) - Guanwei Recycling Corp. (NASDAQ: GPRC), China's leading clean tech manufacturer of recycled low density polyethylene (LDPE), reported today that based on strong October and November sales, and a continuing robust market for recycled LDPE, it is highly confident of achieving its previously announced sales goal for the full year.

As previously reported in its third quarter report for the period ended September 30, 2010, the Company sold nearly 31,000 tons of recycled LDPE through the first nine months of the year and forecasted that full year sales of recycled LDPE would reach or exceed 42,000 tons. 

"Since then," stated Mr. Chen Min, Chairman and CEO of the Company, "through November, we have sold an additional 8400 tons of self-manufactured product and December sales are continuing on track. As we approach year end, we therefore remain very confident of another strong sales advance this year in line with our forecast."

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

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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.

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