SOURCE: New Oriental Energy & Chemical Corp.

June 08, 2007 08:00 ET

New Oriental Energy & Chemical Corporation Receives $2.2 Million Urea Order

NEW YORK, NY--(Marketwire - June 8, 2007) - New Oriental Energy & Chemical Corp. (NASDAQ: NOEC), a specialty chemical and emerging alternative fuel manufacturer in The People's Republic of China ("New Oriental"), announced today that Sinofert, a large distributor, has made a $2.2 million purchase order for Urea. This order equates to an aggregate of approximately 10,000 tons and the Company anticipates recording this revenue during the first fiscal quarter. Urea orders have increased approximately ten percent in the current year to date as compared to the same period last year.

Sinofert is New Oriental's largest Urea customer and both companies have an established, long-term relationship based on New Oriental's strong brand name, consistent quality, production capacity and geographic proximity which ensures timely shipments. Sinofert is the largest distributor in the Guang Dong Province and sells approximately 1 million tons of Urea annually, representing nearly 33 percent of the total Urea consumed in the Guang Dong Province each year.

"We are pleased with the progress our team has made in our core fertilizer business and for further solidifying our relationship with a significant industry player like Sinofert. We are currently operating at full capacity and the cash flow provided by this business has enabled us to pursue the expansion of our alternative fuel production capabilities, namely DME and Methanol," stated Chen Si Qiang, New Oriental Energy & Chemical Corporation's Chief Executive Officer. "We do not have any immediate plans to further expand Urea production but given our strong relationship with Sinofert and other distributors in the Hu Bei, Hu Nan and Guang Xi provinces, we feel confident this business will continue to be a cash cow into the foreseeable future."

About New Oriental Energy & Chemical Corp.

New Oriental Energy & Chemical Corp. is an emerging alternative fuel and specialty chemical manufacturer based in Henan Province, China. The Company is focused on the production of Dimethyl ether (DME), methanol and fertilizer products, and the Company expects to begin production of bio-diesel within the next year. The Company sells its products primarily through a network of distribution partners.

Safe Harbor Statement:

This press release contains forward-looking statements concerning Sports Source, Inc. and New Oriental Energy. The actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology or product techniques, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. New Oriental Energy & Chemical Corp. undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

Contact Information

  • Contact:
    New Oriental Energy & Chemical Corp.
    Mr. Wang Gui Quan
    Xicheng Industrial Zone of Luoshan, Xinyang
    Henan Province, The People's Republic of China
    Tel: (011-86) 376-2169211
    Fax: (011-86) 376-6818152

    For Investors:
    Bob Agriogianis
    Focus Asia Partners
    Ph: (973) 966-2983
    Cell: (973) 216-6949
    Fax: (973) 966-6252