SOURCE: Odimo Incorporated

November 17, 2010 07:00 ET

Odimo Incorporated Completes Reverse Merger With Standard Crushed Stone Industry Limited

HUBEI, CHINA--(Marketwire - November 17, 2010) - Odimo Incorporated, Inc. (OTCBB: ODMO) (the "Company") today announced the completion of a reverse merger transaction on November 11, 2010, with Standard Crushed Stone Industry Limited ("SCSI"), through which the Company acquired control of SCSI's cement manufacturing and distribution business in the People's Republic of China (the "PRC" or "China"). The Company plans to change its name in the near future to better reflect its new business direction.

SCSI produces and sells Portland cement in China under the brand "Xuanlong." All of the business operations are carried out by Hubei Jinlong Cement Co., Ltd. ("Jinlong"), which SCSI controls through contractual arrangements between Jinlong and SCSI's wholly-owned subsidiary in the PRC, Great Mountain Information Consultant Co., Ltd. Jinlong's cement plant, located in Shiyan, Hubei Province, commenced operations in 2005 and recently completed a new production line bringing total annual production capacity to 2.3 million metric tons.

Mr. Zhilian Chen, who was appointed Chairman and Chief Executive Officer of the Company in connection with the reverse merger transaction, remarked from China: "Every enterprise desires success, but very few companies reach the pinnacle of achievement. This is only the start for our company and shareholders alike. Through our perseverance, modernization and hard work, the company looks to continue to advance organically and through acquisition as infrastructure in China continues to flourish."

Continued Chairman Chen, "Based on unaudited results for the nine months ended June 30 2010, our net revenues and net income were approximately $32.31 million and $2.64 million, respectively, as compared to $26.49 million and $4.74 million for the nine months ended June 30, 2009, respectively. For the year ended September 30, 2009, we reported net revenues of approximately $36.15 million and net income of $6.10 million, respectively."

About Odimo Incorporated:
Odimo Incorporated ("Odimo" or the "Company"), through Hubei Jinlong Cement Co., Ltd., a PRC company which it controls, is engaged in the manufacture and sale of Portland cement in China. The Company's cement products are marketed under the name "Xuanlong," and are used for residential, commercial and infrastructure constructions.

Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.

Contact Information

  • Contact:
    Genesis Global Capital
    Mr. Patrick Moneymaker
    Director
    214.924.4300