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VANCOUVER, BRITISH COLUMBIA – October 29, 2015 – Crownia Holdings Ltd. (formerly Lingxian Capital Inc.) (TSX-V: CNH) (“Crownia” or the “Company”) is pleased to announce that it has incorporated a wholly owned subsidiary in British Columbia to be the hub for developing the Company’s trading business in North and South America.
Crownia, through its wholly owned subsidiary Jinsili International Steel Holdings, Co., Ltd. (“Jinsili”), is a global specialty steel trader and distributor, which sells a wide range of specialty steel products, connecting a strategic network of Chinese steel suppliers and specialty steel customers in markets around the world. Seeking to become a leading specialty steel trader in the global markets, Crownia anticipates significant growth potential in the global specialty steel market. The Company is currently focused on expanding its network of specialty steel product suppliers in order to offer a broad range of products to customers.
The Company’s successes to date are as follows:
• Completion of qualifying transaction with Jinsili International Steel Holdings Co., Ltd.
• Completing of a CAD $500,000 non-brokered private placement financing in connection with the qualifying transaction
“Upon establishing the Canadian operating subsidiary, Crownia will implement an aggressive strategy to increase the existing customer base in North America previously established by Jinsili, and further expand its reach to other potential specialty steel buyer in South America and other similar time-zone regions,” commented by Herrick Lau, CEO of Crownia.
Highlights of Jinsili’s financial results for the year ended June 30, 2015 which are filed o SEDAR include:
– Revenue has increased from USD $5,640,433 (approximately CAD $6,034,700) for the fiscal year 2014 to USD $8,321,498 (approximately CAD $9,756,124) for the fiscal year 2015, representing a 47.5% year-over-year growth. This increase of the revenue was primarily a result of developing new major customers in Bangladesh.
– Purchase of customer list from Profitsino Global Holdings Company Limited, who used to be a major customer of Jinsili acting as a middleman between end customers, enabling Jinsili to make direct sales with those buyers.
– Working capital has improved to USD $1,879,592 (approximately CAD $2,203,634) for the fiscal 2015 from USD $1,157,647 (approximately CAD $1,238,567) for the fiscal year 2014, as a result of paying off loans.
About Crownia Holdings Ltd.
As a specialty steel trading company, Crownia provides value-add by identifying suitable suppliers for products that best suit customer needs, establishing distribution centers in optimal locations, and providing superior sales and after-sale services to customers. For more information, please contact Gilbert Chan at (604)488-8878 or email firstname.lastname@example.org.
On behalf of the Board of Directors,
Crownia Holdings Ltd.
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans” “expects” or “does not expect”, “proposed”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information in respect of the Company reflects the Company’s as the case may be, current beliefs and is based on information currently available to the Company and on assumptions the Company as the case may be, believes are reasonable.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release represent the expectations of the Company as of the date of this press release and, accordingly, are subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.