SEATTLE, July 2, 2012 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or "Company"), a Seattle-based company with a five-year track record of profitable coal operations in China, announces that it will use an equity interest swap with Union Energy as part of the acquisition of the LuoZhou Mine.
In June 2012, Union Energy entered into two MOUs to sell controlling interest in two of its mines to L&L. One of which, the LuoZhou mine ("LuoZhou, the Mine"), is scheduled to begin full production in fall of 2012.
DaXing Co., L&L's recently established wholesale subsidiary in Guizhou, has entered into thermal coal contracts with large end users including, Datang Power Co. By acquiring LuoZhou and the Lashu Mine in near future, both of which produce high quality thermal coal, L&L will increase the available thermal coal for its wholesale operations, further increasing efficiency.
Back in 2011, PUDA was accused of fraud. Their board of directors did exactly what LLEN is doing now. Unfortunately for PUDA, it didn't turn out so well for investors. The stock was halted, and now trades (well, not really) for .05. I can't post a link, but here is the story. Google-search it based on the text if you want more info.
TAIYUAN, China, April 11, 2011 /PRNewswire-Asia-FirstCall/ -- Puda Coal, Inc. (NYSE AMEX: PUDA) ("Puda Coal" or the "Company") today announced that its Board of Directors has unanimously ratified the Audit Committee's decision to launch a full investigation into the allegations raised in a recent article alleging various unauthorized transactions in the shares of a subsidiary company, Shanxi Coal. The Audit Committee has retained professionals in the United States and China to assist it in its investigation. The full board, including Mr. Ming Zhao, the Chairman of Puda Coal, has agreed to cooperate in the investigation.