Longwei Petroleum provided a year-end 2011 corporate update. To date Longwei has paid approximately $86.3M deposit toward the total purchase price of approximately $109.9M for the purchase of the assets of Huajie Petroleum, a fuel storage depot in northern Shanxi Province with a 100,000-metric-ton storage capacity. CEO Cai Yongjun stated, "Our revenues for the first five months of our fiscal year ending June 30 are up 6.1% year-over-year to $204.8M." CFO Michael Toups stated, "We believe the addition of the new facility assets will further accelerate our revenue and earnings growth in fiscal 2012."
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.