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."
Happy demi-anniversary, stock market rally. Will the honeymoon ever end?