Monday August 10, 2009
China Armco Metals Secures $12 Million Letter
of Credit to Expand Its Distribution Business
SAN MATEO, CA—August 10, 2009 -- China Armco Metals, Inc. (OTCBB:CNAM.OB - News), a distributor of imported metal ore with plans to launch a new state of the art scrap metal recycling facility in China, today announced the Company received a Back to Back secured Letter of Credit from DBS Bank Ltd. (“DBS”) on April 22, 2009 for up to $12 million to be used to finance purchases of various metal ores. DBS was established in 1968 as the development bank of Singapore. DBS is one of the largest financial services groups in Asia, and its “AA-“ and “Aa1” credit ratings are among the highest in the Asia-Pacific region. The bank has also been a key partner in financing the growth of small and medium-sized enterprises and in Hong Kong DBS is the industry leader in equipment and trade finance.
Kexuan Yao, Chairman and CEO of China Armco Metals, Inc., commented “We are extremely pleased to have secured this $12 million credit facility. We see continued evidence that the Chinese economy is on the road to recovery and there has been an increasing demand for commodities coupled with a rising price environment. We believe this additional financial flexibility will enable us to opportunistically grow our distribution business and significantly improve our overall operating results.” Read the Full Story and Company Profile Here
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