Market Watch: China Armco Metals - April 7, 2010
07 April 2010 - 11:38PM
Marketwired
Stock Market Alert's performance stock list includes: China Armco
Metals, Inc. (NYSE Amex: CNAM), China Information Security
Technology, Inc. (NASDAQ: CPBY), Schlumberger Limited (NYSE: SLB)
and Apple Inc. (NASDAQ: AAPL).
This morning, China Armco Metals, Inc. (NYSE Amex: CNAM)
announced that Armco & Metawise (H.K.), Ltd. ("A&M"), the
Company's wholly owned subsidiary, has established a strategic
partnership with TCG Commodity Management, LLC ("TCG"), a leading
international market maker supplying high demand minerals and
commodities to companies throughout Southeast Asia, to source a
number of high demand minerals as part of the Company's recent
strategy to seek longer term supply contracts for distribution in
China.
Following TCG's commitment to sell a total of 800,000 metric
tons of Manganese, the two companies began talks to pursue a
partnership to secure a number of additional commodities for
distribution into China resulting in today's announcement. Under
the framework of this strategic partnership, TCG has agreed to
provide A&M preferential access to additional supplies of
Manganese as well as Pig Iron and Iron Ore from Brazil, and Coal
from Colombia.
Commenting on this partnership, Mr. Kexuan Yao, CEO and Chairman
of China Armco Metals, Inc., stated, "There is currently a
supply-demand imbalance in China, with many core industrial
minerals and metals. While this is largely attributable to China's
strong growth, there are a number of other factors that contribute
to this problem including market inefficiencies, differences in
business culture and communication challenges. We believe these
factors are very prominent in South American where a vast supply of
these materials can be sourced into China. This is why we are
convinced this partnership opens the door to a very large
opportunity for us. First, TCG is unique because it has deep
experience in Asia, with a management team that has been financing
trades in the Asia region for decades, coupled with an established
infrastructure in Brazil. TCG has a wealth of business
relationships in Brazil in marketing, banking, and legal and has
facilitated billions of dollars worth of international commodities
transactions in numerous countries. We know of no other company
with this particular balance. Second, TCG has direct access to
mines and can enable us to obtain product without having to build
our own origination system in South America."
The stock closed yesterday at $9.03 cents a share.
For an in-depth profile of China Armco Metals,
visit http://www.wallstreetenews.com/view-company-profiles.php?profile=CNAM_080909.
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China Information Security Technology, Inc. (NASDAQ: CPBY) up
31.5% on 25.7 million shares traded. China Information Security
Technology, Inc., together with its subsidiaries, is a total
solution provider of digital security, geographic information, and
hospital information systems in the People's Republic of China.
Schlumberger Limited (NYSE: SLB) up 1.5% on 10.4 million shares
traded. Schlumberger is the world's leading supplier of technology,
integrated project management and information solutions to
customers working in the oil and gas industry worldwide.
Apple Inc. (NASDAQ: AAPL) up 0.4% on 15.9 million shares traded.
Apple continues to lead the industry in innovation with its
award-winning computers, OS X operating system and iLife and
professional applications.
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(NYSE Amex: CNAM), China Direct Industries, Inc. ("China Direct
Industries"), Dragon Capital Group Corp, China America Holdings,
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and Fifty Thousand dollars for current services and Fifty Thousand
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