China Ceramics Co., Ltd. (“China Ceramics” or the “Company”) announced today that the Gaoan City Administration for Industry and Commence has transferred to the Company the registration and business license for the previously initiated acquisition of a new production facility in Gaoan, China (the “Gaoan Facility”).
China Ceramics made a final cash payment of RMB39mm to a group of investors (the “Investors”) on January 20, 2010. The Gaoan Facility is now 100% owned by China Ceramics and has started manufacturing finished products.
China Ceramics also announced today that it has signed agreements with three new exclusive distributors in Hainan province, Zhejiang province and Anhui province that will begin distributing the Company's products in January 2010. Including its three newly signed distributors, China Ceramics has a network of 35 exclusive distributors. China Ceramics continues to negotiate distribution agreements with additional distributors and large real estate developers in order to increase the Company’s penetration of the PRC market.