NEW YORK, March 1, 2016 /PRNewswire/ — eBullion’s wholly owned subsidiary Man Loong Bullion Company acts in its capacity as an officially designated electronics AA trading member of the Chinese Gold and Silver Exchange Society (“CGSE”). CGSE’s goals in 2016 will be promoting the role of Hong Kong as a major gold trading center in the sphere covered by China’s “One Belt, One Road” initiative, and together with their business in the Qianhai warehouse, CGSE aims at making China the most important gold market in Asia by building more trading connection with overseas markets.
CGSE is approved by China government to construct a gold bonded warehouse in Qianhai, Shenzhen, which is set to have a storage capacity for 1,500 tons of gold. The warehouse will operate as a sealed-off, tariff-free trading center for gold, in which CGSE members will facilitate trading. It is also hoped that the warehouse will bring greater value to both the economies of Hong Kong and China. Customs gold bonded warehouse that would operate up to 22 hours per day will facilitate the import and export clearance of Gold.
Currently, eBullion’s customers are mainly individual investors, with this new gold bonded warehouse in Qianhai, Shenzhen, eBullion will be able to offer gold clearance services for institutional clients in China and other countries in Asia.
This press release contains forward-looking statements that may involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words “plan”, “target”, “anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding eBullion’s strategy, future plans for business development, future expenses and costs, future liquidity and capital resources, and estimates of business profit. All forward-looking statements in this press release are based upon information available to eBullion on the date of the release, and eBullion assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The company’s actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that business development will continue at any specific progress. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company’s 10-K filed with the U.S. Securities Exchange Commission.