WUHAN, China, November 4, 2014 /PRNewswire/ — Kingold Jewelry, Inc. (“Kingold” or “the Company”) (NASDAQ: KGJI), one of China’s leading manufacturers and designers of high quality 24-karat gold jewelry, ornaments and investment-oriented products, today announced that it has signed a Cooperation Agreement of Precious Metal Products with Hubei Bank Corporation Limited (“Hubei Bank”) on October 28th to design and manufacture investment-gold products for resale by Hubei Bank to its customers throughout the province.
Under the agreement, Kingold will design and manufacture 24-karat gold investment-oriented products, including coins, bars and ornaments, on behalf of Hubei Bank. This partnership marks the seventh that the Company has entered since launching its investment gold business in 2012, as Hubei Bank joins Kingold’s other bank partners, including: Bank of Communications, China Merchant Bank, CITIC Bank, Wuhan Rural Commercial Bank, China Construction Bank, and Xingye Bank.
Kingold’s investment gold products are now being resold in a number of provinces throughout China, including Beijing, Hubei, Jiangsu, Jiangxi, Liaoning, Zhejiang, Henan and Sichuan Provinces.
Chairman and CEO, Mr. Zhihong Jia, stated, “We continue to gain traction in the growth of investment gold as a percentage of our overall business. Our strategy is to leverage our design and manufacturing capabilities into a sector of the market where branded banking products are continuing to see steady demand. Our Company has had a strong relationship with Hubei Bank for many years, and we intend to provide the finest quality 24-karat gold products to customers located throughout the Bank’s network of approximately 127 retail branches.”
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in Wuhan City, one of China’s largest cities, was founded in 2002 and today is one of China’s leading designers and manufacturers of 24-karat gold jewelry, ornaments, and investment-oriented products. The Company sells both directly to retailers as well as through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. For more information, please visit www.kingoldjewelry.com.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These include statements regarding Kingold’s expectations regarding the Company’s growth of investment gold as part of its business, the Company’s strategy with respect to branded products, and the Company’s ongoing relationship with Hubei Bank. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. Forward-looking statements are subject to a number of risks, including those contained in Kingold’s SEC filings available at www.sec.gov, including Kingold’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Kingold undertakes no obligation to update or revise any forward-looking statements for any reason.
Kingold Jewelry, Inc.
Bin Liu, CFO
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China)
The Equity Group Inc.
Katherine Yao, Associate