China GengSheng Minerals secures approximately $1.7 million contract

July 20, 2010 - China GengSheng Minerals, Inc., a leading China-based high-tech industrial materials manufacturer producing heat resistant, energy efficient materials for a variety of industrial applications, today announced that it has secured an approximately $1.7 million contract for its fracture proppant products with a new distributor to strengthen its export to the U.S. market. Product shipments under this contract are expected to commence during the third quarter of 2010 and continue through the end of the year.
"We have secured approximately $9.5 million in fracture proppant contracts during the first two quarters and continue to see strong growth prospects early in the third quarter as we shore up existing relationships and attract new customers," said Mr. Shunqing Zhang, China GengSheng's Chairman and Chief Executive Officer. "The recent upgrade of our phase II production line has significantly enhanced our manufacturing capabilities and we are well positioned to address increasing demand for our high-margin, premium products. We are working diligently to continue growing this segment of our business during the second half of 2010 and we are confident that demand will remain healthy as new and existing customers recognize the benefits of our fracture proppant products."