- Will allow Liuyang to grow revenue streams and better showcase its products -
TORONTO, March 10 /CNW/ - Liuyang Fireworks Limited (TSX-V: FWK), a leading China-based manufacturer of fireworks, today announced today that it has executed the next phase of its strategy by launching Hunan Liuyang Fireworks Display Art Company, a 100 percent owned subsidiary. The subsidiary will enable Liuyang to market its fireworks products throughout China, directly to large event organizers as well as to individuals hosting small events where fireworks are consumed.
"The launch of Hunan Liuyang Fireworks Display Company is an important next step in our Company's growth," said Mr. Miao Hu, President and CEO of Liuyang Fireworks. "By integrating our innovative fireworks products with laser lights, unique music and computerized effects, our new subsidiary will allow us to uniquely address China's growing demand for sophisticated and safe fireworks displays, a market currently without a dominant player."
Hunan Liuyang Fireworks Display Art Company will market its products and services primarily to major Chinese cities that host cultural programs, sports events and special celebrations with large public and tourist gatherings.
Mr. Ping Wei has been named General Manager of Hunan Liuyang Fireworks Display Art Company. Mr. Wei, who has more than 25 years of experience in China's domestic display market, will be responsible for all of the subsidiary's sales, marketing and operating activities.
Hunan Liuyang Fireworks Display Art Company is expected to have RMB 16 million or approximately CND $2.6 million, in registered capital, which will be funded through the working capital of its parent company, Liuyang Fireworks Ltd.
About Liuyang Fireworks Limited
Liuyang Fireworks Limited is a leading China-based manufacturer of fireworks that are distributed domestically and in more than 20 countries in the Americas, Europe, Australia, and Southeast Asia. The Company has more than 15 years experience in the fireworks industry and is a supplier to the world's top five fireworks wholesalers and retailers. Liuyang's ISO9001-certified manufacturing facilities are located in the Liuyang area of Hunan, China where more than half of the world's fireworks are produced.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Liuyang Fireworks Limited
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