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Stock Market & Financial Investment News

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December 18, 2013
07:07 EDTPMEPingtan Marine Enterprise announces intention to sell directly to customers
Pingtan Marine Enterprise announced that its board of directors has approved a resolution in which Pingtan will begin negotiating with the Fujian Provincial People's Government of People's Republic of China to acquire operating rights for a parcel of land in which it intends to construct a fish processing plant. The company intends to sell directly to end markets by the end of 2015. Based on the company's current projections, Pingtan expects to report net income of between $40M-$43M, excluding the discontinued dredging business, for the year ending December 31 and between $80M-$85M for the year ending December 31, 2014. This guidance is based on the current expected timeline for each vessel to operate at full capacity, taking into account maintenance and dry-docking requirements for certain vessels, demand, and the payment of current debt obligations. The company notes that this guidance does not include any net income related to this project for the year ending December 31, 2014.
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