Thursday, July 22, 2010

Longwei Petroleum (LPH) approved for NYSE Amex listing

Longwei Petroleum Investment Holding Ltd. (LPH), a leading oil and fuel wholesaler and distributor operating in Shanxi Province, China, announced yesterday that they received approval to list its common stock on NYSE AMEX. The company will begin trading on the Amex today under the ticker symbol "LPH."

"We are excited to move to NYSE Amex and believe that this transition will bring greater value to our shareholders through increased investor visibility," Mr. Cai Yongjun, Chairman and CEO of Longwei, commented. "I can think of no better way to finish a strong fiscal year and jumpstart a new one than with this pivotal move to a senior exchange. We welcome the increased responsibility and accountability that the new listing will entail, and we see it as a validation of the trust and credibility that we have worked so hard to build with our investors. As a leading petroleum distributor in China, Longwei is strongly positioned to continue expanding its reach in the coming year. The transition to NYSE Amex enables us to increase awareness in the investment community and attract a larger, more diverse shareholder base. We would like to thank our shareholders, employees, and other stakeholders for their ongoing support as we move forward into what will undoubtedly be a record year for Longwei Petroleum."

Yesterday LPIH closed the day at $2.33 up nearly 7% on 1.45M shares. The price action carried LPIH well over the 50 as well as the 200 Day Moving Averages all on record volume. This stock could be a trading opportunity today.


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