Industrial Enterprises of America Forms Joint Venture With Sinochem Ningbo Ltd. Monday December 18, 11:53 am ET
NEW YORK, Dec. 18, 2006 (PRIME NEWSWIRE) -- Industrial Enterprises of America, Inc. (OTC BB:IEAM.OB - News), a specialty automotive aftermarket supplier, today announced that the Company has entered into a Joint Venture agreement with Sinochem Ningbo Ltd., a subsidiary of Sinochem Corporation, for the packaging of refrigerant gases in China for worldwide distribution. Sinochem Corporation is China's largest chemicals trader and a Global 500 Company.
Per the agreement, IEAM will provide packaging equipment and expertise as well as train the staff for the facility which will be provided by Sinochem. Profits from the venture will be effectively equally split between the two parties.
Industrial Enterprises anticipates that the Joint Venture will begin operations early next year, with a full transfer of equipment and trained personnel between IEAM and Sinochem's facilities to be complete by the end of March.
John Mazzuto, Chief Executive Officer of Industrial Enterprises of America, commented, ``This new venture has the potential to increase the earnings of our company dramatically as this facility will be shipping worldwide. We expect this Joint Venture to be a strong profit center for IEAM for many years to come. Although it is premature to forecast earnings for the new venture, I would expect it to have at least the same impact as the acquisition of Pitt Penn.''
Sinochem Ningbo Ltd. was established in 1987 and is a subsidiary of China National Chemicals Import & Export Corporation (SINOCHEM), which ranked 276th among the top 500 enterprises in the world.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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posted
man that sounds like great news, wonder why we didn't move today? This part really caught my eye!! "Sinochem Corporation is China's largest chemicals trader and a Global 500 Company."
-------------------- Success is having the time and money to enjoy all of life's wonders... Posts: 2083 | Registered: Nov 2005
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quote:Originally posted by RichBy26: man that sounds like great news, wonder why we didn't move today? This part really caught my eye!! "Sinochem Corporation is China's largest chemicals trader and a Global 500 Company."
I liked that part too...
Posts: 942 | From: Wisconsin | Registered: Jan 2006
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quote:Originally posted by stocktrader22: Rich...I got an email back from investors relations saying they are still waiting on nasdaq approval
I'm still waiting on a response from IR. I'm not sure why they have not responded to any of my emails concerning the NASD listing. I went golfing today so I wasn't around for any of the action, but I'm still puzzled why we didn't move up on the news today, very low volume too, just 271K shares traded. Hopefully we get another good pop in pps before the new year! If not, 2007 is setting up to be HUGE for IEAM
-------------------- Success is having the time and money to enjoy all of life's wonders... Posts: 2083 | Registered: Nov 2005
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posted
nope, used my yahoo address which I always use to email different companies. Maybe I'll try using another email address, I'll let you know if I get anything.
-------------------- Success is having the time and money to enjoy all of life's wonders... Posts: 2083 | Registered: Nov 2005
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what's up with this one. I know there was some insider selling on the 22nd, but it doesn't seem like that event should have caused the decline that it's had over the past week or so.
posted
Didn't see any news. Don't know why this went up today. I forgot about a GTC order I had put in when it was $4.00 for $4.80, so I'm out now :(whether I like it or not). (with a nice profit)
Jo
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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Wow, I saw it ended up pretty nicely last week and was thinking of you jo. Nice to see you got out with a good profit. I was planning to get back in, but I think I missed my chance.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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posted
Geez, nice day today. Actually above where most of us sold out now, at 4.95
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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Over 10% gain today. Maybe their NASDAQ news is coming?
Jo
Edited to add: Thanks for thinking of me PCola!
For a moment there after my sell order hit, I thought that perhaps my reverse midas touch was gone, as the price went down a bit. But now I see it's as good as it always is
posted
Well Repo, I thought it went up too hig too fast, so I sold at like 4.75 and was planning to buy back in if it dipped under $4.00 It did, and I just plain wasn't paying attention until I saw it close last week at like $4.50
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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quote:Originally posted by Repoman75: I'm moving 1/2 my position out of here into DKAM... I still like this stock to go to $6, but DKAM is going to $3 in the short order.
Damn I'm good - $5.94 today.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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