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Hankersen Intl. Corp. Announces
$700,000 Financing to Support Expansion and Growth
June 24, 2008
XI'AN, China, June 24, 2008 -- Hankersen Intl. Corp. (OTCBB:HKRS), a
leading manufacturer of cork-based building materials for the
Chinese and international building industry, announced that the
company has completed a US$700,000 financing consisting of
convertible promissory notes and warrants to support its expansion
and growth strategy.
The placement agent was Hickey Freihofner Capital, a division of
Brill Securities, Inc. More information about this agent is
available at: http://www.hfcap.com.
Hankersen CEO Pengcheng Chen said, "This financing is an important
step forward in our growth plans. We are building a new factory to
increase production capacity to meet the growing demands we are
experiencing both here in China and abroad. Our order book remains
full as consumers increasingly request cork, which is not only
superior to wood in many respects, but is also a renewable green
product."
Hickey Freihofner Capital Managing Partner, Paul Hickey, said, "With
growing world-wide interest in the use of green and renewable
materials, demand for cork products should continue to rise. Cork is
not only environmentally friendly, but it also provides excellent
durability and insulation and it is fire resistant. China is in the
midst of a building boom. Because of its proprietary technology and
its strategic position in this robust market, we believe the outlook
for Hankersen is favorable. We are very pleased to raise funds for
Hankersen to help them grow their business."
Hankersen's revenues have grown from $2.18 million in 2002 to $16.05
million in 2007. The company's reported net income increased 178% to
$1.76 million and revenues grew 33% in 2007 compared to 2006.
About Hankersen International Corp.
Located in Xi'an, China, Hankersen is a rapidly growing leader in
the development, manufacturing and marketing of cork-based building
materials. The company's products include raw and semi-finished cork
materials, and finished cork products such as cork floorboards and
cork wallboards. Approximately 75% of the company's products are
sold within China and the rest are sold overseas to customers in the
United States, Germany, Japan and India. The company currently
capitalizes on four technological patents. The company operates in
China under the Hanxin brand. More information may be found at
http://www.hxrm.com.
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