L&L Energy Reaffirms Ownership of Mines

L & L Energy, Inc. LLEN reaffirmed Wednesday its ownership of the Luozhou and Lashu Mines  and clarified previously released statements that responded to allegations made by short-sellers. In November 2012, L&L acquired a 95% equity stake in the Luozhou and Lashu Mines. L&L accomplished this by purchasing 95% interests in two Union Energy subsidiaries, Guizhou Union Energy Shun Da Inventory and Transport Corporation and Guizhou Union Energy WuZhou Energy Development Corporation, which previously owned 100% interest in both of the respective mines. In a press release dated September 24, 2013 the Company stated that in the Company's SEC Form 10-K for fiscal 2013, "the Company clearly states that it acquired the mines by purchasing equity interests in Union Energy subsidiaries."  The release goes on to state that "the Company completed the acquisition by obtaining a 95% equity interest in two entities, 'Guizhou Union Energy Shun Da Inventory and Transport Corporation', the owner of LuoZhou Coal Mine and 'Guizhou Union Energy WuZhou Energy Development Corporation', the owner of LaShu Coal mine." To clarify the statement quoted above See full press release