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UPDATE: L&L Energy Special Committee Produces Key Documentation to Repudiate GeoInvesting Allegations

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L & L Energy, Inc. (NASDAQ: LLEN) ("L&L" or the "Company"), a U.S.-based company with a track record of profitable energy (coal) operations in China, announced today that management has produced key documents to the special committee of independent directors to repudiate the short seller allegations posted by GeoInvesting. 

The…L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-based company with a track record of profitable energy (coal) operations in China, announced today that management has produced key documents to the special committee of independent directors to repudiate the short seller allegations posted by GeoInvesting. 

The GeoInvesting report alleges that L&L does not own the LuoZhou and LaShu mines.  The claim hinges on the fact that the mines are owned by an entity not named "L&L Energy."  In the company's SEC Form 10-K report for the year ended July 31, 2013, the company clearly states that it acquired the mines by purchasing equity interests in Union Energy subsidiaries.  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.  The Company supplied to its independent board committee the following documents: the equity acquisition agreement; a supplement that explains the deal structure; a Proof of Purchase Status document stating that L&L fulfilled its payment obligations under the agreement; and

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Posted-In: News Short Sellers Guidance Contracts Management Global

 

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