BVI Company News

China Mineral Technologies, Inc. has announced the financial results of its wholly owned British Virgin Islands subsidiary Powersmart Holdings Limited, as well as the change of the name of this BVI company into Gengsheng International Corporation.

BVI company’s reported revenues for the three-month period ended on March 31, 2007 made $8.5 million, which is a 69% increase if compared to $5.0 million reported for the same period 2006. Gross profit for the three month period ended March 31, 2007 was $3.4 million, or 39.4% of net revenues if compared to gross profit of $1.9 million, or 38.1% for the same period last year.
Total operating expenses were $1.8 million for the three-month period ended on March 31, 2007, or 21.5% of net revenues, compared to $1.1 million in total operating expenses, or 22.0% of net revenues for the same period last year.

Net income for this period of 2007 was $1.3 million, or 14.8% of net revenues, compared to $0.8 million, or 15.0% of net revenues for the same period last year.

CMT has announced the change of name of its BVI-based subsidiary, and filed the certificate with the Registry of Corporate Affairs, BVI Financial Services Commission. The name change became effective as of June 6, 2007.

Gengsheng International Corporation, formerly Powersmart Holdings Ltd., was acquired by China Mineral Technologies, Inc. on April 25, 2007 through a reverse merger transaction. China Minerals Technologies is a mineral-based manufacturer which produces monolithic refractories, industrial ceramics and related products. The company makes its business through Gengsheng International as well as through its Chinese subsidiaries, which include Henan Gengsheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd. and Henan Gengsheng High-Temperature Materials Co., Ltd.