BEVERLY HILLS, CA -- (Marketwire) -- 06/17/09 -- Vortex Resources Corp. (OTCBB: VXRC)
(Equity, ISIN US92905M2035, WKN A0RLEK, HTE2), which is in the process of
changing its name to Yasheng
Eco-Trade Corporation, has identified four locations and submitted offers
to lease with an option to buy the buildings. After three months of
evaluating the numerous possible locations for the cooperative zone, the
company has focused on these four buildings because of their ability to
address the needs of the company.
Management believes each of these developments will allow the company to
accelerate the time frame for becoming operational. Management believes
once the building is secured, that the logistics center will be operational
within approximately 90 days. After visiting the sites, the Company's
Chairman Dr. Rubin commented, "Today marks a giant leap for the company in
realizing its dream of opening a cooperative zone and logistics center in
Southern California. We are honored to be a part expanding trade relations
while potentially creating jobs for Americans."
Based on current market conditions and Federal and Local incentives
available to the company, Vortex has decided to move forward with leasing
an existing building rather than building a new complex. Based on
construction bids received from a general contractor, the cost of building
the project would be in excess $70 million. In today's market, a similar
building can be purchased for $30 to $40 million. The company's strategy is
to lock in today's prices with a lease with an option to buy. This allows
the company to operate at a lower cost via low lease payments and still
take advantage of reduced prices for the purchase. Chairman Rubin states
further that "when we plug in the new cost structure to our business plan
for the logistics center the feasibility is tremendously improved!"
Vortex Resources Corp. (OTCBB: VXRC) (Equity, ISIN US92905M2035, WKN
A0RLEK, HTE2) is a publicly traded independent emerging resources company.
The Company's business has been the identification and acquisition of
undervalued assets within emerging industries for the purpose of
consolidation and development of these businesses and sale if favorable
market conditions exist. The Company's objective is to find, acquire and
develop resources at the lowest cost possible and recycle its cash flows
into new projects yielding the highest returns with controlled risk. The
Company's competencies include financial services, mergers and
acquisitions, accounting, real estate development, and natural resources
exploration. The Company is currently in the process of developing a
logistics center. As part of its strategy to develop a logistics center,
the Company has entered a term sheet with Yasheng Group in which Yasheng
Group, among other things, has agreed to contribute real property for the
development of a logistics center. Further, the Company and Yasheng Group
have jointly entered into a cooperation agreement with Legend
Transportation based in Texas. As a result of the above, the Company is in
the process of changing its name to Yasheng Eco-Trade Corporation.
Forward-Looking Statements:
Certain statements contained in this press release are forward-looking
statements that involve risks and uncertainties. The statements contained
herein that are not purely historical are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934, as amended.
