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LEX The Longview Extended Commodity Index

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Name Symbol Market Type
The Longview Extended Commodity Index DOWI:LEX Dow Jones Indices Index
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  0.00 0.00% 0 -

Jeantex Group Signs Agreement to Acquire Major Equity Stake in Korean Coal Mine

10/02/2010 10:34am

GlobeNewswire Inc.


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Jeantex Group, Inc. (OTCBB:JNTX)  (Berlin:LEX) announced today that the company has signed an agreement to acquire a 49 percent equity stake in Kyung Ki Jae Il Kwang Up Soh (KJS), a South Korean corporation engaged in coal mining.

KJS and Jeantex will form a joint venture company to operate the mine. Jeantex will provide cash investments as well as technology transfer, management, sales and marketing to the venture.

KJS currently operates the mine and owns the rights to exploit coal deposits in a 1,400-acre area at Yeon Chun Goon, Korea. Test data have shown the coal deposits to be consistent with a caloric value of 7,200 and moisture of less than 1%. KJS estimates the mine has mineralized deposits amounting to 200 million metric tons.

Jeantex intends to issue an update on the progress of these transactions and additional new developments before the end of February.

About Jeantex Group, Inc.

Jeantex Group was previously engaged in the textile-apparel clothing industry, focusing on denim goods and accessories. The Company discontinued its apparel business in the fourth quarter of 2006 and has been actively seeking an acquisition or business combination opportunity to enhance value for its shareholders. The Company is in the process of restructuring into two divisions, construction materials and energy and resources.

Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties. Such forward-looking statements are based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected, on the basis of such forward-looking statements.

CONTACT:  Jeantex Group

Henry Fahman

714-843-5455

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