News Update: Andatee Receives $8.84M Loan (AMCF)

Andatee China Marine Fuel Services Corporation (NASDAQ:AMCF) announced on Tuesday that the Bank of Yingkou has given the company a loan for about $8.84 million or RMB 60 million. The marine fuel oil production and distribution company plans to use the loan to establish its One-Stop Depot service model. Mr. An Fengbin, Chairman, President and CEO of Andatee commented, "We're pleased with the foregoing bank loan arrangement as well as the confidence that local banks have shown in the company, especially under current credit-tightening circumstances, This loan, along with future more active involvement from other local banks will allow Andatee to vigorously pursue the expansion of footprints along the coastal areas as well as more market opportunities for its marine fuel products." The loan has 6 percent interest rate for a period of six months. Andatee is currently trading 1.23 percent lower at $4.02.

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