Chindex Press Room
GOVERNMENT SHUTDOWN DELAYS
BETHESDA, MARYLAND - December 29, 1995 - U.S. -CHINA INDUSTRIAL EXCHANGE, INC. (NASDAQ:CHDX), a leading American company in market representation, sales and consulting services for Western business in China since 1981, today announced that pursuant to an Export Import Bank financing program it has finalized contracts and completed most of the formalities for the shipment of $8.4 million worth of products into China, but due to the shutdowns related to federal budget negotiations, the final stages of the loan signing and actual product shipments will be delayed into early 1996.
"The delay is certainly a disappointment for us." Roberta Lipson, President and CEO, commented at the companys Bethesda headquarters. "We have been working very hard on this program this year both in the United States and in China. Who would have thought that a delay would be caused by the Export Import Bank itself being shut down. After working with the Chinese system for fifteen years, we are accustomed to unexpected obstacles in China business. You dont expect things like this to happen in the United States."
The company indicated that it has taken appropriate steps to notify the Chinese authorities involved with the loan program of the delay and has received assurances that there will not be any difficulties in execution of the program once the Export Import Bank is back to work.