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Tech Company News: China GengSheng Minerals Wins $3.6 Million Of Contracts

April 29, 2010 (FinancialWire) — China GengSheng Minerals, Inc. (AMEX: CHGS), an industrial materials manufacturing company in China, said it has won two fracture proppant supply contracts to expand its international export operation. The combined value of the two contracts is around $3.6 million, according to the company.

Fracture proppants are light, bauxite-based, grain-like materials that have a round and smooth surface and a quality of resisting high pressure and acid corrosion. They are used by oil and gas drillers to extract pockets of oil and natural gas scattered underground.

China GenSheng said the two contracts were signed on April 14, 2010 and April 24, 2010, respectively, between GengSheng's subsidiary, Zhengzhou Duesail Fracture Proppant Co, Ltd and Amsat International, a U.S. importer with distribution channels in the United States.

Under the contracts, GengSheng was to start shipping 1,008 metric tons of fracture proppant on or before April 23, 2010, and will ship another 8,028 metric tons on or before September 1, 2010.

The firm said it has already shipped out the first 1,008 metric tons of the fracture proppant products.

China-based China GengSheng Minerals develops, manufactures and markets a range of industrial material products, including refractories, industrial ceramics and fracture proppants.

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