CGPI China Redstone Group Inc (GM)

CHONGQING, China, Nov. 23, 2010 /PRNewswire/ -- China Redstone Group, Inc. (OTC Bulletin Board: CGPI) ("China Redstone" or the "Company"), the largest private provider of cemetery products and services in Chongqing, China, today reported it sold 643 cemetery plots during the month of October 2010.

China Redstone sold 643 cemetery plots in October 2010, representing an increase of 20% from September 2010 and 8.1% from the same period last year.  The average selling price was $7,341 per plot, an increase of 40.7% from $5,218 last year.

"We have built very positive momentum through the first seven months of our fiscal year," began Mr. Yiyou Ran, Chairman and Chief Executive Officer of China Redstone. "Our customers' strong preference for premium plots reflects an emerging trend for the past few years. As incomes rise and demand for premium products exceed the available supply, sales of cemetery plots should remain robust."

The following table summarizes the Company's recent cemetery plot sales trends:

"We are encouraged by the outstanding performance during the first half of fiscal 2011, as reflected in our plot sales and average selling prices coming in at the high end of our full year targets," stated Chairman Ran. "Furthermore, we expect the strong results to continue for the remainder of the year. Our strong, recurring cash flows and fortress balance sheet provides us with sufficient capital to support our organic growth for many years to come."

China Redstone Group, Inc.

China Redstone is a cemetery developer and provider of cemetery products and services in Chongqing, China, through its contractually controlled affiliate Chongqing Foguang Tourism Development (Group) Co., Ltd. Founded in 2002, the Company provides a complete range of funeral merchandise and services, including cemetery property, both at the time of need and on a preneed basis. Its cemeteries are highly regarded in terms of a number of factors such as tradition, reputation, physical size, capacity of business, available supply, name recognition, aesthetics and potential for development or expansion.   

Safe Harbor Statement

Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.

SOURCE China Redstone Group, Inc.