LJ International Signs Deal to Race 'Enzo' Ferrari Car in China
December 16 2005 - 11:00AM
PR Newswire (US)
Ferrari Challenge Car, Bearing Brand of LJ Intl.'s China Retail
Division, is Expected to Appear in Five Events During 2006 HONG
KONG and LOS ANGELES, Dec. 16 /Xinhua-PRNewswire-FirstCall/ -- LJ
International, Inc. (LJI) (NASDAQ:JADE), one of the fastest-growing
jewelry companies in the world, today announced that it plans to
race a Ferrari challenge car, bearing the brand of LJI's ENZO chain
of retail jewelry stores, in a series of events in China beginning
in 2006. Ferrari is a wholly-owned subsidiary of Fiat (NYSE:FIA).
"We are pleased to be taking a highly visible role in a series of
national racing events that are likely to have a wide viewing
audience in China," said LJI Chairman and CEO Yu Chuan Yih. "The
Ferrari brand, of course, is powerful symbol of luxury and
exquisite styling -- qualities that consumers increasingly
associate with our China brand, ENZO. The name also will remind
auto aficionados of the legendary founder of the Ferrari line, Enzo
Ferrari, as well as LJI's well-known jewelry sold worldwide."
Through an agreement with Mega Racing International Ltd. (MRI), a
U.K.-based organizer of motorsports events, LJI will race a Ferrari
360, bearing the ENZO logo, in a series of races planned for 2006.
MRI will provide transport, storage, mechanical, fueling and other
services for LJI, as well as "track day" services such as provision
of drivers and mechanics. The series of races is to be called Mega
Racing Ferrari Challenge China. The ENZO car is a red Ferrari 360
that has finished at or near first place in a number of races. It
placed first in two 2004 British GT Championship select races --
the Silverstone Cup Class and the Thruxton Cup Class. It placed
second in the European 360 Challenge, the Pirelli Maranello Ferrari
Challenge and the recent European 360 Challenge Coppa Shell. The
branded racing vehicle is part of a LJI's strategy to raise the
profile of its ENZO stores in China as the chain continues to
expand. The association with Ferrari racing is further designed to
link ENZO's upscale jewelry line with other interests of China's
fast-growing population of affluent consumers. As announced earlier
this month, LJI expects its ENZO jewelry chain to be the largest
foreign-branded jewelry store in China. The division expects to
generate revenues of at least $2 million this year, with revenues
projected to reach $40 million in 2008 with at least 100 stores in
operation. About LJ International Inc. LJ International, Inc. (LJI)
(NASDAQ:JADE), based in Hong Kong and the U.S., is engaged in the
designing, branding, marketing and distribution of a full range of
jewelry. It has built its global business, currently one of the
fastest-growing in the jewelry industry, on a vertical integration
strategy and an unwavering commitment to quality and service. LJI
distributes to fine jewelers, department stores, national jewelry
chains and electronic and specialty retailers throughout North
America and Western Europe, with a growing retail presence in China
through its ENZO stores. Its product lines incorporate all major
categories sought by major retailers, including earrings,
necklaces, pendants, rings and bracelets. For more information on
LJI, please visit http://www.ljintl.com/ . Forward looking
statement: Except for the historical information, the matters
discussed in this news release may contain forward-looking
statements, including, but not limited to, factors relating to
future revenues. These forward-looking statements may involve a
number of risks and uncertainties. Actual results may vary
significantly based on a number of factors, including, but not
limited to, uncertainties in product demand, the impact of
competitive products and pricing, changing economic conditions
around the world, release and revenues of new products and other
risk factors detailed in the company's most recent annual report
and other filings with the Securities and Exchange Commission. AT
LJI: AT INVESTOR RELATIONS INTL: Betty Ho Haris Tajyar Vice
President, Corporate Development Managing Partner Tel:
011-852-2170-0001 Tel: 818-382-9702 Email: Email: DATASOURCE: LJ
International, Inc. CONTACT: Betty Ho of LJ International,
011-852-2170-001, or ; Haris Tajyar of Investor Relations Intl,
818-382-9702 or , for LJ International Web site:
http://www.ljintl.com/
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