China Integrated Energy (CBEH) announced it’s closed on the acquisition of a 50,000 metric ton biodiesel production facility in Chongqing City, China and expects to ramp up production and distribution of biodiesel product from this facility immediately very soon.  The plant adds to CBEH’s current 100K ton production facility along with another new 50K ton plant and will add to revenues right away.  The company expects the plant to add $32 million in revenues and $8 million in profit next year.  They are the only non state owned biodiesel producer with a nationwide distribution license.

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“This acquisition will be accretive to our revenue and net income immediately,” said Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc. “With our newly-constructed 50,000-ton biodiesel production facility, which will come on line later this year, we will double our biodiesel production capacity to 200,000 tons this year. With continued government support for renewable energy sources such as biodiesel and strong domestic demand for energy, we are confident in generating strong earnings and cash flows over the next several years.”

They are reaffirming the 2010 financial guidance of revenue of $425 million to $430 million, and net income of $52 million to $52.5 million.  Shares are continuing upward this morning following yesterday’s strong move off support and look increasingly bullish in recent days.  The bottom may be near for CBEH.