Longwei anticipates the completion of the approximately $110.9 million asset purchase of Huajie Petroleum as soon as possible based on the Company's working capital management. The Company is currently negotiating potential financing opportunities, which may allow Longwei to accelerate the closing and provide additional working capital to shorten the ramp-up time for operations. Longwei expects to continue to expand its customer base by utilizing the Company's distribution platforms. The Company's strategy is to leverage its customer and supplier relationships to develop additional business. Management may also look for opportunities to expand its business that are considered accretive to earnings.
"We continue to capitalize on the growing domestic demand for petroleum products in China and expect strong top-line and bottom-line results in fiscal 2013. The pending addition of the Huajie Petroleum facility in northern Shanxi Province will provide an additional catalyst for growth in the quarters ahead. On September 11, 2012, China's National Development and Reform Commission increased gasoline prices by 6.1 percent and diesel prices by 6.5 percent per metric ton due to rising international crude oil prices. The adjustment will enable us to raise prices on our petroleum products, which we believe will strengthen our revenues and profit margins. By carefully managing our inventory levels in line with oil price fluctuations, and continuing to execute our business strategy, we expect improved shareholder value over the long term."
We have recently completed our audit field work and plan to release our year-end financial statements on Form 10-K during mid-September. For the fiscal year ended June 30, 2011, the Company's revenues are currently expected to be approximately $480 million and net income is expected to be approximately $65 million, adjusted for the warrant derivative liability expense. We have revised our fiscal 2011 revenue guidance downward by 4% as we have tried to maintain margin integrity during a period of volatile price fluctuations.
We have currently paid a deposit of RMB 550 million (approximately $85.1 million) through cash on hand for the purchase of the assets of Huajie Petroleum Co., a fuel storage depot in northern Shanxi Province with a 100,000-metric-ton storage capacity. We remain committed to not diluting our shareholders at the current share price level, so the Company has arrangements to pay the balance of the total purchase price of RMB 700 million (approximately $108.3 million) using cash on hand. We have already paid approximately 81% of the purchase price and intend to close as soon as possible during our second fiscal quarter. Longwei expects the facility to contribute approximately $300 million to revenues and $40 million to net income during the first 12 months of operations.
We anticipate our two current facilities will grow in volume at least 20% during fiscal 2012. We are adjusting our organic revenue growth guidance for these two facilities to approximately $576 million with net income of approximately $78 million for our current fiscal year ending June 30, 2012. We will update our fiscal 2012 guidance to reflect the new asset purchase once the facility is closed and online, which we anticipate during our second fiscal quarter.
Longwei Petroleum today announced that it has increased its deposit to RMB 550 million (approximately $85.1 million) through cash on hand for the purchase of the assets of Huajie Petroleum Co., a fuel storage depot in northern Shanxi Province with a 100,000-metric-ton storage capacity. Longwei intends to acquire the assets of Huajie Petroleum for a total of RMB 700 million (approximately $108.3 million).
"We did not close on the transfer of ownership of the assets because we believe it is important for the integrity of the transaction to complete the purchase under terms suitable to the Company and our shareholders. We intend to close as soon as possible, and we remain committed to not diluting our shareholders in this transaction. ... Given the recent investor concerns about acquisitions and asset purchases by Chinese companies, we believed, based on advice from our U.S. counsel and auditor, that it was in the Company's best interest to reach a final agreement on the transfer of assets with a clear transfer of title at closing. We remain committed to the asset purchase as part of our growth strategy for fiscal 2012 and advanced RMB 335 million (approximately $51.8 million USD) during the quarter ended June 30, 2011 toward the purchase price.
This acquisition will nearly double our storage capacity to a total of 220,000 metric tons and extend our reach into the fast-growing industrial area of northern Shanxi Province. With the addition of the Huajie facility, we will strengthen our lead as the largest non-state-owned fuel storage and distribution business in the province and will be better positioned to capitalize on the rising demand for petroleum products in our regional market. We will continue to seek accretive acquisitions with the potential to enhance our regional presence and attract new customers. Our distribution model has proven successful, and as we build upon the strong foundation we have established, we remain committed to increasing value for our shareholders."