WUHAN CITY, China, July 19,
2016 /PRNewswire/ -- Aoxin Tianli Group, Inc. (NASDAQ:ABAC)
("Aoxin Tianli" or the "Company"), a leading producer of breeder
hogs, market hogs and black hogs, as well as specialty processed
black hog pork products sold through retail outlets and the
internet, today announced that its wholly-owned subsidiary, Wuhan
Fengze Agricultural Science and Technology Development Co., Ltd.
("Fengze"), has entered into a Letter of Intent (the "LOI") to
acquire a majority stake in Hainan Chengmai Zaohuaxiang Hog
Industry Co., Ltd. ("Zaohuaxiang"), a high-end specialty black hog
farm operator based in Hainan
Province with annual production capacity of 30,000 hogs.
Pursuant to the LOI entered into on July
18, 2016 among Fengze and the three shareholders
--Sheng Yang, Jun Yang, and Haicheng Pan, who collectively own
100% of the equity interest in Zaohuaxiang, Fengze will acquire a
51~60% equity interest in Zaohuaxiang for a combination of cash and
stock (the "Transaction"). The Transaction is subject to due
diligence investigations by the relevant parties, the negotiation
and execution of definitive agreements, the approval of the
Company's Board of Directors, and the satisfaction of other
customary closing conditions.
Mr. Wocheng Liu, Chairman and Co-Chief Executive Officer of
Aoxin Tianli, commented, "Zaohuaxiang is a well-known consumer
brand with its specialty black hog pork products currently sold
through both retail outlets and the internet, including
China's leading e-commerce
platform, Taobao.com. We are excited about the opportunity as we
believe it represents a unique opportunity for us to expand our
geographical outreach beyond the Hubei market while augmenting our specialty
back hog and pork products portfolio. Upon completion of the
Transaction, we intend to expand Zaohuaxiang's annual production
capacity to 50,000 hogs."
About Hainan Chengmai Zaohuaxiang Hog Industry Co.,
Ltd.
Established in August 2010, Hainan
Chengmai Zaohuaxiang Hog Industry Co., Ltd. ("Zaohuaxing") is in
the business of breeding, raising and selling Zaohuaxiang-branded
specialty black hogs with its 57.7 acres of hog farm located in
Jinjiang Town, Chengmai County, Hainan
Province. It also has ancillary businesses of producing
spirulina, cassava, jasmine, and other locally grown products. For
more information, please visit: www.zaohuaxiangzhu.com
About Aoxin Tianli Group, Inc.
Aoxin Tianli Group, Inc. (the "Company"), previously known as
Tianli Agritech, Inc., is in the business of breeding, raising and
selling breeder and market hogs in China. The Company also sells specialty
processed black hog pork products through supermarkets and other
retail outlets, as well as the internet.
Forward-Looking Statements
This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulations, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
For more information, please contact:
Tina Xiao
Weitian Group LLC
Phone: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
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visit:http://www.prnewswire.com/news-releases/aoxin-tianli-group-inc-signs-letter-of-intent-to-acquire-hainan-based-specialty-black-hog-farm-operator-300300443.html
SOURCE Aoxin Tianli Group, Inc.
