WUHAN, China, Dec. 27, 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, with headquarters in Wuhan City, Hubei
Province, China, today
announced that it has executed an equity transfer agreement (the
"Equity Transfer Agreement") to sell the Company's 88% equity
interest in Hubei Hang-ao Servo-valve Manufacturing Technology Co.,
Ltd. ("Hang-ao") to Zhong Bi Cheng Holdings Co., Ltd.
("Zhong Bi Cheng"), a Hangzhou-based PRC corporation.
Pursuant to the Equity Transfer Agreement entered in by and
between the Company and Zhong Bi
Cheng on December 23, 2016,
the Company agreed to transfer 88% of the equity interest in
Hang-ao for a total consideration of RMB 26
million (approximately US$ 3.7
million), of which RMB 5
million has been paid to the Company and the remaining
RMB 21 million due by December 30, 2016. The Company's Board of
Directors voted in favor of the transaction on December 23, 2016.
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:
Tony Tian, CFA
Weitian Group LLC
Phone: +1-732-910-9692
Email: tony.tian@weitian-ir.com
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SOURCE Aoxin Tianli Group, Inc.
