WUHAN CITY, China, May 2,
2018 /PRNewswire/ -- Renmin Tianli Group, Inc. (NASDAQ:ABAC)
("Renmin Tianli" or the "Company"), a 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, on April 30, 2018, it completed the acquisition of a
10% equity interest in Youyang County Jinzhu Forestry Development
Co. Ltd. ("Jinzhu Forestry"), a bamboo cultivation and processing
facility located in Youyang County, Chongqing, for a total consideration of
RMB 18 million (approximately
$2.8 million) and 2,000,000 shares of
Renmin Tianli's common stock. The acquisition was accomplished by
acquiring all of the issued and outstanding capital stock of
Chongqing Kangduo Commercial Trade Co., Ltd., a private corporation
which holds 10% of the outstanding equity of Jinzhu Forestry.
Jinzhu Bamboo commenced operations in April 2016. It currently operates a bamboo
plantation of approximately 3,853.5 mu (approximately 635 acres) on
which it will construct a bamboo processing facility. Bamboo is a
fast-growing plant which can be used as a substitute for wood in a
variety of uses, including flooring, furniture and as a
construction material. The cultivation of bamboo is an activity
favored by the Chinese Government, particularly as the country
attempts to expand its forests. Although Jinzhu Forestry is
anticipated to begin generating operating profits within the next
two years, for 2016 and 2017 it operated slightly below
break-even.
About Renmin Tianli Group, Inc.
Renmin Tianli Group, Inc. (the "Company"), previously known as
Aoxin Tianli Group, 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
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
View original
content:http://www.prnewswire.com/news-releases/renmin-tianli-group-inc-completes-acquisition-of-equity-interest-in-bamboo-cultivation-and-processing-business-in-chongqing-300640834.html
SOURCE Renmin Tianli Group, Inc.
