Asia Bio-Chem Announces Renewal of $32 million Bank Line

TSX: ABC

TORONTO, Nov. 25, 2011 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia Bio-Chem") is pleased to announce that it has successfully renewed its 200 million RMB ($32.3 million) operating line with China Construction Bank for another 12 months.

This facility will bear a floating rate of interest based on 115% of the Peoples Central Bank Rate or approximately 7.544%.  The facility will continue to be secured against the assets of the Company's Daqing plant.

"We are very pleased to announce this renewal which demonstrates the support we enjoy in our banking relationships." said Zhiping Wang, President and CEO.

About Asia Bio-Chem Group Corp.

Asia Bio-Chem Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of processing corn into cornstarch, corn germ, gluten, and fiber for sale into the domestic Chinese market. From its plants in Liaoning and Heilongjiang Province, the Company has a total processing capacity of 900,000 tonnes of corn per year.

This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.  

SOURCE Asia Bio-Chem Group Corp.

For further information:

For Corporate Information regarding Asia Bio-Chem: 

Robert Wilson
Executive Vice President
Asia Bio-Chem Group Corp.
Tel: 416-603-7500
Email: robert.wilson@asiabiochem.com

Profil de l'entreprise

Asia Bio-Chem Group Corp.

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