HONG KONG, Feb. 7 /CNW/ - PACRIM INTERNATIONAL CAPITAL INC. (PCN:TSX)
("Pacrim") holds 46% of the outstanding shares of Pacrim International
Capital Holdings Inc., which in turn has an indirect 75.07% interest in
Wah Sang Paper Products (Shenzhen) Co. Ltd. ("WSPP"), a packaging
company in the People's Republic of China. Pacrim is pleased to
announce that WSPP has signed an exclusive marketing agreement with
Netherlands-based Smurfit Kappa Solid Board Mills ("SK SBM"), a
division of Smurfit Kappa Group, for the mutual development of the
market in China for solid board packaging products. WSPP imports,
produces, and markets packaging products and packaging solutions. SK
SBM is a solid board sheet manufacturing company that markets its
sheets for packaging purposes in Europe, the United States, Africa, and
The objective of the marketing agreement is to develop the Chinese
market for solid board packaging products using the sheets of SK SBM.
The solid board packaging products market is currently almost
non-existent in southern China where WSPP has a strong customer base.
SK SBM will supply to WSPP on an exclusive basis solid board packaging
sheets and technical assistance in the converting of solid board
packaging products. SK SBM will also assist in the design and
marketing of solid board packaging products in China.
The Chinese retail market for solid board packaging products is
developing rapidly. Western logistical approaches are being adopted in
order to meet the rapidly growing market demand for a wider variety of
fresh products. International retail chains and local retail
companies are rapidly expanding their businesses in China and creating
demand for more sophisticated packaging. Markets that will be targeted
include meat, poultry, fish, and fruits and vegetables (fresh or
frozen). Low volume markets such as specialized or luxury packaging
and displays are also to be targeted.
About Pacrim International Capital Inc.
Pacrim International Capital Inc. ("Pacrim") is an investment holding
company with its investments focused to date mostly in southern China.
Pacrim's business strategy includes participation in the paper products
and packaging industry in the Pearl River Delta area of southern China,
the heart of the "World's Factory". Pacrim intends to enter the
diabetes treatment field in China and also the assisted living
residence business (including diabetes clinics) in the United States.
The company's head office is in Hong Kong with offices in Shenzhen,
Guangzhou and Beijing.
Caution concerning forward-looking statements
Statements made in this news release, other than those concerning
historical financial information, should be considered forward-looking
and subject to various risks and uncertainties. Some forward-looking
statements may be identified by words like "may", "will", "anticipate",
"estimate", "expect", "intend" or "continue" or the negative thereof or
similar variations. Readers are cautioned not to place undue reliance
on such statements, as actual results may differ materially from those
expressed or implied in such statements. Factors that could cause
results to vary include, but are not limited to: risks associated with
China including state ownership, government sector intervention,
foreign investment, repatriation of profit and currency conversion,
tax, the developing legal system, protection of intellectual property
rights, shareholder rights and enforcement of judgments, permits and
business licenses, appropriation, political stability considerations,
the central planned economy, fluctuations in foreign exchange rates and
Chinese accounting and auditing standards; risks in business and
operations including risks associated with expansion, future capital
requirements, dependence on key personnel, environmental regulation,
competition, risk in purchasing abroad, risk of change in the price of
raw materials, product price volatility, insurance and operating plant
risk; customer risk including risk of a single market and risk
depending on major customers; technical risk including risk in the
advance of technology and risk of relying on technology abroad;
financial risk including foreign exchange risk, credit risk, liquidity
risk, cash flow and fair value interest rate risk; investment strategy
risk; and short term management transition risk.
We caution that the foregoing list of factors is not exhaustive and that
when reviewing our forward-looking statements, investors and others
should refer to the "Risk Factors" section of Pacrim's Annual
Information Form, the "Risks and Uncertainties" and other sections of
our Management's Discussion and Analysis and our other periodic filings
with Canadian securities regulatory authorities. All forward-looking
statements presented herein should be considered in conjunction with
such filings. Except as required by Canadian securities law, we do not
undertake to update any forward-looking statements, whether written or
oral, that may be made from time-to-time by us or on our behalf; such
statements speak only as of the date made.
SOURCE Pacrim International Capital Inc.
For further information:
Chief Executive Officer
Pacrim International Capital Inc.