Asia Bio-Chem Group Corp. Nears Completion of its Daqing Production Facility



    TSX Venture: ABC

    TORONTO, Sept. 8 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia
Bio-Chem" or the "Company") announced that it is nearing completion of the
Daqing corn processing plant.
    The Company is currently entering single machine test run phase of the
project followed by complete production line water test run towards the end of
September. After the 60th National Day and Moon Festival holidays from October
1st thru 8th, the Company will start commissioning with production from mid
October. The Company expects to ramp up production during its fourth quarter
and achieve 85%-90% capacity by year end.
    The company also announced that it has received the second drawdown of
RMB 20 million ($3.6 million) under its RMB 100 million facility with Zhaoyuan
County Government.
    "We are pleased to announce that our Daqing facility is nearing
completion," said Zhiping Wang, President and CEO of Asia Bio-Chem. Mr. Wang
added "With the strong support from our existing and new customers we expect
to see a significant contribution to revenues and profit from the Daquing
plant over the coming months."

    About Asia Bio-Chem Group Corp.

    Asia Bio-Chem Group, through its wholly-owned subsidiary in the Peoples
Republic of China ("PRC") is in the business of manufacturing cornstarch and
related products. From its plant in Liaoning Province, the Company produces
approximately 270,000 tonnes of cornstarch, corn germ, gluten and fiber per
year for sale into the domestic market in the PRC. The Company is currently
constructing a second facility in Heilongjiang Province which, upon
completion, is expected to triple production capacity.

    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.

    THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES
HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED
OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT
THEREFROM.

    
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
    RELEASE.
    





For further information:

For further information: Robert Wilson, (416) 603-7500

Organization Profile

Asia Bio-Chem Group Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890