VANCOUVER, Feb. 1 /CNW/ - IND DairyTech Limited ("IND" or "the Company")
(TSXV:IND) announces that it has changed its financial year end from
December 31 to March 31 in order to avoid having the annual financial
statement audit occur during the annual Chinese spring festival
holiday. As a result of this change, the Company will have a
transitional 15-month financial year ending March 31, 2011. The Company
will file unaudited interim consolidated financial statements for the
period ended December 31, 2010.
For details regarding the length and ending dates of the financial
periods, including the comparative periods of the interim and annual
financial statements to be filed for the Company's transition year and
its new financial year, reference is made to the Notice of Change in
Fiscal Year End filed by the Company on SEDAR pursuant to National
Instrument 51-102, a copy of which is available electronically at www.sedar.com.
About IND DairyTech Limited
IND, through its operating subsidiaries, is an emerging raw milk and
Holsteins producer in China that is seeking to become a leading
provider of high quality raw milk and Holsteins to the Chinese dairy
industry. To meet China's increasing demand for dairy products, the
Company is using Canadian cattle genetics and North American farming
practices to establish and develop its dairy herd in China.
The Company plans to develop its herd in China through the use of
advanced breeding techniques employing Canadian Holstein embryos that
it intends to use to impregnate surrogate cows. These embryos have been
created through in vitro fertilization using sexed semen to achieve an
approximate 90% female birth rate. The use of these advanced breeding
techniques is expected to allow the Company to rapidly expand its herd.
The use of Canadian Holstein embryos also provides a practical solution
to China's ban on the import of live Canadian cattle.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
Certain information set out in this News Release constitutes
forward-looking information, which may include information relating to
estimates of sales and revenue of IND. Forward-looking statements
(often, but not always, identified by the use of words such as
"expect", "may", "could", "anticipate" or "will" and similar
expressions) may describe expectations, opinions or guidance that are
not statements of fact and which may be based upon information provided
by third parties. Forward-looking statements are based upon the
opinions, expectations and estimates of management of the Company as at
the date the statements are made and are subject to a variety of known
and unknown risks and uncertainties and other factors that could cause
actual events or outcomes to differ materially from those anticipated
or implied by such forward-looking statements. In light of the risks
and uncertainties associated with forward-looking statements, readers
are cautioned not to place undue reliance upon forward-looking
information. Although the Company believes that the expectations
reflected in the forward-looking statements set out in this press
release or incorporated herein by reference are reasonable, it can give
no assurance that such expectations will prove to have been correct.
The forward-looking statements of the Company contained in this press
release, or incorporated herein by reference, are expressly qualified,
in their entirety, by this cautionary statement.
SOURCE Ind Dairytech Limited
For further information:
|Jesse Zhu |
Chief Executive Officer
IND DairyTech Limited
| || || || || ||Selen Zhou|
IND DairyTech Limited