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
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
"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.
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