TORONTO, July 31, 2015 /CNW/ - Asia Bio-Chem Group Corp. (CSE: ABC) ("Asia Bio-Chem" or the "Company") announces strategic acquisition update.
Further to the press release dated March 7, 2014, and subsequent updates on May 22, 2014 and November 21, 2014, Asia Bio-Chem has continued it's discussions with Beidahuang State Farm Group General Corp. ("Beidahuang") regarding acquiring an interest in Asia Bio Chem.
As stated on November 21, 2014, Beidahuang has advised the Company that it intends to amend the previous letter of intent ("LOI") on revised terms yet to be finalized.
Management has been working through the amended terms and the approval process, which has taken longer than previously expected. While no date has been established for completion of the strategic transaction, management continues to be optimistic for a successful outcome to the process.
About Asia Bio-Chem Group Corp.
Asia Bio-Chem Group, through its wholly-owned subsidiaries in the People's Republic of China, is in the business of processing corn into cornstarch, germ and gluten for sale into the domestic Chinese market. From its plants in Liaoning and Heilongjiang Province, the Company has a total processing capacity of 1.5 million 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: Robert Wilson, Executive Vice President, Asia Bio-Chem Group Corp., Tel: 416-603-7500, Email: [email protected]