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TSX Venture: ABC
TORONTO, Nov. 2 /CNW/ - Asia Bio-Chem Group Corp. (TSXV: ABC) ("Asia Bio-Chem" or the "Company") is pleased to announce that production has begun at it's new Daqing corn processing plant.
The Daqing plant has began producing products and management expects to ramp up production during the next 60 days to achieve 85%-90% capacity by year end.
The Company also announces that it has received the third drawdown of RMB 20 million ($3.2 million) under its RMB 100 million loan facility with Zhaoyuan County Government. This loan facility has a 5 year term and bears interest at 1% per annum.
"We are extremely pleased to announce that our Daqing facility is operating as expected," 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 subsidiaries in the Peoples Republic of China ("PRC") is in the business of manufacturing cornstarch and related byproducts. From its plants in Liaoning and Heilongjiang Province, the Company has a total capacity of 900,000 tonnes of corn which is processed to produce cornstarch, corn germ, gluten and fiber per year for sale into the domestic Chinese market.
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
SOURCE Asia Bio-Chem Group Corp.
For further information: For further information: Robert Wilson, (416) 603-7500