WUHAN CITY, China, Oct. 26,
2018 /PRNewswire/ -- Renmin Tianli Group, Inc. (NASDAQ:
ABAC) ("Renmin Tianli" or the "Company"), a producer of breeder
hogs, market hogs and black hogs, as well as specialty processed
black hog pork products sold through retail outlets and the
internet, with headquarters in Wuhan City, Hubei
Province, China, today
announced the closure of its farm in Fenglai County, Enshi
Prefecture, Hubei Province in
response to an executive order (the "Order") from the Fenglai
County government due to environmental concerns resulting from the
increase in the population in the area surrounding the farm. The
Company plans to fully comply with the Order and expects to
complete the transfer of hogs and the dismantling of facilities at
the farm by the end of this month. Established in 2007, the farm is
situated on approximately 23.72 acres of leased land with buildings
dedicated to hog rearing, administration and employee
housing. The farm was producing approximately 20,000 hogs
annually. Following the closure of this farm, the Company will have
7 farms in operation with combined annual capacity of 110,000
hogs.
Additionally, Renmin Tianli announced that it has signed a share
purchase agreement (the "Agreement") to acquire a 29 per cent
equity interest in Enshi Huacai Agricultural Development Co. Ltd.
("Huacai"). Pursuant to the Agreement executed on October 26, 2018 (the "Agreement Date"), Renmin
Tianli will acquire 29 per cent of the equity of Huacai for an
aggregate of 2,000,000 common shares of Renmin Tianli. Renmin
Tianli will have an option to acquire up to 100 per cent of the
equity of Huacai under similar terms until March 2019. All shares shall be issued and
delivered within 20 business days of the Agreement Date.
Established in April 2012, Huacai,
through its subsidiaries, affiliates and cooperative partners,
engages in the farming of specialty selenium rich chicken as well
as the marketing and sales of selenium rich eggs, organic manure
and other local specialty products.
Mr. Luchang Zhou, Chief Executive Officer of Renmin Tianli,
commented, "While we remain committed to the hog farming business
despite the setback of the mandatory closure of our farm in
Fenglai, we are excited about the opportunity to expand into the
production of selenium rich products through the acquisition of
Huacai. We see tremendous opportunities in the specialty chicken
farming business and view it as a great complement to our core hog
farming business."
About Renmin Tianli Group, Inc.
Renmin Tianli Group, Inc. (the "Company"), is in the business of
breeding, raising and selling breeder and market hogs in
China. The Company also sells
specialty processed black hog pork products through supermarkets
and other retail outlets, as well as the internet.
Forward-Looking Statements
This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product
demand and acceptance, changes in technology, economic conditions,
the impact of competition and pricing, government regulations, and
other risks contained in reports filed by the company with the
Securities and Exchange Commission. All such forward-looking
statements, whether written or oral, and whether made by or on
behalf of the Company, are expressly qualified by this cautionary
statement and any other cautionary statements which may accompany
the forward-looking statements. In addition, the Company disclaims
any obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof.
For more information, please contact:
Tony Tian, CFA
Weitian Group LLC
Phone: +1-732-910-9692
Email: ttian@weitianco.com
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SOURCE Renmin Tianli Group, Inc.