CHANGGE CITY, Henan, China, Sept. 15 /Xinhua-PRNewswire-FirstCall/ -- Zhongpin Inc. (Nasdaq: HOGS) ("Zhongpin" or "the Company"), a leading meat and food processing company in the People's Republic of China ("PRC"), today announced that it has received a cash grant of RMB 1.65 million, or $241,086, from the government of Henan Province in recognition of the Company's contribution toward the advancement of meat processing technology.
Zhongpin is currently constructing a new production facility with annual capacity of 28,800 metric tons of prepared meat products at Zhongpin Industrial Park, located in Changge City, Henan Province. The new plant will utilize automated state-of-the-art technology and advanced equipment that uses an industrialized production process capable of producing high quality meat products. As a result of Zhongpin's contribution to technological advancement in the meat processing industry, the local government rewarded the Company with cash compensation of RMB 1.65 million, or $241,086.
"We are very pleased to receive this token of appreciation for our efforts in advancing the Chinese meat processing industry. Zhongpin strives to achieve production and quality standards on par with our international competitors. Our new facility will produce high-end prepared meat products processed in a temperature-controlled environment that ensures high levels of hygiene and quality," commented Mr. Xianfu Zhu, CEO of Zhongpin Inc. "We will utilize our nationwide advanced cold chain logistics system to distribute these products throughout China. Through the constant efforts of our R&D team and our marketing center in Shanghai, we plan to introduce new and innovative products targeted at middle and upper class consumers."
About Zhongpin
Zhongpin is a meat and food processing company that specializes in pork and pork products, and fruits and vegetables, in the PRC. Its distribution network in the PRC spans more than 24 provinces and includes over 2,960 retail outlets. Zhongpin's export markets include the European Union, Eastern Europe, Russia, Hong Kong, Japan and South Korea. For more information, contact CCG Investor Relations directly or go to Zhongpin's website at www.zpfood.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release and oral statements made by Zhongpin on its conference call in relation to this release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding our ability to prepare the Company for growth, the Company's planned manufacturing capacity expansion in 2008 and predictions and guidance relating to the Company's future financial performance. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs, but these projections also involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as, unanticipated changes in product demand, interruptions in the supply of live pigs/raw pork, downturns in the Chinese economy, delivery delays, freezer facility malfunctions, poor performance of the retail distribution network, changes in applicable regulations, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
Contact:
Crocker Coulson, President Yuanmei Ma, Chief Financial Officer
CCG Investor Relations Zhongpin Inc.
646-213-1915 86-10-82861788
crocker.coulson@ccgir.com zhongpin.ir@gmail.com
www.ccgir.com www.zpfood.com
