HONG KONG, Dec. 20, 2012 /PRNewswire/ -- Greenheart Group Limited ("Greenheart" or "the Company") is pleased to announce that Greenheart MFV Limited, a wholly-owned subsidiary of Greenheart, has signed an Agreement with the Bank of New Zealand ("BNZ") in relation to a US$5 million Overdraft Facility, repayable on demand and a US$25 million Cash Advance Facility maturing on the 30th November 2015 (together the "Facility"). The Facility will help fund Greenheart's working capital growth needs and ensure long-term financing.
Mr. Judson Martin, Chairman, Chief Executive Officer and Executive Director of Greenheart, commented, "We have proven that Greenheart is capable of building a strong business in a short period of time. In 2011, we acquired our New Zealand assets, commenced harvesting, replanting, and established a growing market share in China, India, South Korea and New Zealand's domestic market. In 2011, we harvested 350,000m3. In 2012, we are on track to harvest over 550,000m3and we currently expect to increase our harvest to in excess of 600,000 m3in 2013. We have continued to expand our asset base in Suriname ever mindful of our firm commitment to the best practices of sustainable forestry management and we completed the construction of phase one of our world-class wood processing facility permitting the manufacture of higher value added products."
Mr. Martin continued: "We are therefore very pleased to have signed this agreement with BNZ. The Facility strengthens our capital structure, enhances our liquidity allowing us to continue with our longer-term growth objectives in New Zealand, Suriname and elsewhere. This agreement also demonstrates BNZ's understanding of our business model and underlines their confidence in our future."
About Greenheart Group Limited
Greenheart Group Limited is a Hong Kong-based investment holding company. The principal activities of the Company's subsidiaries consist of responsible and sustainable log harvesting, lumber processing and sales and marketing of logs and lumber products to China and other countries around the world. The Company owns certain rights to manage over 400,000 hectares of hardwood forest concessions in Suriname, South America and owns approximately 13,000 hectares of freehold land with a net harvestable plantation area of approximately 11,000 hectares in New Zealand. Learn more at www.greenheartgroup.com.
Please note: This press release contains projections and forward-looking statements regarding future events. Such forward-looking statements are not guarantees of future performance of the Company and are subject to risks and uncertainties that could cause actual results and company plans and objectives to differ materially from those expressed in the forward-looking statements. Such risks and uncertainties include, but not limited to, changes in China and international economies; changes in currency exchange rates; changes in worldwide demand for the Company's products; changes in worldwide production and production capacity in the forest products industry; competitive pricing pressures for the Company's products and changes in wood and timber costs.
MEDIA CONTACT:
David Wu
Vice President of Corporate Development & Investor Relations
Tel: +852-2593-3122
Email: davidwu@greenheartgroup.com
