JUNAN COUNTY, China, March 3, 2014 /PRNewswire/ -- American Lorain Corporation (NYSE MKT: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in Shandong Province, China, today announced that it has signed a development agreement with the Bureau of Commerce at Sishui County of Shandong Province, China for a local forestry farm with the attendance of Deputy County Chief and Director of the Bureau of Commerce from Sishui County, and Mr. Si Chen, Chairman and CEO from American Lorain.
The Dayunsi forestry farm, consisting of 3,000 mu (or approximately 500 acres) of total land, is an important project for American Lorain to expand and ensure the quality and quantity of its high-end chestnut supplies and enhance the competitiveness of Lorain branded chestnuts. Experiments show that the farm land has suitable soil and climate conditions for the recently developed new chestnut cultivar which had similar quality and taste compared to the European cultivar, according to industry experts and customers. The 2013 price for European cultivar chestnuts were approximately $3 per kilogram, close to twice the price for Chinese cultivar. The company expects the farm to yield 500 metric tons of chestnut raw materials in three years time when the chestnut trees mature and ready to produce fruit.
Mr. Si Chen, Chairman and CEO of American Lorain, commented: "We are very pleased to announce to investors the agreement to develop the Dayunsi forestry farm. American Lorain had a rich and market oriented experience to grow other chestnuts such as the Japanese cultivar before. The development of the Dayunsi farm marks an important step to expand the supplies of our high-end chestnut product offerings and further strengthen our position along the whole chestnut industry value chain. It is a meaningful step to not only our newly acquired France subsidiary but also to the company as a whole."
About American Lorain Corporation
American Lorain Corporation's products include chestnut products, convenience food products and frozen food products. The Company sells its products to most provinces in domestic China as well as numerous export markets in Asia and Europe. The Company operates through its five direct and indirect subsidiaries and one leased factory located in China. For further information about American Lorain Corporation, please visit the Company's website at http://www.americanlorain.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors include, but are not limited to, the Company's ability to obtain the necessary financing to continue and expand operations, to market its products in new markets and to offer products at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems, political and economic factors in the PRC, compliance requirement of laws and regulations of the PRC, the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
