JUNAN COUNTY, China, February 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 the Shandong Province, China, today announced that its research and development team has successfully developed a new chestnut cultivar by grafting.
The success came after 5 years of efforts by the R&D team to develop the new cultivar of chestnuts. The main characteristics compared with other chestnut cultivars are: 1) The new cultivar is bigger. Mature chestnuts weigh 25 to 35 grams, about 10 grams heavier than Chinese domestic cultivar on average. 2) Longer storage life and higher quality. 3) Better taste and flavor, higher glutinousness, and higher saccharinity level. 4) The inner skin could be easily peeled off using machinery. 5) Higher value. Based on preliminary assessment by experts and customers, the new cultivar chestnuts are of similar quality with European chestnuts. The 2013 price for European, Japanese, Korean, and Chinese cultivar chestnuts are, in an approximate basis, $3,000, $2,800, $2,500, and $1,800 per metric ton, respectively.
Mr. Si Chen, Chairman and CEO of American Lorain, commented, "We are very glad that the development of the new cultivar of chestnuts has finally been successful. We are planning to grow approximately 1,666 acres (10,000 mu) of the new cultivar chestnuts within two years, and reach approximately 5,000 acres (30,000 mu) within three years. The new cultivar will benefit the company in both raw material supply as well as revenue contribution. It will further enables the company to maintain and expand its market share in the high end chestnut market globally."
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.
