CHANGGE CITY, China, April 8 /PRNewswire-Asia/ -- Zhongpin Inc. (Nasdaq: HOGS) ("Zhongpin"), a leading meat and food processing company in the People's Republic of China ("PRC"), today announced that its CFO, Mr. Warren Wang, gave a live interview at the studios of Bloomberg TV Asia that aired at 7:30 a.m. on Wednesday April 1, 2009, Beijing time. The interview addressed the recent meat processing industry in China and Zhongpin's growth drivers for its strong performance in fiscal year 2008.
Mr. Wang said he believes Zhongpin performed very well over the past year. Pork is a key staple food in China and an important part of the Chinese meal. Demand for pork in China is rapidly increasing.
Zhongpin's revenue increased 85% in 2008, driven by the Company's ability to significantly expand production capacity to meet the increasing market demand. Zhongpin increased its production capacity to almost a half million metric tons in 2008. In addition, the increase in pork prices during the first half of 2008 also benefited the Company's profitability.
Mr. Wang told the live anchor that Zhongpin anticipates pork prices to remain relatively stable at current prices for the first half of 2009. Zhongpin believes pork prices may increase in the second half of the year as demand outstrips the supply of live hogs. The Chinese government has issued financial support policies for the meat processing industry to smooth out the volatility in pork prices.
"Zhongpin has exhibited robust growth in the last few years and is now a well-known brand in China. Our management team's strong vision, combined with our excellent financial performance, has provided us increased visibility, not only in the global investment community but also in the media," commented Mr. Xianfu Zhu, CEO of Zhongpin. "We are pleased to receive requests from esteemed broadcast channels like Bloomberg TV Asia to discuss our corporate and industry outlook. Such opportunities provide us a great platform to communicate with members of our industry, investors and customers."
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 24 provinces and includes over 3,061 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 http://www.zpfood.com .
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Zhongpin has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. However, 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 Zhongpin'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 Zhongpin undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
