SHISHI, China, July 2 / PRNewswire-Asia-FirstCall/ -- China Marine Food Group Ltd. (OTC Bulletin Board: CMFO), a China-based processor of seafood-based snack foods and fresh and frozen marine catch, today announced the Company's plans to lead a government-sponsored research project focused on developing consumer-ready seafood products from low-cost seafood items using newly developed technologies.
The project is organized by the Ministry of Science and Technology and has been rewarded to a total of three commercial fish processors operating in the Fujian province. The objective of the project is to strengthen the province's position as a leader in the production and development of consumer-ready seafood products. The study further focuses each participating Company's efforts on seafood harvested only in the Fujian province and categorized as "low-cost" marine catch.
"Considering our research and development efforts have been focused on this same directive, our participation as the lead in this project not only allows us to further improve our own expertise, it also provides us with incremental funding to research new methods to develop products for our market." Said Pengfei Liu, Chairman and CEO of China Marine. "We anticipate a high-level of collaboration between our R&D team and other organizations and a mutually beneficial result for China Marine and the Provincial Government." Liu concluded.
The participating companies have already received a provincial grant of $0.7 million out of the total budget of $2.3 million over the three-year development period. Grants are designed to offset costs related to R&D staff, next generation production and processing equipment and raw materials. China Marine anticipates the project will result in both product and production advancements which the Company can commercialize to gain market share and drive incremental revenue growth through its more than 2,000 retail points in China. The project also stipulates that the foods developed as part of this initiative meet Green Food(R) and "Healthy Food" standards governed by the Ministry of Health and Bureau of Green Food(R) organizations in Beijing.
About China Marine
China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to six provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 2,000 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. Located in the Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
For more information, please contact:
COMPANY
Marco Hon Wai Ku, CFO
Suite 815, 8th Floor
Ocean Centre, Harbour City
Kowloon, HONG KONG
Tel: +852-2111-8768
Email: marco.ku@china-marine.cn
Web: http://www.china-marine.cn
INVESTOR RELATIONS
John Mattio
HC International, Inc.
56 June Road, North Salem NY
Tel: +1-914-669-5340 (U.S.)
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net
