China Marine Food Group Ltd. Secures Tax Holiday for a Term of Three Years

2009-10-15 20:49 640

Company receives recognition as an enterprise of "New and High Technology" in the Fujian Province

SHISHI, China, Oct. 15 /PRNewswire-Asia-FirstCall/ -- China Marine Food Group Ltd. (NYSE Amex: CMFO), a processor of seafood-based snack foods and distributor of fresh and frozen marine catch, today announced it has been recognized as a "New and High Technology Enterprise" in the Fujian province and will also qualify for a three year tax benefit through 2012.

China Marine has recently received a notice of recognition as an enterprise of new and high technology, which was jointly issued by The Science and Technology Department of Fujian, The Finance Department of Fujian, The State Tax Bureau of Fujian and The Local Taxation Bureau of Fujian for a company engaged in advanced food processing technologies for the Fujian Province. From 2007 through 2009, the Company was provided a 50% tax reduction on the standard 25% China’s Enterprise Income tax rate. Beginning in 2008, "new and high technology" companies in China were awarded a flat 15% tax rate for their efforts in promoting technological advancements in their fields of expertise and commercialization in China. The recognition of the status was only awarded after application to the local authorities and tax bureaus. As a new and high technology company, China Marine qualifies for a reduced tax rate of 15% on the Company’s income through 2012.

About China Marine

China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang(R)" brand as a category leader in 2,200 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.

For more information, please contact:


Marco Hon Wai Ku, CFO

Suite 815, 8th Floor

Ocean Centre, Harbour City

Kowloon, HONG KONG

Tel: +852-2111-8768




John Mattio, SVP

HC International, Inc.

56 June Road, North Salem NY

Tel: +1-914-669-5340 (U.S.)



Source: China Marine Food Group Ltd.
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