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China Marine Food Group Receives National Spark Program Funding for Extracting Collagen from Fish By-Products

2008-06-19 01:24 561

SHISHI, China, June 19 /Xinhua-PRNewswire/ -- China Marine Food Group Ltd. (OTC Bulletin Board: CMFO), a China-based processor and distributor of fresh and processed seafood products, announced it received approval to list its fish by-product recycling project in China's National Spark Program and received funding of 400,000 RMB (approximately US$58,000) from China's Ministry of Science and Technology.

China's National Spark Program is aimed at popularizing modern technology in rural areas. The program started in 1986 and focuses on the agricultural sector. The Chinese Ministry of Science and Technology has carried out more than 150,000 technological programs nationwide which have played a key role in advancing technological skills of Chinese people working in the agricultural sector. China Marine's project aimed to develop the technology to process fish by-product left from the Company's production process. The technology uses fish skin, fish scale and fish bone as raw materials to extract valuable collagen protein used in multiple industries including food, medical, healthcare, cosmetics, and chemical industries. China Marine's R&D has been in an "optimization testing" phase in its laboratory for two years and the quality of collagen protein produced using its technology has reached Chinese GB 6783-94 standard for gelatin food additive. The Company is further improving its quality to meet standards for medical grade additives.

Currently in China, fish by-products are only used as raw material for fish powder. With Spark funding, China Marine will install a dedicated production line to process approximately 5,000 tons of their fish by-products to yield 600 tons of collagen protein annually. China Marine estimates the related products will launch next year and the new production line will contribute high-margin revenues for the Company in 2009 and beyond.

"We are very pleased that we received the approval and funding from the Chinese government for our technological advancements. Commercializing our technology is a very important step for our business which will improve our profitability while intelligently recycling our waste," Pengfei Liu, Chairman and CEO of China Marine, commented. "We believe this grant has legitimized our R&D ability and also added a unique, seafood-based product to our portfolio," Liu concluded.

About China Marine

China Marine Food Group Ltd. processes and distributes processed seafood products, and fresh and frozen marine catch to five provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 1,200 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 the 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.

Source: China Marine Food Group Ltd.
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Keywords: Food/Beverages
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