HAINAN, China, April 16 /Xinhua-PRNewswire/ -- Shiner International, Inc. (Nasdaq: BEST), an emerging global leader in the anti-counterfeiting and advanced packaging industry, today announced it has entered into a number of domestic and international contracts to supply 2,200 tons of coated and BOPP tobacco film at an approximate value of $7.2 million.
For the fiscal year-ended Dec. 31, 2007, Shiner reported that total coated film revenue grew 37 percent to $13.2 million, while BOPP tobacco film revenue grew nearly 49 percent to $11.8 million during the same period. With the addition of these new contract wins, the company remains on pace to generate continued growth in both the coated film and BOPP tobacco film business segments during 2008.
Shiner reported the coated film contracts include a mix of domestic and foreign customers who have gravitated toward the technological advantages inherent in its patented film products, as well as the Company's commitment to becoming a low-cost supplier of advanced packaging films in the flexible packaging industry. Domestically, the Company will supply Dongguan-based Hua Yuan and Dongguan-based Qi Miao with a total of 420 tons of coated film. On the international front, Shiner has entered into an agreement with Italy-based Il Park S.R.L. for 300 tons of coated film. Shiner's next-generation of coated film products are primarily used for the packaging of a variety of consumer goods such as food, drugs, cosmetics and other related products.
Under the terms of Shiner's agreement with Guizhou Province-based Guizhou Tobacco, it will supply 580 tons of BOPP tobacco film during 2008. BOPP tobacco film is a packaging film used to ensure product safety and authenticity. Shiner also has a direct sales relationship with FoShan-based Chao Chang, one of the largest domestic packaging companies, which is purchasing 900 tons of BOPP tobacco film in 2008.
Shiner International CEO Mr. Jian Fu commented: "These contracts further showcase Shiner's growing domestic and international market presence, as well as the apparent customer demand for cost competitive packaging solutions which serve to preserve brand identity, as well the freshness and quality of products being sold to millions of consumers throughout the world. We see these contracts as further validation of our sales model, which continues to leverage cross-selling opportunities between our various packaging film lines, while expanding our direct sales and distribution efforts."
About Shiner International, Inc.
Shiner International ( http://www.shinerinc.com ) is a U.S. corporation that has its primary operations in China. Headquartered in the city of Haikou - China's "Hawaii" - Shiner's products include coated packaging film, shrink-wrap film, common packaging film, anti-counterfeit laser holographic film and color-printed packaging materials. Approximately 60 percent of Shiner's current customers are located in China, with the remainder spanning Southeast Asia, Europe, the Middle East and North America. Shiner holds 13 patents on products and production equipment, and has additional patent applications pending. The Company's coated films meet the approval of U.S. FDA requirements, as well as those required for food packaging sold in the EU. Shiner's product manufacturing process is certified under ISO 9001:2000.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Shiner International, Inc.'s current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Shiner's filings with the Securities and Exchange Commission.
