HAIKOU, China, November 22, 2011 /PRNewswire-Asia/ -- Shiner International, Inc. (NASDAQ: BEST) ("Shiner" or the "Company"), an emerging global supplier of packaging solutions for food, tobacco, and consumer products, today announced that it receives approximately $2.8 million R&D subsidies from both local and central governments in 2011.
On March 14, 2011, the National People's Congress approved China's Twelfth Five-Year Plan (for the years 2011 through 2015) (the "Plan"). One of the important goals in the Plan is to transform China's manufacturing base from low-end goods to higher value-added goods. The Plan advocates the development of seven priority industries, including the New Materials Industry which covers the packaging industry. Within the packaging industry, the program mostly focuses on the development of specialty packaging materials.
Earlier this year, the Company's subsidiary, Hainan Shiner Industrial Co., Ltd., was recognized by China's Ministry of Science and Technology as a "National Innovation Corporation," a standing which encourages the Company to leverage its outstanding R&D capabilities to continue developing specialty materials for the packaging industry. This year the Company also renewed its status as a "National High-Tech Enterprise," which provides the Company with a 15% income tax compared to standard corporate income tax rate of 25%.
Qingtao Xing, Shiner's CEO, commented: "We are pleased to have been selected to receive these subsidies. We view them as validation of our research capabilities and our use of advanced technology as the driver for our growth and development. We believe that these subsidies will allow us to continue to invest and innovate our products and remain at the forefront of our industry in China. We are also honored by the recognition of our subsidiary, Hainan Shiner Industrial Co., Ltd., as a National Innovation Corporation, which we attribute to the dedication and contributions of our employees. We expect that this award will provide us with continuous government support and contribute to our sustained growth."
About Shiner International, Inc.
Shiner International, Inc. (the "Company") is engaged in the research and development, manufacture and sale of flexible packaging material and advanced film. Its products include coated packaging film, shrink-wrap film, common packaging film, anti-counterfeit laser holographic film and color-printed packaging materials. The Company's products are used by manufacturers in the food and consumer products industry to preserve the texture, flavor, hygiene, and convenience and safety of their products. The Company was founded in 1990 and is headquartered in Haikou, China.
Approximately 80% of Shiner's current customers are located in China, with the remainder spanning Southeast Asia, Europe, the Middle East and North America. Shiner holds 16 patents on products and production equipment, and has an additional 10 patent applications pending. The Company's flexible packaging meets U.S. FDA requirements, as well as the requirements for food packaging sold in the EU. Shiner's product manufacturing process is certified under ISO 9001:2000. Additional information on the Company is available at http://www.shinerinc.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the significance of the grants and award to the Company's business and operations, including the ability of the Company to leverage its outstanding R&D capabilities to continue developing specialty materials for the packaging industry, continue to invest and innovate its products and remain at the forefront of the packaging industry in China or receive continuous government support and experience sustained growth; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.
Contact:
Cindy Gong
Tel: 86-898-6858 1104
Fax: 86-898-6858 1513
Email: rong.gong@shinerinc.com; ir@shinerinc.com
Web: http://www.shinerinc.com
