QINGDAO, China and ROCKVILLE, Md., April 25 /Xinhua-PRNewswire/ --
Synutra International, Inc. (Nasdaq: SYUT), one of China's leading suppliers
of dairy-based nutritional products for infants, children and adults,
announced today that it has obtained a USD $35 million credit facility from
ABN AMRO Bank N.V. The proceeds from this credit facility will be used by
Synutra to finance its investments in one of the Company's suppliers,
Heilongjiang Baoquanling Shen Yuan Dairy, fund the construction of new
production facilities, establish a joint venture for the production of
chondroitin, purchase fixed assets for the production of nutritional food
bars, and establish a joint venture that will offer prenatal diagnostic and
genetic testing services. The facility is expected to be repaid from the
proceeds of a senior debt offering to be arranged by ABN AMRO Bank.
More details on this loan program are included in a Form 8-K Current
Report filed by the Company with the United States Securities and Exchange
Commission today.
About Synutra International, Inc.
Synutra operates six subsidiaries developing, producing, distributing and
selling dairy-based nutritional products across the People's Republic of
China. It offers its products for infants, children, adults and pregnant women
and nursing mothers under the brand series of "Super," "U-Smart" and "U-
Strong." The Group's extensive sales network covers 24 provinces, 227 cities
and more than 800 counties throughout China. For more information, please
contact Weiguo Zhang of Synutra, Inc. (301 840 3888, wzhang@synutra.com),
Brian Rafferty of Taylor Rafferty (212 889 4350, synutra@taylor-rafferty.com)
or visit: www.synutra.com.
The information contained herein includes forward-looking statements.
These statements relate to future events or to our future financial
performance, and involve known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity, performance, or
achievements to be materially different from any future results, levels of
activity, performance or achievements expressed or implied by these forward-
looking statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks, uncertainties and other
factors which are, in some cases, beyond our control and which could, and
likely will, materially affect actual results, levels of activity, performance
or achievements. Any forward-looking statement reflects our current views
with respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to our operations, results of
operations, growth strategy and liquidity. We assume no obligation to
publicly update or revise these forward-looking statements for any reason, or
to update the reasons actual results could differ materially from those
anticipated in these forward-looking statements, even if new information
becomes available in the future. The safe harbor for forward-looking
statements contained in the Securities Litigation Reform Act of 1995 protects
companies from liability for their forward looking statements if they comply
with the requirements of the Act.
