HEILONGJIANG, China, Nov. 20 /PRNewswire-FirstCall/ -- Yanglin Soybean, Inc. (OTC Bulletin Board: YSYB) ("Yanglin" or the "Company"), a leading producer and processor of high-quality, non-genetically modified (non-GM) soybean products in China, today provided an update regarding its ongoing engagement with Ernst & Young in reaching full compliance with Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX 404").
Since March 2008, Ernst & Young has been providing consulting services to recommend solutions to meet the SOX 404 requirements. Ernst & Young has been evaluating and documenting new procedures for the Company's internal controls for corporate financial reporting as well as updating the necessary information technology (IT) regulatory compliance integration. Metrics were established to monitor the project's progress. At this time, a large majority of the work has been completed in all areas to accomplish full compliance.
"The SOX 404 compliance project we are currently engaging in with Ernst & Young has reached certain plan milestones and is in its final stages. We look forward to completing the work with our consultants in reaching full compliance with SOX 404 by the end of the year," said Mr. Bode Xu, Yanglin's Chief Financial Officer. "As a publicly-listed company, Yanglin has a responsibility to maintain strong internal controls in order to instill confidence in our shareholders regarding the quality of our financial reporting through proper procedures and disclosures. We believe good corporate governance will enable our Company to continue to strengthen its operations, business practices and financial reporting."
About Yanglin
Yanglin Soybean, Inc. is a leading non-genetically modified (non-GM) soybean processor in China. The Company manufactures soybean oil, salad oil and soybean meal with an annual processing capacity of 520,000 metric tons in 2008. During the first nine months of 2008, total revenues reached US$190.2 million. The Company's products are sold directly to its customers or through distributors. Majority of Yanglin Soybean's customers are located in Northern China.
Forward Looking Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release and oral statements made by the Company constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding our ability to prepare the company for growth, the Company's planned capacity expansion in 2008 and predictions and guidance relating to the Company's future financial performance. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in product demand especially in the pharmaceutical industry, pricing and demand trends for the Company's products, changes to government regulations, risk associated with operation of the Company's new facilities, risk associated with large scale implementation of the company's business plan, the ability to attract new customers, ability to increase its product's applications, cost of raw materials, downturns in the Chinese economy, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. Investors are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
For more information, please contact:
Yanglin Soybean, Inc.
Mr. Bode Xu
Chief Financial Officer
Email: yanglin_bodexu@hotmail.com
Grayling Global
Eddie Cheung
Investor Relations
Tel: +1-646-284-9414
Email: echeung@hfgcg.com
