Shineco, Inc. Enters into Strategic Cooperation Agreement with Wuchang Municipal Government of Heilongjiang Province
December 23 2019 - 9:00AM
Shineco, Inc. ("Shineco" or the "Company"; NASDAQ: TYHT), a
producer and distributor of Chinese herbal medicines, organic
agricultural produce, hemp products, and various health and
well-being focused plant-based products in China, announced
today the Company, through its wholly owned subsidiary Beijing
Tenjove NewHemp Biotech Co., Ltd. ("TNB"), has entered into a
strategic cooperation agreement (the “Agreement”) with Wuchang
Municipal Government of Heilongjiang Province (the “Government”) on
December 18, 2019.
As previously disclosed in a release on December
16, 2019, Mr. Yuying Zhang, Chairman and Chief Executive Officer of
Shineco, has reached a consensus on cooperation with Vice Mayor
Zhang Jianchun of the Government regarding Shineco’s industrial
hemp development plan in Heilongjiang Province (the “Plan”).
Pursuant to the Agreement, the Government agrees
to actively promote the execution of the Plan, coordinate relevant
departments to communicate on bilateral cooperation, and provide
related services and convenience. The Government also agrees to
create a good policy environment for Shineco’s development in
Wuchang City through providing tailored high-quality services,
all-around support in terms of publicity and promotion, and
national and local preferential policies. As part of the Agreement,
the Company agrees to target Wuchang City as a key development area
and formulate a cooperative development plan based on relevant
local industrial advantages, industrial development needs and the
Company's own strategic development plan.
Mr. Yuying Zhang, Chairman and Chief Executive
Officer of Shineco, commented, “We highly value the strategic
cooperation with the Government to establish Wuchang Industry Hemp
Park (the “Park”). This is another important part of Shineco’s
development plan after our industrial hemp project in Shanxi
landed. The Park focuses on the research and development of a CBD
biotechnology product series based on comprehensive utilization and
realizing the comprehensive utilization extraction of industrial
hemp and the development plan for CBD biological manufacturing. As
early as March of this year, the Company began to develop the Park
in Heilongjiang Province. First, we entered into a strategic
cooperation with the Institute of Hemp Research of the Chinese
Academy of Agricultural Sciences and completed the regional
planting trial of "Xinma No. 1" in Heilongjiang Province. "Xinma
No. 1" is the first high quality industrial hemp seed in China
which has obtained a seed license with a CBD content of more than
2%. Second, the company co-developed with Harbin Institute of
Technology and Jiangsu Hagong Pharmaceutical Machinery Technology
Co., Ltd. China's first artificial intelligence industrial hemp CBD
extraction production line in April this year, which is expected to
be put into production in the first quarter of next year. According
to the Plan, 50,000 acres of "Xinma No. 1" will be planted within
three years, and facilities for products such as CBD extraction,
hemp oil, hemp protein powder, hemp oligopeptide, hemp fiber, and
environmentally friendly building materials will be established
correspondingly. After the completion of the construction of the
Park, the output value is expected to reach RMB5.5 billion.”
About Shineco, Inc.
Incorporated in Delaware in August
1997 and headquartered in Beijing, China, Shineco is
a holding company. Through its subsidiaries and variable
interest entities, Shineco undertakes vertically- and
horizontally-integrated production, distribution, and sales
channels to provide health and well-being focused plant-based
products in China. Utilizing modern engineering technologies
and biotechnologies, Shineco produces, among other products,
Chinese herbal medicines, organic agricultural produce, and
specialized textiles. For more information about Shineco, please
visit http://tianyiluobuma.com.
Forward-Looking Statements
This press release contains information about
Shineco's view of its future expectations, plans and prospects that
constitute forward-looking statements. Actual results may differ
materially from historical results or those indicated by these
forward-looking statements as a result of a variety of factors
including, but not limited to, risks and uncertainties associated
with its ability to raise additional funding, its ability to
maintain and grow its business, variability of operating results,
its ability to maintain and enhance its brand, its development and
introduction of new products and services, the successful
integration of acquired companies, technologies and assets into its
portfolio of products and services, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the technical skills and experience necessary to meet the
requirements of its clients, and its ability to protect its
intellectual property. Shineco encourages you to review other
factors that may affect its future results in Shineco's
registration statement and in its other filings with the Securities
and Exchange Commission.
For more information, please contact:
Tina Xiao Ascent Investor Relations LLC Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
Shineco (NASDAQ:TYHT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Shineco (NASDAQ:TYHT)
Historical Stock Chart
From Apr 2023 to Apr 2024