FUZHOU, China, Oct. 15, 2020 /PRNewswire/ -- Pingtan
Marine Enterprise Ltd. (NASDAQ:
PME), ("Pingtan" or the
"Company"), today announced that the construction
of the Pingtan International Marine Industry and Logistics Park
("Marine Industry Park"), a strategic investment project of the
Company, has been completed. About 90% of equipment installation
has been completed and the facilities are expected to commence
operations by the end of the year.
The Marine Industry Park, located at North Aoqian Road in
Pingtan Comprehensive Experimental Zone of China, was developed and will be operated by
Global Deep Ocean Fishing (Pingtan) Industry Co. Ltd. ("GDOF").
Pingtan has a 20% equity stake in GDOF. The Marine Industry
Park covers a land area of about 40,000 square meters and has
a floorage of over 80,000 square meters. The facilities include a
subzero and low-temperature freezing center, a fish processing
plant, a distribution center and an office complex. With these
facilities, the Marine Industry Park integrates multiple functions
such as cold-chain logistics, state-of-the-art processing and
bonded storage. Once in operation, the fish processing plant will
be able to process 100,000 tons of catches annually and the subzero
and low-temperature freezing center will provide over 250,000 tons
of annual storage capacity.
This strategic investment represents the first step of the
Company's foray into the direct-to-retail market. The Company is
planning to directly sell its processed catches to Chinese
consumers through online and offline channels. This move indeed
makes the Company's business vertically integrated, from catching
to processing to selling directly to consumers. The Company expects
that the integration of its business will result in an improvement
to the Company's gross margin and earnings.
Mr. Xinrong Zhuo, Chairman and
CEO of the Company, commented: "Pingtan International Marine
Industry and Logistics Park is a key step of the Company's
long-term growth strategy and an important link to start the
direct-to-retail business. We have spent years in preparing for the
Company's vertical integration. We have reached a consensus with
GDOF that the Marine Industry Park will become the consigned fish
processing base of Pingtan, responsible for processing, packaging
and distributing Pingtan's retail products. Currently, we have 89
catching vessels operating in the oceans. We believe that the
opening of the Marine Industry Park will have a significant
positive impact on our earnings in 2021."
About Pingtan
Pingtan is a global fishing company engaging in ocean fishing
through its subsidiary, Fujian Provincial Pingtan County Ocean
Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933 and the Securities Exchange Act of 1934, as amended. Words
such as "estimate," "project," "forecast," "plan," "believe,"
"may," "expect," "anticipate," "intend," "planned," "potential,"
"can," "expectation" and similar expressions, or the negative of
those expressions, may identify forward-looking statements.
Although forward-looking statements reflect the good faith judgment
of our management, such statements can only be based on facts and
factors currently known by us. Consequently, forward-looking
statements are inherently subject to risks and uncertainties and
actual results and outcomes may differ materially from the results
and outcomes discussed in or anticipated by the forward-looking
statements, including general economic and market conditions and
other risk factors contained in Pingtan's SEC filings available
at www.sec.gov, including Pingtan's most recent Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. Readers are
cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date on which they are made.
Pingtan undertakes no obligation to update or revise any
forward-looking statements for any reason, except as required by
law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
mli@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
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SOURCE Pingtan Marine Enterprise Ltd.