Kinny
11 years ago
ALN - I like this news
http://ih.advfn.com/p.php?pid=nmona&article=61054431
American Lorain Corporation Announces Acquisition of Controlling Interest in Europe Based Chestnut Manufacturer and Distributor
American Lorain Corp. (AMEX:ALN)
Intraday Stock Chart
Today : Thursday 13 February 2014
Click Here for more American Lorain Corp. Charts.
LINYI, China, Feb. 13, 2014 /PRNewswire/ -- American Lorain Corporation (NYSE MKT: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in the Shandong Province, China, today announced that it has acquired 51% share capital in Athena Group ("Athena"), a France based prepared foods manufacturer and distributor with a diversified product portfolio including chestnuts, bean sprouts, as well as a variety of other Asian imported food products, for an aggregate cash consideration of β¬1,500,000, or approximately US$2,032,050.
The Athena Group was founded in 1968 and currently operates two factories based in France and one factory in Portugal. It is a leading brand and one of the largest producer of canned chestnuts and bean sprouts products in France. The France operation owns two highly automated production lines which are considered Europe-leading in technology and capacity. The Portuguese factory was established in 2013 and is located near Portugal's main chestnut producing region, which is essential to sufficient supply of raw materials given the falling chestnut output in Europe in recent years.
Meanwhile, Athena is currently one of the largest suppliers of Asian foods to French supermarket chains and has a variety of imports such as coconut milk, noodle, soy sauce, and rice paper from China, Thailand, Malaysia, etc.
After over 40 years of development, Athena's sales channel now covers over 80% of the supermarket chains in France and besides sales generated under its own brand, it is also a main supplier for private brand chestnut, bean sprout and imported Asian food products for big supermarket such as Carrefour and Auchan in France.
Mr. Si Chen, Chairman and CEO of American Lorain, commented: "We are extremely pleased to announce to investors this acquisition in France. American Lorain has been giving increasing emphasis in recent years to building a stronger international sales network and this acquisition marks the other important step for American Lorain along with our sustained marketing and operating efforts in Japan as well as domestic China. France is in a central position in Europe's food supply as well as logistics, and this acquisition will potentially enable American Lorain to achieve a strategic command of the whole chestnut industry value chain in Europe, yielding significant synergy together with American Lorain's China operations. We will provide strong support for raw material as well as procurement of Asian food supplies in China, and will also be able to take full advantage of Athena's existing sales channels in Europe to supply not only chestnuts but also other food products desired by the European market. American Lorain and Athena will jointly work in this strategic chance to develop new products with reduced cost in Europe's chestnut and Asian foods market, and strengthen its leading position in Europe."
About American Lorain Corporation
American Lorain Corporation's products include chestnut products, convenience food products and frozen food products. The Company sells its products to most provinces in domestic China as well as numerous export markets in Asia and Europe. The Company operates through its five direct and indirect subsidiaries and one leased factory located in China. For further information about American Lorain Corporation, please visit the Company's website at http://www.americanlorain.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors include, but are not limited to, the Company's ability to obtain the necessary financing to continue and expand operations, to market its products in new markets and to offer products at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems, political and economic factors in the PRC, compliance requirement of laws and regulations of the PRC, the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE American Lorain Corporation
Copyright 2014 PR Newswire
hebercreeper
11 years ago
Selling assets is often a good indicator of legitimacy in this space.
http://www.sec.gov/Archives/edgar/data/1117057/000106299313002604/form10q.htm
"On March 13, 2011, the Company entered into an agreement with Jiangsu Heng An Industrial Investment Group Co., Ltd. to sell the Companyβs short-term investment in the amount of $ 7,764,577 (RMB 49,604,000) of a parcel of land located in Junan Town, Shandong Province, to construct residential buildings. The land was sold to Jiangsu Heng An at a total sale price of RMB 69,604,000 and a guaranteed gross profit of RMB 20,000,000 without consideration of profit/(loss) of the residential building project. The gain on the sale of the short-term investment excluding taxes payable was recorded as other income on the statements of income and comprehensive income. Title of the land transferred from the Company to Jiangsu Heng An with receipt of an initial deposit of RMB 15,000,000. As of March 31, 2013, a total of RMB 42,029,955 has been received and RMB 26,970,045 (USD 4,303,776) is classified as Other Receivable. According to the contract, the Company will be entitled to receive RMB 9,000,000 within 5 days after the title transfer and construction approval is complete, and RMB 27,000,000 within 5 days after the residential building main frame is completed."
hebercreeper
11 years ago
http://prnw.cbe.thejakartapost.com/news/2013/another-round-of-financing-for-xinlv-cattle-closed-by-hfg-china-2.html
With years of relevant industrial experience, the shareholders and manegement team have accummulated steady bases of upstream cattle resources and downstream distribution channels all over the country.
The company mainly deals with the distribution of branded frozen beef and beefsteak products. With the contributions of three rounds of private placement financing, Xinlv has advanced and expanded greatly in the past two years. In Shandong Province, where the company is based, Xinlv`s products entered 80% of supermarkets and shopping malls, thus became top beef brand in Shandong.
ALN has over 43,000 tons of cold/frozen storage that will compliment this venture's growth.
HFG China as an investor in Xinlv with Si Chen as Chairman. Only a matter of time until definitive agreement.
Tongley also likely to be a part of SPV. DEG might be as well.
hebercreeper
11 years ago
Best viewed with Chrome browser for translation:
http://www.usalr.cn/news_list/&newsCategoryId=5.html
http://www.usalr.cn/news_list/&newsCategoryId=3.html
http://www.usalr.cn/news_list/&newsCategoryId=2.html
http://www.usalr.cn/news_detail/newsId=250.html
5 May 6 May , during the 15th Hong Kong Food Expo, provincial vice governor Zhao Runtian, Gao Hongbo Inspector General Office of the provincial government, the provincial director of Agriculture Department and other leading comrades Wang Jinbao, Zhang Tao, director of the municipal government, who accompanied , came to Shandong Green Food Co., Ltd. booth exhibitors carefully inspected my products, and booth official greetings and asked in detail about the product quality, marketing and other aspects of the case. Zhao Runtian deputy governor and other leading comrades chestnut products for my company gave full recognition and a higher rating, encouraged us to seize opportunities, and strive to develop Hong Kong, Macao, Southeast Asia and international markets.
This is the Zhao Runtian referenced in the Lorain piece. He is best known for proposing the death penalty for corruption over 500,000 yuan.
http://www.whatsonjinan.com/news-1850-shandong-official-proposes-death-penalty-for-corruption-doubted.html
I thought it was interesting.