XI'AN, China, July 18, 2016 /PRNewswire/ -- SkyPeople Fruit
Juice, Inc. (NASDAQ: SPU) ("SkyPeople" or "the Company"), a
producer of fruit juice concentrates, fruit juice beverages and
other fruit-related products, today is issuing this news release in
response to unusual market activity in its common stock. The
Company's common stock experienced much higher than usual trading
volume and significant stock price gains on both July 14th, 2016, and July 15th, 2016. The NASDAQ Stock
Market ("Nasdaq") placed a trading halt on the Company's common
stock effective July 15th,
2016 at 4:00 pm Eastern Time, pending
its request for additional information from the Company.
As disclosed by the Company in this news release, on or about
July 15, 2016, SkyPeople discovered
an online news item appearing on the Chinese website EGD1319.com
written in Chinese that was attributed to Future World Group.
The news item stated that Future World Group had successfully
gained a listing on Nasdaq by acquiring SkyPeople and that it had
become the controlling shareholder of SkyPeople. This online news
item is inaccurate.
On July 10, 2016, Future World
Investment Holding Limited, a British
Virgin Islands company, and its sole shareholder, entered
into a share purchase agreement with Mr. Yongke Xue, the largest shareholder, Chairman
and Chief Executive Officer of SkyPeople, and certain companies
controlled by Mr. Xue through which Mr. Xue holds shares of
SkyPeople's common stock. Pursuant to the share purchase agreement,
Mr. Xue and his controlled entities agreed to sell substantially
all of the SkyPeople shares owned by them to Future World
Investment Holding Limited, but only upon the occurrence and
completion of identified conditions to such a sale. These
conditions include, but are not limited to, the shares subject to
the sale being released from a pledge securing certain obligations
to third parties, Mr. Xue obtaining funding for and reaching
agreement with the Company for the purchase of certain of the
Company's operating entities, and the Company's Board and
shareholders approving the sale of these operating entities to Mr.
Xue. Mr. Xue will file a 13D with the SEC by the required time
period to include the terms of the stock purchase agreement.
The closing conditions of the share purchase agreement have not
been met and may never be met. Therefore, ownership of Mr. Xue's
common shares has not been transferred to Future World Investment
Holding Limited pursuant to the share purchase agreement or
otherwise, and Mr. Xue remains the controlling stockholder of
SkyPeople.
The Company cautions its shareholders and others that there is
no certainty that the contingent conditions of the share purchase
agreement will be met and the transaction between Mr. Xue and
Future World Investment Holding Limited will be closed. In
addition, SkyPeople does not undertake any obligation to provide
any updates with respect to this or any other transaction except as
required under applicable law and listing rules.
The Company has requested that the Chinese website EGD1319.com
correct the inaccurate statements attributed to them. Further, the
Company reserves the right to take legal action for damages or
other relief against any entities and/or individuals who are
responsible for disseminating inaccurate and misleading information
about the Company.
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc., a Florida company, through its wholly-owned
subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a
Vanuatu company, and SkyPeople
Juice International Holding (HK) Ltd., a company organized under
the laws of Hong Kong Special Administrative Region of the People's Republic of China and a wholly
owned subsidiary of Pacific, holds 73.42% ownership interest in
SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)") and 100% ownership interest in
SkyPeople Foods (China) Co., Ltd.
("SkyPeople Foods China"). SkyPeople (China) and ("SkyPeople Foods China"), together
with their operating subsidiaries in China, are engaged in the production and sales
of fruit juice concentrates, fruit beverages, and other fruit
related products in the PRC and overseas markets. The Company's
fruit juice concentrates are sold to domestic customers and
exported directly or via distributors. Fruit juice concentrates are
used as a basic ingredient component in the food industry. Its
brands, "Hedetang" and "SkyPeople," which are registered trademarks
in the PRC, are positioned as high quality, healthy and nutritious
end-use juice beverages. For more information, please visit
http://www.skypeoplefruitjuice.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2014 and
otherwise in our SEC reports and filings, including the final
prospectus for our offering. Such reports are available upon
request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
For more information, please contact:
Hanjun Zheng
Interim Chief Financial Officer
SkyPeople Fruit Juice, Inc.
Tel: +86-29-8837-7161
Email: hanjun.zheng@skypeoplefruitjuice.com
Web: http://www.skypeoplefruitjuice.com
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SOURCE SkyPeople Fruit Juice, Inc.