Shineco, Inc. Signs USD 10 Million Industry Hemp Fiber Preliminary Processing Sales Contact
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
that it signed a RMB70 million (approximately USD10 million)
industry hemp fiber preliminary processing sales contract (the
“Contract”) with Chengongliao (Beijing) Science & Trade Co.,
Ltd. (“CSTC”), an enterprise focusing on hemp processing in China.
CSTC focus on the construction of the entire
industrial hemp industry chain and it conducts business globally,
covering various industries such as food, health products, and
cosmetics. In addition, CSTC is constantly analyzing industry trend
and industrial structure, proactively upgrade technology and
product, and continuously improving the branding awareness.
Pursuant to the Contract, CSTC agrees to
purchase 4000 tons industry Hemp Fiber by a certain market price
from the Company. The purchase amount of the Contract is up to
RMB70 million (approximately USD 10 million).
Mr. Yuying Zhang, Chairman and Chief Executive
Officer of Shineco, commented, “The signing of the Contract is very
important for Shineco’s expansion of sales channels and rapid
business development. The establishment of this cooperative
relationship indicates that Shineco has further expanded its market
in the field of industry hemp and has a wider customer base.
Looking forward, we expect to achieve mutual benefit and win-win
results and build more connections with good partners like
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.
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:
Ascent Investor Relations LLC
Historical Stock Chart
From Sep 2020 to Oct 2020
Historical Stock Chart
From Oct 2019 to Oct 2020