BEIJING, Dec. 18, 2017 /PRNewswire/ -- Shineco, Inc.
("Shineco" or the "Company"; NASDAQ: TYHT), a manufacturer and
distributor of Chinese herbal medicines, organic agricultural
products, specialized textiles, and other health and well-being
focused plant-based products in China, today announced that
the Company, through its joint venture company, Xinjiang Shineco
Taihe Agriculture Technology Ltd. ("Xinjiang Taihe"), has signed a
supply contract on December 15, 2017
(the "Contract") with Horgos Huajing Tencel Technology Development
Co., Ltd. ("Huajing") worth approximately $51 million USD (340 million RMB).
Through Shineco's proven track record and reputation for quality
among peers, Shineco has been contracted by Huajing to supply up to
20,000 tons of apocynum leather fabric at a price of 17,000 RMB per ton. Pursuant to the
Contract, Huajing is expected to purchase up to approximately
$51 million USD (340 million RMB) worth of apocynum leather
fabric from Shineco from December 15,
2017 to December 31, 2018.
Pursuant to the Contract, Shineco is expected to guarantee that
both the impurity and dampness of the apocynum leather fabric to be
less than 6%.
Mr. Yuying Zhang, Chairman and
Chief Executive Officer of Shineco, stated, "We are proud to
partner with Huajing. The Supply Contract will help Shineco to
expand our business rapidly. This partnership will provide Huajing
with better access to the desired apocynum leather fabric and, at
the same time, leverage Shineco's brand reputation in a bigger
platform. We look forward to nurturing a thriving business
relationship. Looking forward, we are very excited to continue
building our relationship with well-respected partners like
Huajing."
About Shineco, Inc.
Incorporated in August 1997 and headquartered
in Beijing, China, Shineco,
Inc. ("Shineco" or the "Company") is a Delaware holding
company that uses its subsidiaries' and variable interest entities'
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 the Company,
please visit www.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
View original
content:http://www.prnewswire.com/news-releases/shineco-inc-announces-51-million-usd-contract-with-horgos-huajing-tencel-technology-development-co-ltd-300572403.html
SOURCE Shineco, Inc