BEIJING, Aug. 9, 2018 /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, announced today its
Apocynum Fiber and Comprehensive Utilization Industry Park Project
(the "Project") has been included in the official 13th Five-Year
Plan of Bayingolin Mongol ("Bazhou") Autonomous Prefecture. The
Project is operated by the Company's joint venture company,
Xinjiang Shineco Taihe Agriculture Technology Ltd. ("Xinjiang
Taihe").
The 13th Five Year Plan describes the strategy for Bazhou's
development for 2016-2020 in the Korla National Economic and
Technological Development Zone in Xinjiang and includes concrete
targets regarding the environment and efficiency. As a key project
of the 13th Five-Year Plan for Bazhou, the Company is expected to
invest in the industrialization of Apocynum through its wholly
owned subsidiary Shineco Beijing Technology Development Co., Ltd.
The initial investment in the Project was approximately
RMB1.1 billion and the second phase
of investment is expected to be more than RMB4 billion. The Project includes the following,
an Apocynum fiber comprehensive extraction plant, a hemp blended
fiber plant, an apparel manufacturing plant, a biopharmaceutical
plant, a health food factory, a research and innovation center as
well as an e-commerce center. The Project is designed to optimize
the agricultural industrial structure and industrial development in
Bazhou and is expected to make great impact on the local society
and the local economy.
Xinjiang is located in the heart of Eurasia and is a core region
of the "One Belt and One Road" infrastructure plan. Within
Xinjiang, Bazhou has a good industrial foundation in cotton
spinning, weaving and dyeing, and pharmaceuticals. Bazhou's
infrastructure is conducive to the expansion of Apocynum blending,
biotechnology and other industries. The Project combines the
strengths of Apocynum products with the geographic advantages of
Xinjiang, to stabilize the supply chain, and establish more
effective distribution and marketing channels to promote the
development of Xinjiang's regional economy and drive the rapid
development of the local economy.
Mr. Yuying Zhang, Chairman and
Chief Executive Officer of Shineco, stated, "After the signing of
the cooperation agreement with the Development Zone Management
Committee on November 15, 2017, our
'Apocynum Fiber and Comprehensive Utilization Industrial Park'
project has progressed rapidly. In March
2018, it was approved by the Economic Development Bureau of
the Development Zone. In April, the project was listed by the State
of Bazhou as a '13th Five-Year Plan' development project. We are
excited that our project was included in the local '13th Five Year
Plan' project by the State of Bazhou and was referred to the
provincial government for the Xinjiang Autonomous Region's '13th
Five-Year Plan' project. This is very rare in non-state-owned
investment projects and demonstrates the importance of the Apocynum
industry for local economic development."
Mr. Zhang continued, "With the strong support and cooperation of
local governments in Bazhou, we believe that the development of the
Project will be swift. Shineco plans to take on the mission and
responsibility of societal development and contribute to the 'One
Belt and One Road' infrastructure plan. Upon the completion of the
Project, we estimate the revenue to reach RMB51.4 billion with a projected investment
return at as high as 183.6%."
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
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SOURCE Shineco, Inc