Shineco, Inc. Enters into Strategic Cooperation Agreement with Heilongjiang Provincial Science Research Institute of Healthy ...
May 14 2019 - 09:00AM
Shineco, Inc. ("Shineco" or the "Company"; NASDAQ: TYHT), a
producer and distributor of Chinese herbal medicines, organic
agricultural produce, specialized textiles, and various health and
well-being focused plant-based products in China, announced
today that the Company, through its wholly owned subsidiary Tenjove
NewHemp Biotech Co., Ltd. ("TNB"), entered into a strategic
cooperation agreement (the “Agreement”) with Heilongjiang
Provincial Science Research Institute of Healthy Food ("SRIHF") on
May 8, 2019 to establish a NewHemp food processing laboratory (the
“Lab”) to explore opportunities in the food industry.
Approved by the provincial government, SRIHF was
established in April 2013 by The Northeast Agricultural University
by integrating resources from Heilongjiang Dairy Industry
Technology Development Center, Heilongjiang Soybean Technology
Development Research Center, and Heilongjiang Textile Industry
Research Institute. SRIHF is mainly engaged in green food research
and technological innovation, the development of new products, new
equipment research and development and technical services.
Pursuant to the Agreement, both parties agree to
jointly establish the Lab to conduct R&D, talent training,
research project application, as well as national-level related
projects or projects applications. The Lab is mainly engaged in the
scientific research of seeds of industrial hemp and other edible
foods derived from biotin extracts such as hemp seed beverage, cold
pressed oil, candy, bread and nutritional powder, which includes
the corresponding industrial hemp food formulas, processing
research and development of technology and processing
equipment.
Mr. Yuying Zhang, Chairman and Chief
Executive Officer of Shineco, commented, "As we carry out our
industrial hemp industry chain strategy, we place the leading
technology as our first priority. We hope to use the advantages of
scientific research to promote the upgrading of China's traditional
industrial hemp industry, so that industrial hemp related products
can truly benefit people. The same is true for the downstream
applications of industrial hemp. The development and utilization of
industrial hemp seeds and other derivative foods not only promotes
the development of the industrial hemp industry, but also provides
a rich and nutritious food source.”
About Shineco
Incorporated in Delaware in August
1997 and headquartered in Beijing, China, Shineco is
a holding company, through its subsidiaries and variable
interest entities, 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 the Company, please
visit www.tenetjove.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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