CHONGQING, China, Feb. 25, 2020 /PRNewswire/ -- China Xiangtai Food
Co. Ltd. (NASDAQ: PLIN) (the "Company" or the "PLIN"), an emerging
growth company primarily engaged in pork processing in China, today announced that the Company,
through its primary operating subsidiary Chongqing Penglin Food
Co., Ltd, entered into a business collaboration agreement (the
"Agreement") with Chongqing Good Helper Commerce Co., Ltd.
("CGHC"), a financing company backed by the local government in
Chongqing, China for a business
collaboration for up to RMB35,000,000
on the expansion of operation scale and diversification of
distribution channels.
Pursuant to the Agreement, both parties agreed to collaborate on
the purchasing, packaging, sales of pork, beef and lamb, as well as
handle staffing, renting and managing additional facilities. CGHC
has agreed to provide the Company with financing up of to
RMB 35,000,000 with an annual
interest rate of 10% in considerations of equal profit and expense
sharing.
Both parties are aware of the spread of [1]2019 Novel
Coronavirus (2019-nCoV) and are focused on being detailed
orientated by providing continued transparency, integrity, and
keeping its pork clean, price fair and stable, and timely delivery
of quality fresh pork and other freshly processed meat products to
supermarkets in Chongqing every
day.
Ms. Zeshu Dai, Chairwoman and CEO of China Xiangtai Food,
commented, "We appreciate CGHC's trust in PLIN, and are pleased to
have reached this agreement. We need to increase our sale volume
for premium quality product with diversified distribution channels
to meet the strong domestic pork demand. This collaboration would
offer us the opportunity to expand to new retail channels and
access to considerable working capital for its business needs."
[1]2019 Novel Coronavirus (2019-nCoV) is a
virus (more specifically, a coronavirus) identified as the cause of
an outbreak of respiratory illness first detected in Wuhan, China. Early on, many of the patients
in the outbreak in Wuhan, China
reportedly had some link to a large seafood and animal market,
suggesting animal-to-person spread. However, a growing number of
patients reportedly have not had exposure to animal markets,
indicating person-to-person spread is occurring. At this time, it's
unclear how easily or sustainably this virus is spreading between
people. The latest situation summary updates are available on The
Centers for Disease Control and Prevention's web page 2019 Novel
Coronavirus, Wuhan, China.
About China Xiangtai Food Co., Ltd.
Headquartered in Chongqing,
China, China Xiangtai Food Co., Ltd, is a food company
primarily engaged in pork processing. The Company's operations span
key sections of the pork processing value chain, including
slaughtering, packing, distribution, and wholesale of a variety of
fresh pork meat and parts. Primarily focused on pork products, the
Company also offers other fresh and processed products, including
beef, lamb and poultries. Through its core values, the Company is
committed to maintaining the highest standards of food safety,
product quality, and sustainability to provide high-quality,
nutritious, and tasty food in a responsible manner through its
portfolio of trusted brands. For more information, please
visit http://ir.plinfood.com/.
Forward-Looking Statements
This announcement contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
For more information, please contact:
Company Contact
Mr. Xiaohui
Wu, President
China Xiangtai Food Co., Ltd.
Phone: +86-1860-117-0697
Email: ir@cqplinfood.com
Investor Relations Contact
Ms. Tina Xiao, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
View original
content:http://www.prnewswire.com/news-releases/china-xiangtai-food-co-ltd-entered-into-business-collaboration-agreement-for-up-to-rmb35-000-000-to-expand-operation-scale-and-diversify-distribution-channels-301010378.html
SOURCE China Xiangtai Food Co. Ltd.