BEIJING, Oct. 28, 2020 /PRNewswire/ -- Origin Agritech
Ltd. (NASDAQ: SEED) (the
"Company" or "Origin"), an agriculture technology
company, today announced that the company's Beijing Origin
subsidiary has received an additional RMB20
million in funding from its joint venture partner,
Beijing Changping Technology Innodevelop Group (BC-TID).
- The receipt of this second tranche of money brings the total
funding from BC-TID to the RMB157
million or approximately $23.4
million.
- The deal documents have been completed by both Origin and
BC-TID and have been submitted to government officials and are
pending final approval.
- Origin Agritech anticipates that the joint venture will receive
the necessary government approval and that the deal will close, all
within two weeks.
- With the receipt of the RMB157
million Origin Agritech has the money necessary to execute
on its plans to expand its seed production and marketing in
anticipation of China going GMO
positive in the near-term.
About BC-TID
BC-TID is wholly owned by the local government of Changping
District in Beijing and was setup as an industrial
investment platform. With over RMB10 billion asset,
BC-TID mainly invests in the companies in the industrial parks of
Changping District, where Origin Life Science Center building is
located.
About Origin Agritech Limited
Origin Agritech Limited, founded in 1997 and headquartered in
Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural
technology company. In crop seed biotechnologies, Origin Agritech's
phytase corn was the first transgenic corn to receive the
Bio-Safety Certificate from China's Ministry of Agriculture. Over the
years, Origin has established a robust biotechnology seed pipeline
including products with glyphosate tolerance and pest resistance
(Bt) traits. For further information, please visit the Company's
website at: http://www.originseed.com.cn or
http://www.originseed.com.cn/en/.
Forward-Looking Statements
This communication contains "forward-looking statements" as
defined in the federal securities laws, including Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking
statements address expected future business and financial
performance and financial condition, and contain words like
"expect," "anticipate," "intend," "plan," "believe," "seek,"
"will," "would," "target," and similar expressions and variations.
Forward-looking statements address matters that are uncertain.
Forward-looking statements are not guarantees of future performance
and are based on assumptions and expectations which may not be
realized. They are based on management's current expectations,
assumptions, estimates and projections about the Company and the
industry in which the Company operates but involve a number of
risks and uncertainties, many of which are beyond the company's
control. Some of the important factors that could cause the
company's actual results to differ materially from those discussed
in forward-looking statements are: failure to develop and market
new products and optimally manage product life cycles; ability to
respond to market acceptance, rules, regulations and policies
affecting our products; failure to appropriately manage process
safety and product stewardship issues; changes in laws and
regulations or political conditions; global economic and capital
markets conditions, such as inflation, interest and currency
exchange rates; business or supply disruptions; natural disasters
and weather events and patterns; ability to protect and enforce the
company's intellectual property rights; and separation of
underperforming or non-strategic assets or businesses. The company
undertakes no duty or obligation to publicly revise or update any
forward-looking statements as a result of future developments, or
new information or otherwise, should circumstances change, except
as otherwise required by securities and other applicable laws.
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 actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary
statements.
Contact:
Joe Ramelli
Phone: (310) 845-6238
Email: joeramelli@originseed.com.cn
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SOURCE Origin Agritech Limited